Meeting with CEOs of US AES and Japan MOL Energy Companies
"The Year to Establish the Green Energy Value Chain"
[Asia Economy Reporter Choi Seoyoon] Kim Dong-kwan, Vice Chairman of Hanwha Group, met consecutively with CEOs of global energy companies in Davos, Switzerland. The strategy is to build an 'energy hub' by strengthening the global network.
Hanwha announced on the 19th that Vice Chairman Kim met with executives of global energy companies at the World Economic Forum (WEF, Davos Forum) held in Davos, Switzerland, to discuss future business cooperation plans.
On the 18th, Vice Chairman Kim met separately with the CEOs of TotalEnergies, a French company cooperating with Hanwha in the solar power sector including the establishment of a joint venture in the U.S., and Vestas, a Danish company holding the number one global market share in wind turbines.
The day before, he met with the CEO of AES, the largest renewable energy development company in the U.S., to discuss renewable energy transition plans for decarbonization. AES recently announced plans to build a large-scale 'green hydrogen production facility' in Texas.
Vice Chairman Kim also met with the CEO of Japan's MOL, a global shipping company operating 700 vessels including LNG carriers. MOL has continuously strengthened investments in LNG infrastructure, a 'bridge technology' for carbon neutrality, such as LNG-FSRU (Floating Storage Regasification Unit) vessels that vaporize and supply natural gas directly at sea.
He then met with the CEO of Enel, Italy's largest power company, to discuss global cooperation plans in the renewable energy sector including solar and wind power. Enel is focusing on replacing gas, the main electricity source in Europe, with solar and wind power as new energy sources, while increasing renewable energy production in South American regions such as Brazil.
Hanwha is participating in five WEF subcommittee meetings on energy, space & aerospace, environment & climate, etc., from the 16th to the 20th at the Davos Forum to strengthen global cooperation for climate crisis response and its affiliates' business enhancement. Dedicated executives have been assigned to each subcommittee to continue discussions on global issues and ongoing cooperation with related companies.
Kim Dong-kwan, Vice Chairman of Hanwha Group, who participated as a 'Davos Special Envoy' for President Yoon Seok-yeol last year (third from the left), is seen speaking while Daniel Yergin, Vice Chairman of S&P Global (first from the right), listens. [Photo by Hanwha]
Hanwha has already established business models for renewable energy production (Hanwha Solutions, Hanwha Energy, Hanwha Construction), development of solutions for storage and transportation of new renewable energies such as hydrogen and ammonia (Hanwha Corporation, Hanwha Impact), and power generation and supply combined with ESS (Energy Storage Systems) in the U.S. and Europe (Hanwha Solutions, Hanwha Energy, Q Energy).
Additionally, by utilizing LNG production (FLNG), transportation (LNG carriers), supply (FSRU) infrastructure, and offshore wind turbine installation vessels (WTIV) of Daewoo Shipbuilding & Marine Engineering, whose acquisition process is in the final stages, renewable energy can also be produced offshore. Hanwha expects to establish its position as a global energy company by building a 'green energy value chain' transporting energy worldwide.
Hanwha stated, “We will make this year a new turning point to leap forward as a green energy global company that can respond to the climate crisis and solve the energy crisis.”
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