Hanwha Solutions Corporation () is a multinational energy services,

petrochemical Petrochemicals (sometimes abbreviated as petchems) are the chemical products obtained from petroleum by refining. Some chemical compounds made from petroleum are also obtained from other fossil fuels, such as coal or natural gas, or renewable s ...

, and

real estate development Real estate development, or property development, is a business process, encompassing activities that range from the renovation and re-lease of existing buildings to the purchase of raw Real Estate, land and the sale of developed land or parce ...

company headquartered in

Seoul Seoul, officially Seoul Special Metropolitan City, is the capital city, capital and largest city of South Korea. The broader Seoul Metropolitan Area, encompassing Seoul, Gyeonggi Province and Incheon, emerged as the world's List of cities b ...

South Korea South Korea, officially the Republic of Korea (ROK), is a country in East Asia. It constitutes the southern half of the Korea, Korean Peninsula and borders North Korea along the Korean Demilitarized Zone, with the Yellow Sea to the west and t ...

. 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, which itself was formed out of a 2018 merger. The company added the Hanwha Galleria and Hanwha City Development real estate companies to its portfolio in April 2021. The Galleria division and the Advanced Materials division were spun off. The Electronic Materials business, which had remained part of the Advanced Materials division, was also transferred to a subsidiary of the company.

Businesses

The company operates its business through four divisions: * Chemical: Produces petrochemical products such as

polyolefin A polyolefin is a type of polymer with the general formula (CH2CHR)n where R is an alkyl group. They are usually derived from a small set of simple olefins (alkenes). Dominant in a commercial sense are polyethylene and polypropylene. More speciali ...

(PO, includes

polyethylene Polyethylene or polythene (abbreviated PE; IUPAC name polyethene or poly(methylene)) is the most commonly produced plastic. It is a polymer, primarily used for packaging (plastic bags, plastic films, geomembranes and containers including bott ...

and

polypropylene Polypropylene (PP), also known as polypropene, is a thermoplastic polymer used in a wide variety of applications. It is produced via chain-growth polymerization from the monomer Propene, propylene. Polypropylene belongs to the group of polyolefin ...

polyvinyl chloride Polyvinyl chloride (alternatively: poly(vinyl chloride), colloquial: vinyl or polyvinyl; abbreviated: PVC) is the world's third-most widely produced synthetic polymer of plastic (after polyethylene and polypropylene). About 40 million tons of ...

(PVC) and

toluene diisocyanate Toluene diisocyanate (TDI) is an organic compound with the formula CH3C6H3(NCO)2. Two of the six possible isomers are commercially important: 2,4-TDI (CAS: 584-84-9) and 2,6-TDI (CAS: 91-08-7). 2,4-TDI is produced in the pure state, but TDI is oft ...

(TDI, used in

polyurethane Polyurethane (; often abbreviated PUR and PU) is a class of polymers composed of organic chemistry, organic units joined by carbamate (urethane) links. In contrast to other common polymers such as polyethylene and polystyrene, polyurethane term ...

), also produces chlorine and

sodium hydroxide Sodium hydroxide, also known as lye and caustic soda, is an inorganic compound with the formula . It is a white solid ionic compound consisting of sodium cations and hydroxide anions . Sodium hydroxide is a highly corrosive base (chemistry), ...

using the

chloralkali process The chloralkali process (also chlor-alkali and chlor alkali) is an industrial process for the electrolysis of sodium chloride (NaCl) solutions. It is the technology used to produce chlorine and sodium hydroxide (caustic soda), which are commodi ...

. * Insight: A newly established division that combines Energy Solution Business Unit, Premium Lifestyle Business Unit and City Development Business Unit. It is primarily a real estate developer that specializes in industrial complexes. * Qcells: Produces photovoltaic cells and modules, builds solar power plants, operates electricity retailing and conducts other related services. * Q Energy: Targets Europe’s renewables market, including onshore and offshore wind, energy storage and solar farm.

Products

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. It launched a consortium with the academics and private entities to develop next-generation tandem cell technology using

perovskite Perovskite (pronunciation: ) is a calcium titanium oxide mineral composed of calcium titanate (chemical formula ). Its name is also applied to the class of compounds which have the same type of crystal structure as , known as the perovskite (stru ...

. 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. 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. In December 2020, the company raised 1.2 trillion won through rights offerings in an effort to accelerate its expansion into

renewable energy Renewable energy (also called green energy) is energy made from renewable resource, renewable natural resources that are replenished on a human lifetime, human timescale. The most widely used renewable energy types are solar energy, wind pow ...

. In April 2021, The company issued its first overseas green bonds worth 1 billion yuan. Petrochemical products Chemical Division produced PVC (polyvinyl chloride) for the first time in South Korea. 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). LDPE 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. 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 A plasticizer (British English, UK: plasticiser) is a substance that is added to a material to make it softer and more flexible, to increase its plasticity (physics), plasticity, to decrease its viscosity, and/or to decrease friction during its ...

developed by its own proprietary technology—such as ECO-DEHCH. 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. 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

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. 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. 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. 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. 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. Established by Michael McNamara in 2017, the startup has secured 150 million through funding from investing firms focusing on energy sectors.

Green hydrogen

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. Starting from late 2022, the plant aims to produce 290 tons of green hydrogen every year. 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. The company also seeks to enhance green hydrogen production capability with advanced

electrolyte An electrolyte is a substance that conducts electricity through the movement of ions, but not through the movement of electrons. This includes most soluble Salt (chemistry), salts, acids, and Base (chemistry), bases, dissolved in a polar solven ...

technology.

References

External links