Equipped with top–notch facilities that span roughly 4.9 million square meters in Geoje, including the world’s largest 1–million–ton dock and 900–ton Goliath crane, Hanwha Ocean produces high–quality ships and offshore plants. We are also developing green solutions, such as energy–saving devices (ESD) and propulsion technologies that use environmentally friendly fuels. By automating and mechanizing the shipyard, we have continuously improved working conditions as well as production efficiency. In addition, we are working to produce technologies that provide the latest marine and energy infrastructure solutions to our customers from cutting–edge R&D infrastructure, including a maritime defense industry research institute — the only such facility across all South Korean shipyards. With our IT–based systematized shipbuilding technology, advanced offshore plant construction capabilities, large–scale plant management capabilities, and expertise in submarine and destroyer construction technology, we offer leading services in the shipbuilding and offshore sectors as a total solutions provider.

While continually expanding our global fields of business since 2000, we have achieved numerous world–firsts: delivering the world’s first and only LNG regasification vessel (LNG RV) that supplied natural gas to disaster areas in the aftermath of Hurricane Katrina in the U.S. in 2005; constructing the world’s first floating LNG (FLNG) facility in 2016; delivering the world’s first LNG carrier with a full regasification system (FRS) in 2018; and delivering 15 icebreaking LNG carriers for Arctic operations in November 2019. Hanwha Ocean also delivered the world’s largest 23,000 TEU container ship in 2020, among other accomplishments.

Hanwha Ocean’s flagship commercial ship business leads the global market with unrivaled technology. Our LNG carriers are the world’s most competitive, thanks to our expertise in LNG–related technology, including a self–developed fuel gas supply system (FGSS) and partial regasification system (PRS). With about a 20% share, Hanwha Ocean has achieved No. 1 global ranking for very large crude oil carriers (VLCCs) in operation, navigating the seas worldwide. All our tankers are next–generation eco–friendly vessels, featuring high–efficiency engines and the latest fuel–saving technology to meet environmental regulations set by the International Maritime Organization (IMO). Since winning an order from Maersk in 2011 for 20 Triple–E class container ships with a capacity of 18,000 TEU, our ongoing technological advancements have given us the competitive edge to lead in the eco– friendly mega–container ship market.

In the field of offshore plants, we specialize in developing and producing advanced facilities and platforms optimized for harsh marine environments by using the best available production systems and facilities. Combining our expertise in LNG production, refining, and transportation, we built and delivered the world’s first FLNG facility for Petronas. We provide one–stop solutions for topsides and superstructures, including floating production, storage, and offloading (FPSO) and fixed platforms, while producing cutting–edge drilling equipment for offshore and deep–sea oil exploration, such as drillships and rigs, which open new possibilities in related industries.

Additionally, to ensure a dominant position in the fast–growing offshore wind power sector, we are pioneering growth in the ultra–large wind turbine installation vessel (WTIV) market. In 2022, we secured a WTIV order from Monaco–based Eneti and installed our cutting–edge eco–friendly technologies, including our self–developed smart ship system (DS4). The vessel has received positive customer feedback and continues to generate interest from those within the industry.

Specialty ships in advanced defense technology represent another major business area in which Hanwha Ocean holds unrivaled experience. Our history of submarine construction goes hand in hand with that of South Korea’s navy. After first building Korea Submarine–I (KSS–I) class submarines in the late 1980s, we subsequently participated in the Korea Submarine–II (KSS–II) project. In August 2021, Hanwha Ocean became the first company in South Korea to fully design, build, and deliver a submarine: the Korea Submarine–III (KSS–III) Dosan Ahn Chang–ho, which solidified our position in the field. With the ability to develop core submarine technologies, we were able to advance into the global market. In 2004, we successfully completed an Indonesian submarine overhaul project, and, in 2021, we won a bid to deliver three new Indonesian navy submarines, making South Korea the world’s fifth–largest submarine exporter. We have also played a pivotal role in upgrading the South Korean navy’s combat vessels by focusing on advanced technologies, delivering two Future Frigate eXperimental (FFX) Batch II frigates that are said to be the next–generation combat ships for South Korea’s navy. Capitalizing on this experience, we have expanded internationally, delivering frigates to the Bangladesh navy and the Royal Thai navy, and providing logistics support ships to the United Kingdom and Norway. With the strongest track record as a shipbuilder in South Korea’s defense sector, and by leveraging its know–how and technological capabilities, Hanwha Ocean is on course to become a dominant player in the global maritime defense industry.

