Kim Hyun-bin began his journalism career at Arirang TV from 2012 to 2017, specializing in defense, foreign affairs and the economy. In 2018, he joined The Korea Times, covering society and business, and is currently responsible for embassy affairs.
Hanwha acquires two leading hydrogen combustion technology companies
Hanwha General Chemical's hydrogen combustion technology conceptual map / Courtesy of Hanwha General Chemical
By Kim Hyun-bin
By Kim Hyun-bin
Hanwha General Chemical acquired two global gas turbine companies that possess cutting-edge hydrogen combustion technologies. Hydrogen combustion burns both hydrogen and natural gas through a gas turbine to generate electricity, which drastically reduces carbon dioxide (CO2) emissions.
“We have inked a deal to acquire 100 percent stakes in U.S. Power Systems Mfg., LLC (PSM) and Ansaldo Thomassen B.V (ATH) of the Netherlands which possess hydrogen combustion technologies. The two companies are affiliates of the global gas turbine conglomerate, Ansaldo Energia, which specializes in long gas turbine lifespans, performance and hydrogen combustion technology.
PSM and ATH are among the leading hydrogen combustion technology companies in the world.
Hanwha inked the contract Friday and aims to finalize the deal after receiving the green light from a U.S. foreign investment deliberation committee following an inspection scheduled in June
Korean companies have developed their own hydrogen combustion technology. But the technology has not met standards enabling it to be commercialized. PSM and ATH have already commercialized their hydrogen combustion technologies in both the U.S. and Europe.
“We have now obtained hydrogen combustion technology, which previously relied on imports and will be able to reduce carbon and nitrogen oxide (NOx) emissions,” Hanwha General Chemical CEO Park Heung-gweon said.
Coal thermal power generation has been known to produce the most pollutants, such as fine dust and greenhouse gases, so the Korean government is aiming to abolish 24 coal-fired power plants as part of its 2050 carbon neutrality pledge.
Hydrogen combustion technology is the first step in achieving a zero carbon goal, the company said.
“Compared to liquefied natural gas (LNG), the companies possess technologies that can reduce over 30 percent of CO2 as well as NOx that cause fine dust,” Hanwha General Chemical explained.