Hanwha Energy
- Combined heat and power plants (cogeneration)
- Renewable energy power plant project development
- Energy solutions development
- Smart factory solutions: factory automation
- Global operations & maintenance (O&M) services
Since its start in the cogeneration business in 2007, Hanwha Energy has diversified its business portfolio—including solar power, energy storage systems (ESS), and LNG—to evolve into a retail energy business that offers a comprehensive set of energy solutions. In October 2024, Hanwha Convergence was integrated into Hanwha Energy, which now operates the Convergence Business Division. The Convergence Business Division provides total smart factory solutions and services, as well as global O&M services. We also operate in the renewable energy solutions industry (EPC, O&M, power trading). The division is accelerating its growth to create a sustainable future by pioneering the eco-friendly, high-efficiency energy market and providing smart factory construction solutions based on digital transformation (DT) technology.
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.
Oberon 1A solar power plant in Texas, U.S.
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 have also entered the solar development and retail energy markets in Australia.
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 operate independent ESS businesses as well as solar energy-connected ESS businesses in the U.S., Italy, and Australia, and we plan to steadily expand our solar businesses, beginning with operations in frequency regulation in Ireland.
Hanwha Energy Yeosu cogeneration plant
We are also pursuing new growth areas in LNG as we look to future growth engines and new opportunities. In Tongyeong, South Korea, we built a 1 GW LNG power plant, which began commercial operations in October 2024. 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.
The Convergence Business Division, integrated in October 2024, provides smart factory solutions based on automation technologies such as programmable logic controllers (PLC) and human machine interfaces (HMI). These solutions maximize value for customers in various fields, including semiconductors and displays. In addition, through precision control and digital technologies, we establish smart manufacturing environments in industries such as automotive and secondary batteries, enabling more productive and stable factory operations. We also offer differentiated O&M services in the PV and BESS sectors, managing power plant supervisory control and data acquisition (SCADA) and tracker control system (TCS) businesses. In 2023, we partnered with Shinhan Financial Group to establish Hanwha Shinhan TWh, a renewable energy power trading company, setting a new standard in the RE100 market.
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.
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