Moving forward, Hanwha Ocean is committed to utilizing advanced technology to provide solutions that will drive change and help the world fight climate change. We will work to usher in a new era for the industry by extending the reach of digital transformation into our shipyards, bringing to life smart yards, and delivering low– and zero–carbon solutions that can power the energy transition. In addition to improving our competitive edge in the LNG carrier business, we will pioneer future markets and help realize carbon neutrality by developing eco–friendly vessels equipped with green ship solutions, such as high manganese steel tanks and rotor sails; creating new types of ships to carry liquified CO2 (LCO2), liquified H2 (LH2), and liquified NH3 (LNH3); developing zero–emission ships; and leading the market for next–generation offshore wind turbine installation vessels. We will also continue to strengthen our core competitiveness by creating autonomous cargo ships that run on smart ship platforms with autonomous navigation, among other innovations. By focusing on eco–friendly and smart digital technology, Hanwha Ocean will deliver new value to its customers and be at the forefront of transforming the ocean and marine energy ecosystem to one that is sustainable for future generations.

We operate cogeneration plants to provide a stable supply of high–quality electricity and ultra–high–pressure steam to companies in national industrial complexes across South Korea. By providing readily available power, our plants improve the competitive advantage of our off–takers. Our energy solutions consistently comply with South Korean government requirements for energy efficiency and the reduction of greenhouse gas emissions. Our relentless pursuit of advances in technology continually improves our existing solutions while we also seek new ones.

For sustainable growth, we are diversifying and building businesses overseas in solar power generation, retail energy, and more. We operate solar power plants in the U.S., Mexico, Japan, Vietnam, Malaysia, and India, and are building additional solar power plants in Spain and Italy. In the U.S., we are the first South Korean company to successfully implement a business model that links solar power generation with retail energy. In Spain, we are providing retail solar energy and distributed energy solutions for both businesses and consumers. We are also developing solar projects in Australia. Following our entry into the solar power generation and retail energy markets, we have begun expanding into distributed energy solutions services.

At the same time, using our foundation in energy storage systems (ESS), we are actively promoting energy solutions that cater to each stage of the value chain for electric power. We are conducting solar energy–connected ESS businesses in the U.S. and Mexico, and we plan to steadily expand our solar businesses, beginning with ESS operation for frequency regulation in Ireland. We are also pursuing new growth areas in LNG as we look to future growth engines and new opportunities. In South Korea, we are building a plant in Tongyeong city — a 1 GW LNG power plant. Once complete, we will supply the LNG needed to power the plant and launch an LNG terminal rental business. Overseas, we’re entering the gas–to–power market in Vietnam, and have formed a consortium with Korea Gas Corporation and Korea Southern Power Company to build LNG plants and LNG terminal businesses there.

We aim to become the world’s leading renewable energy developer as we strengthen profitability in our cogeneration business, expand our LNG business, and sharpen the competitiveness of our solar and ESS businesses. In retail energy, we will provide differentiated services based on distributed energy solutions for each region. In addition, we will develop energy conversion technology, upgrade ESS and solar power technologies, and secure digital and AI–based platform capabilities. Through our diversified efforts, we will continue to grow as a leader in the sustainable, eco–friendly energy market.

