Hanwha General Chemicals, the chemical affiliate of Hanwha Group, announced a new company name, “Hanwha Impact,” as it seeks to shift its identity to focus on future-oriented, green business fields.

The new name reflects its new vision to “create a positive impact on humanity and the earth through technological innovations,” explained the company.

To execute the vision, Hanwha Impact will increase what it called “impact investing,” investing in companies that try to make a positive impact on the society and environment.

Hanwha is looking into hydrogen-fueled vehicles, next-generation data storage technologies for sustainable infrastructure and bio-related IT projects that help improve human health, among others, it added.

Established in 1974, then as a Samsung Group company, Hanwha General Chemical was the first company in South Korea to localize production of purified terephthalic acid, or PTA, a primary component for many types of polyester.

Aiming to transform into a green energy firm, with a particular focus on hydrogen, the firm has recently acquired two firms -- Power Systems Manufacturing in the United States and Thomassen Energy in the Netherlands -- which holds hydrogen-based energy conversion solutions, considered more environmentally benign than traditional energy systems.

It is also investing in the field of “AgTech” -- a compound word between agriculture and technology. The company recently invested in the Cambridge-based Inari Agriculture, which utilizes next-generation gene editing technologies to create resource-efficient corns and soybeans.

“Hanhwa Impact will lead the transition to eco-friendly energy and carbon neutral society,” said Kim Hee-chul, CEO of Hanwha Impact. 

“We will lead a sustainable future through innovative activities, new technologies and continuous investment that break the framework of traditional industries.”

Hanwha Impact was among the four former Samsung Group companies acquired by Hanwha Group in the 2015 mega deal, worth nearly 2 trillion won ($1.73 billion).

Hanwha Group acquired 24.1 percent of Hanwha Impact’s remaining shares for 1 trillion won in June this year.