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Hanwha General Chemical renames itself Hanwha Impact
Hanwha General Chemical has changed its name to Hanwha Impact to emphasize its new focus on making investments that will have a positive and sustainable impact on society, the company said on Monday. With its new name, Hanwha Impact will carry out its main business in the production of purified terephthalic acid as a chemical company, but also put more emphasis on making "impact investments." "Impact investments" are investments made in companies and businesses that will have a lasting and positive impact on the environment and society. The company's missions include carbon-neutral energy and mobility, the convergence of bio and IT and next-generation data storage technology to build and enhance social infrastructures. To accelerate its transition to carbon neutrality, Hanwha General Chemical acquired two hydrogen combustion technology companies PSM and Thomassen Energy earlier this year. It has also invested in U.S. agriculture technology company Inari Agriculture to prepare for food shortages in the future. "Hanwha Impact will lead a sustainable future for the nation and humanity through our transition into an eco-friendly energy and carbon-neutral company, breaking conventional frames and investing in future technologies," Kim Hee-cheul, CEO of Hanwha Impact said.
Hanwha General Chemical starts an empirical study on mixed hydrogen combustion technology
Hanwha General Chemical and Korea Western Power Corporation start an empirical study on mixed hydrogen combustion technology. The two companies announced on August 3 that they signed an agreement at the headquarters of Korea Western Power Corporation in Taean, South Chungcheong Province, to commercialize mixed hydrogen combustion technologies that burn natural gas together with hydrogen to generate electricity. Earlier, Hanwha General Chemical acquired Power Systems Mfg (PSM) based in the U.S. and Thomassen Energy based in the Netherlands and secured the original technology that converts LNG gas turbines into hydrogen gas turbines. Hanwha General Chemical plans to move one 80MW (Megawatt) old gas turbine owned by Korea Western Power to Daesan plant to apply the technology and carry out the project for the first time in Korea by the first half of 2023. The company plans to increase the proportion of hydrogen in the facility to 100 percent in the future to convert it into eco-friendly facilities that do not emit carbon dioxide at all. Based on the project, Hanwha General Chemical and Korea Western Power are also pushing to convert all gas turbines (8 units) from LNG to hydrogen. "Hanwha General Chemical will successfully complete this demonstration project through its world's best gas turbine technology and expand it to Korean LNG power plants to make Korea's early achievement in its carbon neutral goal," said Hanwha General Chemical CEO Park Seung-deok.
Hanwha General Chemical is backing an eco-friendly development project that is applying gene editing technology to develop next-generation seed production.
Hanwha General Chemical is funding a project to develop eco-friendly seeds that is leveraging advancements in genome editing technologies. In May of 2021, Hanwha General Chemical announced that it had invested in INARI, a project studying seed production and researching CRISPR, a next-generation gene editing technology.