The Korea Herald


Hanwha Group to spend W37.6tr to nurture energy, aerospace sectors

By Kim Da-sol

Published : May 24, 2022 - 18:06

    • Link copied

Hanwha Group headquarters in Seoul (Hanwha Group) Hanwha Group headquarters in Seoul (Hanwha Group)

Energy-to-defense giant Hanwha Group unveiled Tuesday an investment plan of 37.6 trillion won ($29.7 billion) into the energy, carbon neutrality, defense and aerospace sectors over the next five years. 

Under such investment plan, the group expects to create some 20,000 new jobs. 

The group said some 20 trillion won will be injected into its business operations in Korea. This is equivalent to the group’s combined 22.6 trillion-won investment made over the past five years locally and globally. 

Some 4.2 trillion won will be put to strengthening its business in developing solar energy and wind energy. With such focus, the group said it aims to make the Korean market a global hub for producing high-efficiency solar energy products at the latest production facilities to ultimately upgrade its R&D capabilities in solar panels. 

Some 900 billion won will be injected for executing carbon neutrality projects such as commercializing its hydrogen cell technology and expanding infrastructure and facilities. It will also put aside 2.1 trillion won for developing eco-friendly new materials. 

For the defense and aerospace sector, the group said it will invest 2.6 trillion won, so it can get a head start in developing technologies for future businesses including urban air mobility.