Hanwha Techwin Signs Gas Turbine Package Project MOU with GE
- MOU signed with GE Oil & Gas for gas turbine and compressor partnerships in the Asia-Pacific region
- Hanwha Techwin selected as the sales agent for GE's newest compact gas turbine model, NovaLT5, in February
- Partnership between two companies expanded to include not only aircraft gas turbine engines but also energy equipment
[June 15, 2016] On June 15, Hanwha Techwin (CEO of Aerospace and Defense Business Group Shin Hyun-Woo) announced the signing of an MOU with General Electric (GE) Oil & Gas, a leading U.S. global energy equipment company, for gas turbine and compressor package project partnership, during the ASME Turbo Expo 2016¹ held at COEX, Seoul.
¹ ASME TURBO EXPO 2016
The MOU contains an agreement for Hanwha Techwin and GE Oil & Gas to engage in active cooperation for future gas turbine and compressor package projects in the Asia-Pacific region.
The latest agreement will allow Hanwha Techwin to bring in key energy equipment components such as gas turbines and compressors from GE Oil & Gas to produce gas turbine generator set or compressor set packages, which are integral parts of power generation and voltage regulation processes.
Earlier in February, Hanwha Techwin signed an MOU with GE Oil & Gas for the right to sell GE’s NovaLT5 series of gas turbines in Italy. The NovaLT5 is a compact 5.6 MW system that will be officially released in late 2016, primarily designed for use in smaller power systems such as distributed power generation.
A spokesperson for Hanwha Techwin said, "The MOU represents GE's acknowledgement of Hanwha Techwin's business experience and production capability, which has made excellent achievements for the last 20 years in the energy equipment market," adding that "the two companies will continue to expand their partnership to take further leadership in the global energy equipment market."
Hanwha Techwin has developed and manufactured industrial air and gas compressors by building on over four decades of know-how in aircraft engine production, and is currently the sole energy company in Korea capable of designing, producing and testing large-capacity high pressure air and gas compressors and gas turbine packages for power generation.
GE Oil & Gas, a division of GE, the world's largest global infrastructure company, is a leading oil and gas industrial energy equipment firm with its headquarters in the United Kingdom.
The close partnership between Hanwha Techwin and GE, which extends back to the 1980s, has included a wide range of projects from the domestic development and production of gas turbine engines for many of Korea's frontline fighter and rotary-wing aircraft, including the F-5, F-15K, T-50 and Surion, to supplying $406.05 million USD in engine components for civil aircraft in 2015. The latest MOU will expand the close partnership between the two companies to include energy and power-generation equipment.
*Currency is converted into US dollars at the average exchange rate of USD 1=KRW 1,157.50
Hanwha Group, founded in 1952, is one of the Top-Ten business enterprises in South Korea and a “FORTUNE Global 500” company. Hanwha Group has more than 85 domestic affiliates and over 380 global networks in three major sectors: manufacturing and construction, finance, and services and leisure. With more than 65 years track record of industrial leadership, Hanwha’s manufacturing and construction businesses encompass a broad range of fields from chemicals & materials, aerospace & mechatronics, total solar energy solutions, and global construction. The finance network, covering insurance, asset management and securities, is the second largest non-bank financial group in South Korea. The services and leisure sector offers premium lifestyle services with retail and resort businesses.
For more information, visit: www.hanwha.com
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