Declaration of Leap on 70th Anniversary
ESG Committee Launches on Anniversary
Commitment to Global-Level Practices Strengthened
Investment Aligned with New Space Era
Completion of Space Internet Network Within the Year
Dual Strategy of Solar Power and Hydrogen
[Asia Economy Reporter Oh Hyung-gil] "The stronger the wind, the more firmly we must draw the bowstring. Let us believe in our proven crisis management capabilities and instinct for leapfrogging through past experiences, and together create a new history for Hanwha, a 100-year company," said Kim Seung-yeon, Chairman of Hanwha Group, in his New Year's address.
Marking its 70th anniversary this year, Hanwha Group is preparing to leap toward becoming a "100-year Hanwha." By achieving concrete results through ESG (Environmental, Social, and Governance) management for sustainable business, it is expanding its business areas into next-generation growth sectors such as aerospace and green energy.
On the 25th, Hanwha Group held a seminar at its headquarters in Janggyo-dong, Jung-gu, Seoul, inviting Professor Park Doo-yong from Hansung University (former Chairman of the Korea Occupational Safety and Health Agency) to reaffirm its commitment to practicing ESG management at a global level. Professor Park delivered a lecture on "Recent Trends in Industrial Safety and Corporate Response Strategies from an ESG Perspective," covering safety management systems, major accident prevention strategies, and crisis response strategies from an ESG viewpoint.
About 80 participants attended, including President Jo Hyun-il, Chair of Hanwha Group’s ESG Committee, Kim Seung-mo, President of Hanwha Corporation, Shin Hyun-woo, President of Hanwha Aerospace, CEOs of major affiliates, and ESG and environmental safety officers from 15 companies.
Since launching the Group ESG Committee in May last year, Hanwha Group has established an institutional foundation for full-fledged ESG management. Within a year of its launch, ESG committees were set up not only in all seven listed companies but also in some unlisted affiliates. The ESG committees in affiliates appoint at least two-thirds or all of their members as outside directors, with the chairperson also being an outside director, ensuring independence and expertise.
Chairman Jo emphasized, "Based on the ESG management achievements accumulated over the past year, we will continue activities to advance as a global top-tier ESG company."
Hanwha is also pushing for world-class leaps in its business areas. In the new space era led by private sector space development, it is actively engaging in space business through proactive investments. Hanwha Aerospace, Hanwha Systems, Hanwha Corporation, and Satrec Initiative have launched the space business control tower "Space Hub" last year, focusing development capabilities on Nuri rocket launch vehicle technology and satellite technology.
Hanwha Aerospace has begun developing launch vehicle technology capable of launching small satellites weighing 500kg in collaboration with the Korea Aerospace Research Institute. Hanwha Systems invested $300 million (approximately 345 billion KRW) in OneWeb, a satellite company for space internet, last August and plans to complete a space internet network with 648 satellites and start services within this year.
Space Hub plans to invest 10 billion KRW in KAIST and the Space Research Center to accelerate the development of low Earth orbit satellite communication technologies and various technologies to speed up private space development and satellite commercialization.
In the green energy sector, Hanwha has adopted a dual-track strategy focusing on solar power business and nurturing the hydrogen business. Hanwha Solutions’ Q CELLS division is pushing for mass production of the high-efficiency solar cell "Perovskite-Crystalline Silicon Tandem Cell." This offers higher efficiency than existing silicon solar cells, providing an opportunity to widen the technological gap with other companies.
In March, Hanwha Solutions became the largest shareholder by acquiring an additional 55 billion KRW stake in REC Silicon, a US polysilicon manufacturer. Producing 27% of solar modules in the US, Hanwha Solutions is considering increasing investments across the entire solar value chain, including expanding module production capacity, if the US government passes solar power promotion legislation.
Hanwha Impact is actively engaged in the hydrogen co-firing gas turbine retrofit business, which generates electricity by burning hydrogen together with liquefied natural gas (LNG). It plans to increase hydrogen co-firing power generation by conducting demonstration projects for hydrogen co-firing turbine retrofits in Korea and the US.
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