In 2021, we successfully localized hydrogen gas turbine technology by acquiring the U.S.–based PSM and Netherlands–based Thomassen Energy. In April 2023, we succeeded in demonstrating the world’s first 60% hydrogen co–firing power generation in an 80 megawatt–class gas turbine. In November 2023, we demonstrated hydrogen fuel–based power generation, taking us a step closer to commercializing carbon–free, low–emission power generation. Moving forward, we will continue to invest in eco–friendly hydrogen power generation businesses. As to investing in future innovation technologies, we are exploring promising businesses that create disruptive innovations across diverse industries by applying and converging technologies in fields such as genetic engineering, biotechnology, data storage and utilization, and the bio industry. Our key investments currently include Inari Agriculture, a plant breeding technology company with gene editing technology; Catalog Technology, a DNA–based data storage solutions provider; and Tessera Therapeutics, a genome engineering technology company.

Hanwha’s PTA business is a continuous profit center for the company. PTA was developed as a base material for polyester to replace natural cotton. It is now used as the primary component in many types of polyester owing to its superior resistance to heat, mechanical strength, water resistance, wear resistance, and insulation compared to other products. The applications for PTA are expanding into uses other than clothing, such as PET resin, film, paint, and industrial fibers. We will further strengthen our competitiveness by improving our PTA–related technologies and continuing to develop related businesses in the value chain.

Supported by our professional investment system and talent, we will expand investments in innovative technologies, businesses and companies that have a positive impact on humanity and the planet. We will create a sustainable future by developing technologies that accelerate the transition to a carbon neutral and eco– friendly energy society as we invest in forward–looking convergence technologies, such as biotechnology, AI, and next–generation computing.

In the compressor business, we utilize our proprietary design, production, and testing capabilities to develop technology–intensive products, including industrial air compressors for various manufacturing processes; fuel gas compressors for power plants; and boil–off gas compressors and expanders for LNG carriers, terminals, and plants. We offer these products domestically and internationally.

We won a contract to supply the world’s first marine vapor recovery unit (VRU) steam recovery turbo compressor. We also won a contract to provide compressors for floating storage regasification units (FSRU) and LNG carriers. These machines have allowed us to demonstrate our outstanding technology in the global market. Our compressors and expanders use core components developed in–house that permit them to operate with shorter lead times and better performance. Their high efficiency is a competitive advantage for our customers. In 2021, we were awarded a nitrogen refrigerant system (NRS) project for a liquefied natural gas floating storage unit (LNG–FSU) from Hanwha Ocean, which led to our selection as the standard for NRS specifications and listing on the maker list. We continue to grow in the power generation solutions market by developing eco–friendly and high–efficiency power generation systems, such as turbo expander generators (TEG) and supercritical CO2 (sCO2) power systems. In 2021, we successfully completed a sCO2 power system development project for the U.S. Department of Energy (DOE) and passed tests for commercialization, preemptively securing solutions that can replace existing steam turbines in distributed power generation. We are also currently in the process of obtaining an order from the U.S. Heliogen.

We are intent on building long–term partnerships as we rapidly expand sales, customer service, and R&D networks around the world. We’re strengthening our partnerships so we can provide better local customer service for our expanded product line. For example, we are cultivating ongoing partnerships with Saudi Aramco and other major clients in the Middle East and Asia. At the same time, our Houston R&D Center in the U.S. is accelerating co–development efforts for innovative projects on a global scale. One of these joint development projects is to build sCO2 power systems with the Southwest Research Institute (SwRI), an independent R&D nonprofit group based in Texas, U.S.

