Hanwha Completes Acquisition of Two Overseas Companies in Hydrogen Co-Firing Power Generation

[Asia Economy Reporter Choi Dae-yeol] Hanwha General Chemical announced on the 6th that it has recently completed the acquisition of the power generation equipment company PSM (Power Systems Mfg) in the United States and Thomassen Energy in the Netherlands. This comes just over four months after the acquisition was announced in March.

Both companies have extensive experience in hydrogen co-firing power generation projects and possess technologies to modify existing power generation methods using other energy sources or to enhance the performance of gas turbines. Hanwha, promoting its hydrogen business at the group level, considers the hydrogen co-firing business?which utilizes current power sources to transition to the next stage?as appropriate.

The inaugural CEO of the newly acquired companies will be Park Heung-kwon, CEO of Hanwha General Chemical. According to the company, CEO Park is an expert with global business capabilities in the gas turbine and energy sectors and is well-suited for the technical and managerial aspects of hydrogen co-firing power generation. Hydrogen co-firing is a technology that modifies existing gas turbines to use a fuel mixture of natural gas and hydrogen, regarded as an intermediate step toward a 100% hydrogen era.

CEO Park stated, "Based on the outstanding technological capabilities of PSM and Thomassen Energy, we will expand the hydrogen co-firing power generation business beyond North America and Europe to Korea and the Asian region," adding, "We will do our best to enhance the future corporate value of the acquired companies and contribute to the group's transition to eco-friendly energy and the realization of a carbon-neutral society."

This content was produced with the assistance of AI translation services.