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Rewinding 2024: A Year of Innovation at HYOSUNG

Rewinding 2024: A Year of Innovation at HYOSUNG

2024.12.26
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As 2024 draws to a close, HYOSUNG has solidified its position on the global stage by addressing environmental challenges with innovative solutions. Let’s reflect on HYOSUNG’s significant achievements throughout the year and its leadership in driving the global industrial landscape forward. 


Strengthening Innovation Technologies and ESG Leadership 


A Year of Innovation at HYOSUNG

▲ Hyosung TNS at ‘NRF 2024’ 


At the start of the year, HYOSUNG made waves with both its latest retail technology innovations and its commitment to ESG principles. In January, Hyosung TNS showcased its latest unmanned payment solution, JetCheck™, at the world’s largest retail trade show, NRF 2024. This cutting-edge technology, which automates the payment process and reduces waiting times, was highly praised for its flexibility to be tailored to specific store needs, reaffirming HYOSUNG’s leadership in the ATM industry on an international platform. 


Also in January, Hyosung TNC and HS Hyosung Advanced Materials were officially recognized as leaders in environmental and regional contributions through the "2023 Rural ESG Practice Recognition" program. Beyond fulfilling basic social responsibility, HYOSUNG has been actively driving projects that help protect the environment by contributing to the Rural Win-Win Cooperation Fund each year. These efforts have led to tangible changes, such as marine ecosystem restoration, recycling of discarded fishing nets, and the protection of endangered species. HYOSUNG’s commitment to coexist with local communities and contribute to environmental protection, while building a better future, is an ongoing endeavor. 


A Year of Innovation at HYOSUNG_

▲ The Ceremony of ‘2023 CDP Korea Awards’  


In March, Hyosung Chemical and HS Hyosung Advanced Materials achieved key milestones in reducing global carbon emissions by receiving awards from the Carbon Disclosure Project’s (CDP) “Carbon Management Honors” and “Special Award for Water Management” sectors. Hyosung Chemical was recognized for its proactive establishment of a Carbon Reduction Task Force (TFT) focused on tangible carbon reduction measures, and HS Hyosung Advanced Materials for its outstanding efforts in water and waste management. These awards proved that HYOSUNG is a leading company, committed to addressing environmental issues through technological innovation on the global stage. 


Bold Investments for a Better Future 


A Year of Innovation at HYOSUNG_

▲ Hyosung TNC’s Conference on Implementation of Master Plan and Investment Promotion in Bà Rịa–Vũng Tàu 


During Q2, HYOSUNG continued its robust investments aimed at a better future, focusing on the development of sustainable materials for the fashion industry and the expansion of digital infrastructure. Hyosung TNC has strengthened its global competitiveness with fiber products based on bio-derived raw materials. Notably, the company announced a substantial investment of around KRW 1 trillion in Vietnam to establish a Bio BDO (Butanediol) plant with an annual production capacity of 200,000 tons. Bio BDO is a bio-based material that replaces fossil fuels, enabling Hyosung TNC to secure the world’s largest production capacity for bio-spandex and solidify its leadership position in the global market. 


In April, HS Hyosung Advanced Materials joined the United Nations Global Compact (UNGC) "Forward Faster" initiative, further advancing its ESG management practices. This program accelerates the achievement of Sustainable Development Goals (SDGs), with HS Hyosung Advanced Materials focusing on climate action and gender equality. The company has set science-based reduction targets (SBTs) for improving energy efficiency and reducing carbon emissions and has mapped out a specific roadmap to reach these targets. 


In May, HYOSUNG announced a USD 300 million investment to explore the construction of a large-scale data center in Vietnam. The new data center, spanning 30,000 m², is expected to meet Vietnam’s rising demand for digital transformation infrastructure. As one of the world’s top 10 emerging markets for data centers, this strategic investment in Vietnam is seen as a significant step in HYOSUNG’s plan to develop Vietnam into a global, multi-purpose production base. 


A Year of Innovation at HYOSUNG_

▲ Hyosung Heavy Industries’ world's first commercialized hydrogen engine generator 


In the same month, Hyosung Heavy Industries set a landmark in the renewable energy market by becoming the first in the world to commercialize an engine generator powered solely by hydrogen. This hydrogen engine generator significantly reduces carbon emissions while enhancing energy efficiency, exemplifying HYOSUNG’s technical prowess in the future energy sector. Thanks to Hyosung Heavy Industries' innovations, the full-scale hydrogen power era has been accelerated by two decades ahead of the 2050 goal. 


