Hanwha Solutions Executes Organizational Restructuring... Solar Energy Division Reorganized and Hydrogen Technology Research Center Established

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[Asia Economy Reporter Hwang Yoon-joo] Hanwha Solutions, marking its first anniversary, has carried out an organizational restructuring to expand investment in new growth businesses. The company aims to build an organization capable of executing large-scale investment plans in solar power and hydrogen businesses, thereby steadily implementing mid- to long-term strategies to become a global eco-friendly energy and materials company.

On the 4th, Hanwha Solutions announced that it reorganized its organization to strengthen competitiveness in new growth engine businesses by restructuring the solar power division and establishing a Hydrogen Technology Research Center. To enhance research and development (R&D) capabilities, the company plans to hire a large number of experts both domestically and internationally.

Hanwha Solutions first expanded and reorganized the global GES (Green Energy Solution) division responsible for renewable power projects. The core of this is to integrate the development, EPC (engineering, procurement, and construction), and project finance functions, which were previously scattered across multiple divisions, into the global GES division to strengthen capabilities in renewable energy power plant development projects. Through this, the company plans to achieve annual sales of 5 trillion KRW from renewable energy power plant development projects alone by 2025.

The expanded GES division will be led by Executive Director Shin Dong-jin, formerly of Hanwha Construction. Executive Director Shin is regarded as the right person to strengthen power project businesses within the group, having extensive experience in construction and project execution.

The GES division plans to enter not only solar power generation but also wind power projects. In response to the global trend of increasing wind power share, the company intends to expand renewable energy power generation businesses based on the capabilities accumulated in the solar power sector. To this end, it will actively recruit external personnel with experience in both solar and wind power businesses.

Kim Hee-chul, head of the Q CELLS division, said, "Last year, due to the impact of COVID-19, we were unable to actively pursue power plant development projects. In the new year, as the importance of responding to climate change is expected to be further emphasized worldwide, we will actively engage in renewable energy power generation businesses such as solar and wind power in domestic and international markets."

To strengthen domestic power plant development projects, Hanwha Solutions separated the Korean business division and established the Korea GES division. By newly recruiting domestic power project experts, the company plans to actively participate in domestic renewable energy power generation projects such as solar and wind power in line with the recently announced '9th Basic Plan for Electricity Supply and Demand.'

Hanwha Solutions expanded its existing water electrolysis technology development team into the 'Hydrogen Technology Research Center' to strengthen its green hydrogen business. Son In-wan, Executive Director who has led the water electrolysis technology field (a core technology of P2G, power to gas, which produces hydrogen from water), was appointed as the center head. The company plans to significantly increase external expert recruitment to secure technology for large-scale green hydrogen production at an early stage.

The green hydrogen demonstration project being built in Pyeongchang, Gangwon Province, in collaboration with Gangwon Province and Korea Gas Technology Corporation, will be managed by a separate task force (TF) organization. Additionally, in the first half of the year, the company plans to deploy specialized personnel and reorganize the organization to promote the ultra-large hydrogen tank business for transportation and storage, following the recent acquisition of the U.S. high-pressure hydrogen tank company Cimarron announced at the end of last month.

Hanwha Solutions plans to hire about 250 people domestically and internationally this year in the solar power and green hydrogen fields. The recruitment will mainly target R&D personnel in next-generation solar products such as perovskite tandem cells, hydrogen high-pressure tanks, and water electrolysis.

A Hanwha Solutions official said, "This organizational restructuring focuses on securing capabilities for the company's new growth engines. Based on active investment, we will continuously secure excellent talent and create an agile organization that can respond swiftly to changes."

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