We are also developing a hydrogen gas turbine retrofit business to accelerate the global transition to clean energy. We now provide customers in the U.S. and the Netherlands with solutions that retrofit the gas turbines of existing LNG–fired power plants, so they run on hydrogen fuel. Following the 2021 project for the Linden Cogeneration Plant in New Jersey, U.S., we won an order in 2022 from Uniper, one of the world’s largest power producers, to retrofit their LNG gas turbines in Rotterdam, Netherlands. In 2023, we successfully demonstrated hydrogen co–firing and hydrogen fuel–based power generation of up to 60% at our South Korean plant together with Hanwha Impact. We are strengthening our eco–friendly power generation business by signing technical cooperation agreements with related companies such as Korea Western Power Company and Korea District Heating Corporation to retrofit gas turbines to run on hydrogen to transition to carbon–free power generation. In 2023, we opened the Busan Business Center and entered the eco–friendly ship retrofit, maintenance, and operation business. We are also renovating a boil–off gas system for LNG carriers for British shipping company BW

Looking ahead, we plan to further strengthen the competitiveness of our existing businesses and expand into new areas by successfully pursuing the Heliogen project, initial orders for sCO2 power systems, and retrofits for eco–friendly gas turbines and ships. In addition, we will grow as a global leader in power and energy solutions by using future engineering technology that helps the green environment.

Our product portfolio includes monomers such as ethylene, propylene, and butadiene. We also produce base chemicals like styrene monomer, paraxylene, and ethylene glycol. With 20 plant units at Daesan Petrochemical Complex in the South Chungcheong Province, we produce a wide range of products needed for energy, from gasoline, diesel, jet fuel, and liquefied petroleum gas to polymers such as polyethylene, propylene, and EVA.

We are the first company in South Korea to operate a naphtha–cracking center (a core facility in our petrochemical plant), a condensate fractionation unit (a refining facility), and an aromatics plant, all in a single complex. This complex represents a successfully organized vertical integration system from sourcing to production to distribution of final products. The efficiency we’ve achieved with this system allows us to diversify our business portfolio and pursue stable growth.

Annually, we now produce 1.53 million tons of ethylene, 2 million tons of paraxylene, 1.04 million tons of styrene monomer, and 1.12 million tons of polypropylene. In 2020, as part of expanding our high value–added products, we built an additional plant for ultra–high molecular weight polyethylene used as a secondary battery separator, which secured an annual production capacity of 140,000 tons. Our market dominance is built on a solid foundation. Globally, we hold the No. 1 market share in numerous markets, including solar–grade EVA; HDPE used in bottle caps; EVA used in extrusion coating; flow mark free polypropylene (FMF PP) used in automotive composite materials; high isotactic polypropylene (HIPP) used in electronic applications; and protective polypropylene films for display products.

These products have been recognized as World Class Products by South Korea’s Ministry of Trade, Industry and Energy.

Hanwha TotalEnergies Petrochemical is promoting cost competitiveness and market expansion of the chemicals and energy businesses through raw material diversification and operation optimization, and actively pursuing expansion of high value–added products sales and diversification in the resin business. We will become a global materials and energy leader by strengthening eco–friendly businesses through the development of eco–friendly materials and technologies. Moving forward, to enhance our global competitiveness, we remain committed to leveraging synergies between our company and Hanwha Group’s energy and materials affiliates.

Since its establishment in 1983, Hanwha Engine has achieved several noteworthy milestones, including production of the world’s largest engine, commercialization of the world’s first dual–fuel engine, and development of our world–class self–developed NOx reduction system, DelNOx. Based on the market dominance of our main business, low–speed engines, we have recently expanded into the field of high–value–added, eco–friendly engines, concentrating on the production of low–emission methanol propulsion engines and the development of low–carbon emission ammonia propulsion engines.

The aftermarket business plays an important role in ensuring safe ship operations for customers. Hanwha Engine has built facilities at major ports to provide customers with parts whenever they need them, while also providing engine repair and inspection services performed by skilled, experienced service engineers with extensive industry expertise. Hanwha Engine provides customized solutions through big data, as well as planned maintenance via long–term service agreements that are valid for the engine’s lifetime. Through services like these, Hanwha Engine ensures that all of our engines operate in optimal condition at peak performance

SCR is Hanwha Engine’s key business area and where our core technology is concentrated. In 2013, we successfully applied our proprietary technology to develop the world’s first low–temperature SCR system for ships, satisfying the International Maritime Organization (IMO)’s strengthened nitrogen oxide (NOx) emission regulations, which went into effect in 2016. Today, we have expanded our specifications to cover high–temperature SCR–systems, further solidifying our position as a complete engine solutions provider for NOx reduction.

