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Hanwha Solutions Corporation
Native name
한화솔루션
Company typePublic
KRX: 009830
Founded1965; 59 years ago (1965)
Headquarters
Seoul
,
South Korea
Revenue₩13.28 trillion (2023)
₩604.5 billion (2023)
₩-155.2 billion (2023)
Total assets₩24.49 trillion (2023)
Total equity₩9.01 trillion (2023)
Number of employees
6,004 (2023)
ParentHanwha Group
Divisions
Websitehanwhasolutions.com/en
Footnotes / references
[1]
Hanwha Solutions
Hangul
한화솔루션
Revised RomanizationHanhwa Sollusyeon
McCune–ReischauerHanhwa Sollusyŏn

Hanwha Solutions Corporation (Korean: 한화솔루션) is a multinational energy services, petrochemical, and real estate development company headquartered in Seoul, South Korea. The company is part of the Hanwha Group, a large South Korean business conglomerate. Founded in 1965 as Hanwha Chemical, the company was rebranded as Hanwha Solutions in January 2020 when Hanwha Chemical merged with Hanwha Q Cells & Advanced Materials,[2] which itself was formed out of a 2018 merger.[3] The company added the Hanwha Galleria and Hanwha City Development real estate companies to its portfolio in April 2021.[4] The Galleria division and the Advanced Materials division were spun off.[5] The Electronic Materials business, which had remained part of the Advanced Materials division, was also transferred to a subsidiary of the company.[6][7]

Businesses

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The company operates its business through four divisions:[8]

Products

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Photovoltaic components

In September 2019, Q CELLS introduced its latest module called Q.PEAK DUO-G9. It combines existing half-cell Q.ANTUM DUO technology with Zero-gap feature, which removes spaces between cells to increase deployment capacity.[13] It launched a consortium with the academics and private entities to develop next-generation tandem cell technology using perovskite.[14]

Its Green Energy Solutions division manages the downstream business. In March 2021,Q CELLS sold an 81-megawatt solar power plant in Texas to US-based solar energy solutions provider Adapture Renewables Inc. The Rippey Solar Project plant is capable of producing electricity for 115,000 people per year.[15]

With Distributed Energy Solutions division, Q CELLS operates an energy retail business in countries like Japan and Germany, where it supplies green electricity from 100 percent renewable sources to households and small-sized companies.[16]

In December 2020, the company raised 1.2 trillion won through rights offerings in an effort to accelerate its expansion into renewable energy.[17] In April 2021, The company issued its first overseas green bonds worth 1 billion yuan.[18]

Petrochemical products

Chemical Division produced PVC (polyvinyl chloride) for the first time in South Korea.[19] Including PVC, It also manufacturers other petrochemical products such as LDPE (low-density polyethylene), LLDPE (linear low-density polyethylene), CA (caustic soda), and TDI (Toluene Diisocyanate).

PO[disambiguation needed] is a polymer used in a wide variety of applications from daily consumer goods to high-tech industrial materials. In 1972, Hanwha Solutions succeeded in producing LDPE for the first time in South Korea, and are now producing wire and cable compounds, adhesives for hygiene products, and hydrogenated hydrocarbon resins.[citation needed]

PVC is a general-purpose plastic widely used for applications such as synthetic leather, packaging, flooring, toys, and textiles. In 1966, Hanwha Chemical became the first company in South Korea to produce PVC. Now it focuses on manufacturing eco-friendly plasticizers developed by its own proprietary technology—such as ECO-DEHCH.[20]

CA is an inorganic chemical product represented by caustic soda. It is used in various fields such as inorganic chemical products, paper, textiles, metals, electricity and electronics. TDI is commonly used across a wide array of industries and in everyday life, such as polyurethane foam and paint adhesives.[21]

City Development and Energy Solutions

Insight Division produces is opening new opportunities while creating future value for the development industry. By building a sound business portfolio of development projects such as large scale industrial complexes, renewable energy, and premium real estate, Insight Division is laying the foundation for sustainable growth through operation management and financing.

Acquisitions and investments

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RES France

In August 2021, the company acquired a French renewable development company owned by Renewable Energy System, or RES Group, as a part of its efforts to expand green energy business throughout Europe.[22] The acquisition doubles its clean energy project pipeline in Europe to about 10 gigawatts and add wind projects to its portfolio for the first time.[23]

REC Silicon

In November 2021, the company made a strategic investment in polysilicon manufacturer REC Silicon ASA (“REC Silicon”) to secure low-carbon photovoltaic materials in the US.[24] It pledged to make further investments throughout the solar value chain there, once Congress passes the Solar Energy Manufacturing Act (SEMA) before year’s end.[25]

Lancium Technologies

In November 2021, the company invested $100 million in Lancium Technologies, a Texas-based technology startup providing renewable-based electricity management service for energy-heavy devices.[26] Established by Michael McNamara in 2017, the startup has secured 150 million through funding from investing firms focusing on energy sectors.[27]