Staying Ahead of Global Trends 


HYOSUNG has continued to solidify its position in global markets through strategic investments and technology development that align with worldwide industrial trends. In June, Hyosung Heavy Industries announced plans to invest around KRW 100 billion in expanding ultra-high voltage transformer factories in Memphis, U.S., and Changwon, South Korea. This large-scale project, aiming to increase overall high-voltage transformer production capacity by 40%, is set to support the power industry’s supercycle and enhance grid stability and energy efficiency. 


Hyosung TNC has garnered attention for its new eco-conscious business initiatives. In June, it formed a strategic partnership with U.S.-based Ambercycle to launch a project focused on recycling discarded clothing into new garments. Through this initiative, Hyosung TNC is actively pioneering a sustainable fashion ecosystem, converting waste apparel into recycled fibers and tackling environmental challenges associated with fast fashion. 


A Year of Innovation at HYOSUNG_

▲ Completion ceremony for the 200MW voltage HVDC conversion facility held at Yangju Substation 


In July, Hyosung Heavy Industries made a breakthrough in power grid stability by independently developing a 200 MW high-voltage direct current (HVDC) system, a first in South Korea. This HVDC technology, which minimizes power loss compared to high-voltage alternating current (HVAC) systems is attracting attention for it being highly efficient for long-distance transmission and being compatible with renewable energy sources such as solar and wind power. Recognized as a future core technology in power transmission and distribution, HVDC has substantial global market demand, and is considered to be a key foundation for the company to play in overseas power markets. 


Hyosung Heavy Industries signed a KRW 35 billion contract with Powerlink in Australia to supply transformers, thereby contributing to Australia’s renewable energy grid development. This partnership aligns with Queensland government’s goal to transition over 70% of its power generation to renewable energy by 2032. Through this initiative, Hyosung Heavy Industries aims to significantly enhance the efficiency and stability of Australia’s power infrastructure, fortifying its position as the No.1 transformer supplier in Australia’s power transmission market. 


A Bold Step Towards the Future 


A Year of Innovation at HYOSUNG_

▲ Hyosung TNC’s regen collection showcased at ‘2025 S/S Seoul Fashion Week’ 


Approaching the end of 2024, HYOSUNG has continued making strategic strides for future growth. In August, Hyosung TNC participated in ‘PIS,’ Korea’s largest textile exhibitions, and ‘Seoul Fashion Week,’ showcasing fiber products embedded with innovative technologies. The functional polyester ‘CREORA Conadu,’ introduced at PIS, drew much attention from visitors, while at Seoul Fashion Week, Hyosung TNC demonstrated regen’s manufacturing process, presenting a sustainable solution. The display of Textile-to-Textile products underscored the company’s commitment to tackling textile waste. Through these exhibitions, Hyosung TNC reaffirmed its competitiveness in the future textile industry. 


A Year of Innovation at HYOSUNG_

▲ Hyosung Heavy Industries at CIGRE 2024 Expo 


Hyosung Heavy Industries also showcased next-generation power technology at the world’s largest power grid exhibition, ‘CIGRE 2024,’ held in August, solidifying its reputation as a solution provider in the future power industry. Core products like ultra-high voltage transformers, circuit breakers, and STATCOM were on display, alongside innovative technologies like GIS with reduced carbon emissions and ESS to enhance renewable energy efficiency, capturing the interest of European clients. This event highlighted Hyosung Heavy Industries’ leadership in technology and established its role as a leading partner in the global power market. 


In September, HS Hyosung Advanced Materials promoted its carbon fiber brand, TANSOME®, at CAMX 2024, North America’s largest composite material expo in San Diego. TANSOME, developed independently by HS Hyosung Advanced Materials, includes the ultra-high-strength carbon fiber H3065 (T1000 grade), which is 14 times stronger than steel. With this technological achievement, HYOSUNG plans to actively foster carbon fiber as a future business, gaining momentum to strengthen its competitiveness in the North American and global markets. 


2024 has been a year in which HYOSUNG has solidified its global presence through bold investments and technological innovations. HYOSUNG leads the way toward a better future. Through new challenges in 2025, the company will continue contributing globally, firmly establishing its position as a global leader. 

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