Hanwha Ocean Increases Offshore Wind Power Investment from 200 Billion to 300 Billion KRW

Full Effort in New Technology Development... Expanding the Marine Energy Value Chain

Hanwha Ocean is accelerating the development of new technologies to expand the marine energy value chain by investing an additional 100 billion KRW in the offshore wind power sector.

Hanwha Ocean recently finalized the issuance price for a paid-in capital increase, deciding to increase its investment in offshore wind total solutions from 200 billion KRW to 300 billion KRW, as announced in August. Based on this, Hanwha Ocean plans to expand its business area with offshore wind turbine installation vessels and floating facility product lines, where it holds a competitive advantage, and secure the necessary technological capabilities.

Hanwha Ocean is actively entering the offshore wind power business, which is growing at an annual rate of 18%, and aims to foster a marine renewable energy value chain centered on this sector.

Amid recent global environmental regulations tightening and the rapid growth of the renewable energy market, the offshore wind power market is gaining attention. The International Energy Agency (IEA) forecasted in its outlook on major power sources in the European Union that the share of onshore and offshore wind power will continue to rise, surpassing solar power and nuclear energy to become the top source by 2040.

The value chain of the marine energy business planned by Hanwha Ocean follows the sequence: ‘offshore wind turbine installation → offshore power generation → offshore substation → seawater desalination → hydrogen and ammonia production using water and electricity → transportation via hydrogen and ammonia carriers.’

First, electricity generated by floating offshore wind turbines is transmitted through offshore substation facilities to floating hydrogen and ammonia production facilities. Seawater is converted into freshwater and hydrogen and ammonia are produced through electrolysis. The produced hydrogen and ammonia are transported to land using dedicated carriers. No fossil fuels that emit carbon are used in this process.

Hanwha Ocean has already secured construction technology for large floating facilities and obtained certification for building hydrogen and ammonia carriers using carbon-free fuels. At its Geoje plant and Siheung R&D campus, various demonstration facilities for transporting hydrogen and ammonia are in place. Based on these achievements, Hanwha Ocean plans to apply all its technological capabilities to complete an integrated marine energy value chain.

A Hanwha Ocean official stated, “We will develop marine products related to hydrogen and ammonia production, storage, and transportation by combining offshore wind power, marine plant design and production technologies, and water electrolysis and hydrogen storage technologies developed by our affiliates,” adding, “We will establish an ‘Offshore New Technology Value Chain.’”

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