Hanwha Techwin Signs Gas Turbine Package Project MOU with GE

[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.

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