Hanwha Solutions decided to invest in new growth industries such as solar energy and green hydrogen
Hanwha Group is planning a large-scale investment in the aerospace industry following the solar and hydrogen industries. Related to this, there is a great interest in Hanwha Solutions, led by Kim Dong-kwan, the eldest son of Hanwha Group Chairman Kim Seung-yeon.
At the end of last year, Hanwha Solutions decided to invest in new growth industries such as solar energy and green hydrogen through paid-in capital increase worth 1.2 trillion won ($1.1 billion).
Hanwha Solutions, including capital increase funds, will invest a total of 2.8 trillion won ($2.5 billion) in renewable energy projects over the next five years.
At the end of last month, Hanwha Solutions acquired 100% of shares of Cimarron, a U.S. company specializing in hydrogen and aerospace tanks. Cimarron is known to have supplied high-pressure tanks to spacecraft, SpaceX rocket, etc.
Hanwha Group is also prominent in space and satellite businesses that are drawing attention in global markets following renewable energy.
Hanwha Aerospace has secured a 20% stake in Satrec Initiative, the first satellite company in South Korea, on Jan. 13. It is planning to secure about 30% of its shares.