To preemptively respond to decarbonization needs of the marine engine market, we are diversifying our eco–friendly engine portfolio and focusing on securing decarbonization engine technology. Through these approaches, we will respond flexibly to changes in the market while creating new revenue streams. With a focus on developing smart ship solutions to ensure efficient and safe vessel operations, Hanwha Engine will continue to provide innovative value to customers worldwide. In the mid– to long–term, we plan to secure sustainable growth by concentrating our capabilities on retrofitting existing ships to run on eco–friendly engines. Through this, we will lead the marine engine market in the decarbonization era and present cutting–edge technological solutions that meet customer needs.

Hanwha Engine is committed to challenging the status quo, providing our customers with unmatched value under the vision of leading the advancement of safe and clean maritime transportation and a healthy marine environment. We will continue to secure a competitive edge in the field of eco–friendly, high–efficiency marine engines through ongoing R&D investment and technological innovation.

Since entering the automotive materials business in 1986, we have launched a diverse portfolio of products for automobile structures and interiors. We now utilize original technologies to build high–strength, super–lightweight materials and parts. Our product line includes: StrongLite (glass fiber mat reinforced thermoplastics), SuperLite (lightweight reinforced thermoplastics), expanded polypropylene (EPP), sheet molding compound (SMC), long fiber reinforced thermoplastics (LFT), and continuous fiber reinforced thermoplastics (CFRTPC). As the only company in the industry that produces multiple types of materials and molded products, we are well prepared to provide various components and solutions.

Being a global supplier, we operate manufacturing factories in Alabama and Virginia in the U.S., Beijing in China, the Czech Republic in Europe, and Mexico in Central America. We are a major supplier to global automakers, including Hyundai Motor, Kia Motors, BMW, Daimler, Volkswagen, GM, Ford, and Toyota. With superior technology and quality, our StrongLite and SuperLite materials claimed the highest market shares worldwide in their respective categories.

As the lightweight trend gathers pace in the automotive market, Hanwha Advanced Materials is continuously strengthening its R&D to ensure it can drive change in the evolving industry. We are focused on researching thermoplastic and thermosetting composite materials, as well as designing and developing new applications. In line with the lightweight and electrified automobile trend, we are concentrating our research capabilities on the development of new materials and manufacturing methods, driving new businesses through specialized technology that enables the design of various physical properties, including high strength, ultralight weight, and eco–friendliness.

With extensive production expertise gained from three decades of experience in solar materials, we have developed independent technology to produce EVA sheets and backsheets for modules as we expand into the European, American, and Southeast Asian markets. The only company capable of producing large–scale products using the Calender and T–Die method, we are demonstrating outstanding performance in the global market.

Hanwha Advanced Materials is building an EVA sheet manufacturing factory in Georgia, U.S. with an investment of USD 147 million to expand its businesses in the North American market. While strengthening our competitiveness in the solar materials business, we will become a leading global company in the high– performance lightweight composite materials business.

Our technologically advanced facility has large–scale production capacities that annually produce 2.29 million tons of ethylene, 1.29 million tons of propylene, and 6.2 million tons of various base chemicals including benzene, toluene, xylene, butadiene, and styrene monomer. With fully automated and optimized processes producing high–purity feedstocks, this state–of–the–art facility gives Hanwha affiliates a competitive edge in producing high–quality downstream petrochemical products.

We attribute our improvements and growth each year to loyal customers, a sophisticated management system and a sound financial structure. Additionally, our professional and highly skilled employees effectively combine industry expertise with cutting–edge technology, truly making our workforce a key differentiator. We are extremely focused. As we continue to improve our capabilities, expansion will propel us around the globe.