Hanwha Solutions-GS Energy Invest 590 Billion KRW in Solar Material Business

Joint Venture Established for Core Module Sheet Materials in Yeosu Industrial Complex, Jeonnam

[Asia Economy Reporter Oh Hyung-gil] Hanwha Solutions and GS Energy have joined forces in the solar material business.

Hanwha Solutions Chemical Division and GS Energy announced on the 7th that they will establish a joint venture producing 'EVA (ethylene vinyl acetate),' a core material for solar module sheets, in the Yeosu Industrial Complex, Jeollanam-do.

The joint venture, H&G Chemical, established with a total investment of 590 billion KRW by both companies, plans to produce EVA with an annual capacity of 300,000 tons starting from September 2025. Solar component companies producing EVA sheets, including Hanwha Solutions Advanced Materials Division, will use this material to manufacture their products. EVA sheets are essential materials that maintain the performance of solar cells.

Hanwha Solutions Advanced Materials Division also plans to invest approximately 41.7 billion KRW to expand the EVA sheet production line in Eumseong, Chungbuk.

H&G Chemical aims to become a global top EVA manufacturer in a short period by leveraging Hanwha Solutions’ 50 years of accumulated material production capabilities and the competitive raw materials from GS Caltex, a subsidiary of GS Energy.

With this joint venture, Hanwha Group’s total EVA production capacity, including Hanwha Solutions, will increase to 920,000 tons, surpassing ExxonMobil in the U.S. (790,000 tons) to become the world’s number one EVA producer.

Additionally, Hanwha Solutions Q CELLS Division will invest about 130 billion KRW to install a module production line using high-efficiency TOPCon-based cells and large wafers (M10) at its Jincheon plant in Chungbuk. TOPCon is a high-efficiency product that inserts a thin oxide layer into the cell, improving power generation efficiency by about 1 percentage point compared to existing cells.

Hanwha Solutions is also continuously investing in research and mass production of tandem cells based on next-generation perovskite materials while increasing TOPCon cell production. The company plans to strengthen R&D domestically and establish the latest production facilities to develop Korea into a global core base capable of possessing solar technology and producing products.

A Hanwha Solutions official said, "In line with the expansion of the global renewable energy market, we will stably supply solar materials based on petrochemical technology and continuously invest in domestic R&D to secure future energy technologies."

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