Hanwha Power Systems

Hanwha Power Systems launched its energy equipment business, building on our reliable technology and longstanding experience in gas turbine engines. Since then, we’ve become a global powerhouse and have delivered more than 8,000 air and gas compressor units worldwide. In 2017, we relaunched as an independent company and achieved an operating surplus for four consecutive years through 2021, setting the foundation for stable growth. In October 2022, we were acquired by Hanwha Impact. 

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 offers 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) by Hanwha Ocean, which led to our selection as the standard for NRS specifications. In 2024, we focused our efforts on securing future technologies for shipbuilding and marine equipment, such as developing a gas turbine-based electric propulsion system that uses ammonia, a carbon-free fuel, and next-generation reliquefaction systems.

We continue to grow in the power generation solutions market by developing eco-friendly, high-efficiency power generation systems, such as turbo expander generators (TEG) and supercritical CO2 (sCO2) power systems. In 2021, we successfully completed an sCO2 power system development project for the U.S. Department of Energy (DOE) and passed tests for commercialization. We are also currently undertaking a project from the U.S.-based Heliogen. In 2024, we signed a business cooperation agreement with the largest gas pipeline company in North America to commercialize a solution that can replace existing steam turbines in the waste heat recovery power generation field.

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 the British shipping company BW and increasing the container ship capacity for SFL Corporation, Ltd. Additionally, we are actively carrying out conservation projects for floating storage regasification units (FSRU) with global energy companies in response to increasing demand for LNG.

Looking ahead, we plan to further strengthen the competitiveness of our existing businesses by retrofitting eco-friendly gas turbines and ships, as well as by advancing our aftermarket business while expanding into new areas such as securing initial orders for sCO2 waste heat recovery solutions. In addition, we will grow as a global leader in power and energy solutions by using future engineering technology that supports the environment.