Green hydrogen

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In December 2020, Hanwha Solutions pledged to build a green hydrogen plant in PyeongChang, Gangwon Province, as a part of its plan to create an ecosystem for the cleanest form of energy.[28] Starting from late 2022, the plant aims to produce 290 tons of green hydrogen every year.[29]

Besides building a hydrogen manufacturing complex, the company also aims to develop advanced technology for hydrogen storage. In December 2020, it acquired US high-pressure tank maker Cimarron Composites and planned to invest $100 million through 2025.[30]

The company also seeks to enhance green hydrogen production capability with advanced electrolyte technology.[31]

See also

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References

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  1. ^ "Hanwha Solutions Profile 2023" (PDF). Hanwha Solutions.
  2. ^ Lee, Yoojung (24 June 2020). "Harvard Grad's Nikola Bet Bolsters Dynasty Built on Dynamite". Bloomberg News.
  3. ^ Kim Bo-gyung (31 October 2018). "Hanwha Q Cells Korea seeks to remain top solar cell maker". The Korea Herald. Retrieved 19 June 2019.
  4. ^ "Hanwha heir tightens grip on group via mergers". 9 December 2020.
  5. ^ "Hanwha Solutions to split off its retail, advanced materials units". The Korea Times. 2022-09-23. Retrieved 2023-07-03.
  6. ^ 김, 은희 (2023-05-15). "Hanwha Solutions Electronic Materials Business to become 'Hanwha Essentials'..."Completing the reorganization of energy-centered business structure"". Herald Economy (in Korean). Retrieved 2023-07-03.
  7. ^ "Hanwha Solutions/Transfers of business to related parties/2023.04.27". dart.fss.or.kr. Retrieved 2023-07-03.
  8. ^ "Hanwha Solutions Brochure" (PDF).
  9. ^ "CEOSCOREDAILY". www.ceoscoredaily.com. Retrieved 2021-07-24.
  10. ^ "한화솔루션, 갤러리아·도시개발 합병…6개부문으로 운영". The Korea Economic Daily (in Korean). 2020-12-08. Retrieved 2021-07-24.
  11. ^ "Hanwha Solutions Insight Division". Hanwha Solutions Insight Division. Retrieved 2023-07-03.
  12. ^ "Hanwha Q CELLS Co LTD/Old - Company Profile and News". Bloomberg News.
  13. ^ "Q CELLS führt neue Modulreihe mit Zero-Gap Technologie in Europa ein". September 2020.
  14. ^ "Korea launches consortium to advance commercialization of tandem perovskite/silicon solar technology | Perovskite-Info". www.perovskite-info.com. Retrieved 2021-07-24.
  15. ^ "Hanwha Q Cells sells 81-MW solar power plant in Texas to Adapture Renewables - Pulse by Maeil Business News Korea". pulsenews.co.kr (in Korean). Retrieved 2021-07-24.
  16. ^ "Q Cells introduces green electricity tariffs for German companies". Renewablesnow.com. Retrieved 2021-07-24.
  17. ^ "Hanwha Solutions to raise $1 bn to boost eco-friendly energy businesses".
  18. ^ "Hanwha Solutions to issue 1st overseas green bonds worth 1 billion yuan". 15 April 2021.
  19. ^ "Kim Dong-kwan solidifies control through Hanwha Solution". 25 October 2020.
  20. ^ "Hanwha Solutions triples production of safe plastic material". 25 January 2021.
  21. ^ "[에경기획|에너지기업 열전-⑨] 한화케미칼, Ca·tdi·태양광 등 미래먹거리로 글로벌 도약". 26 September 2017.
  22. ^ "Hanwha Solutions".
  23. ^ "Hanwha Solutions closes acquisition of RES France".
  24. ^ "Aker Horizons and Hanwha Solutions Join Forces in REC Silicon to Explore US Solar Value Chain Expansion".
  25. ^ "Hanwha Solutions Makes $160.47 Million Investment in Rec Silicon to Secure Low-Carbon Polysilicon in Us".
  26. ^ "Hanwha Solutions to invest $100 million in Lancium". 24 November 2021.
  27. ^ "This Houston tech company wants to build renewable energy-run bitcoin mines across Texas". CNBC. 23 November 2021.
  28. ^ "Hanwha sets eyes on green hydrogen". 21 January 2021.
  29. ^ "한화솔루션, 2022년 그린수소 年290톤 생산한다… "넥쏘 130대 충전할 수 있는 양"". 15 March 2021.
  30. ^ "Hanwha Solutions Announces the Acquisition of U.S Hydrogen Tank Maker Cimarron Composites LLC - FuelCellsWorks".
  31. ^ "Hanwha sets eyes on green hydrogen". 21 January 2021.
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