Senior Executive Vice President Chung ki-sun of Hyundai Heavy Industries Holdings and Senior Vice President Ahmad A. Al-Sa’adi of Aramco signed an MOU on hydrogen and ammonia on March 3.

Hyundai Heavy Industries (HHI) Group plans to make M&As to capitalize in promising global markets by plunking down 1 trillion won in cooperation with Korea Investment Corp. (KIC). The move is designed to explore new growth engines, such as AI, bio and hydrogen segments.

HHI Group already acquired DSME and Doosan Infracore to reinforce the competitiveness of the existing shipbuilding and construction machinery businesses.

The group is now turning its attention to maximize its corporate value by exploring new businesses. Senior Executive Vice President Chung Ki-sun of HHI Holdings, a third-generation heir-apparent of the late founder Chung Ju-yung, is spearheading a project to explore new businesses.

In a related development, under the leadership of HHI Holdings Chairman Kwon Oh-kap, who is in office for a second term, HHI Group plans to build a hydrogen value chain.

The group unveiled a vision to become Korea’s No. 1 hydrogen company by building supply networks of all processes ranging from hydrogen production to transportation and distribution.

In an online IR session held on March 25, the group announced “Hydrogen Dream 2030” as one of its future growth plans.

The vision calls for building a hydrogen value chain encompassing on-land and off-shore areas by 2030, based on subsidiaries’ infrastructure and technology competitiveness.

Korea Shipbuilding & Offshore Engineering (KSOE), an intermediate holding company of HHI Group, is at the center of a planned hydrogen value chain.

KSOE is seeking to develop electrolysis green hydrogen. KSOE is stepping on the gas on the development of a hydrogen-based carrier designed to ensure a stable supply of hydrogen.

Hyundai Oilbank, the refinery unit of HHI Group, is working on the implementation of a hydrogen project with Aramco of Saudi Arabia, the world’s biggest petroleum company, Hyundai Oilbank plans to produce blue hydrogen from hydrogen production facilities using liquefied petroleum gas imported from Aramco.

Meanwhile, HHI Holdings struck an MOU on joint investments in foreign technology leaders with KIC in Seoul on March 23. On hand at a signing ceremony were HHI Holdings Senior Executive Vice President Chung and KIC President Choi Hee-nam.

Senior Executive Vice President Chung ki-sun of Hyundai Heavy Industries Holdings and President Choi Hee-nam of . Korea Investment Corp. (KIC) pose after signing an MOU on joint investments into foreign technology leaders with KIC in Seoul on March 23. (Photos: HHI Group)

Under the deal, the two companies agreed to raise 1 trillion won in a fund to make M&As in global companies in the AI/robots, digital health care, self-driving ships and hydrogen fuel cell battery sectors.

HHI Holdings plans to explore global companies with high growth potential by making the most of KIC’s wide global networks. HHI Holdings Executive Vice President Chung said at the ceremony, “The corporate value of HHI Group will rely on future growth engines.” HHI Holdings’ acquisition of global companies is just the start, he added.

HHI Group began to implement new businesses other than the mainstay shipbuilding business in 2018. Seoul Asan Hospital entered the digital health care business in cooperation with KaKao in the year. The group established Avikus, an AI-enabled self-driving solution provider last December.