Hyosung Group Chairman Cho Hyun-joon delivers to Tennessee Senator Bill Hagerty the plate of a first high-voltage transformer, produced by Hyosung Heavy Industries’ plant in Memphis. (Photo: Hyosung Group)

Hyosung Group Chairman Cho Hyun-joon toured Hyosung Heavy Industries’ high-voltage transformer plant in Memphis, Texas and Hyosung TNS’ U.S. operation, Hyosung Group said on Sept. 13.

Chairman Cho’s visit to the United States is part of his “field management” efforts to help the business group’s mainstay business units boost their share in the American market.

It is based on a strategy of having Hyosung companies recognized in the United States, the core market, in terms of technology and quality before they get an upper hand to explore new markets, a Hyosung Group official said.

The U.S. market is predicted to log explosive growth with a focus on high-tech areas, such as SOC, energy and automobiles, as the Biden administration has come up with plans to invest about $1.2 trillion won in improving infrastructure.

In this context, Chairman Cho said, “The United States is a global core market with rapid changes in the post-COVID-19 pandemic.”

He called for the company to raise its share of the U.S. market by taking premeditated steps based on thorough localization and customer-oriented strategies.

Chairman Cho looked into the trends and outlooks of the U.S. market and Hyosung’s future strategies by visiting the super high-voltage transformer plant in Memphis, the first U.S. production center of Hyosung Heavy Industries, in early September.

He also met with Tennessee Senator Bill Hagerty to ask for his cooperation and support to Hyosung’s business activities.

Chairman Cho and Senator Hagerty visited the plant in Memphis together and had in-depth discussions on how to boost the regional economy.

Hagerty, a businessman-turned senator, worked as commissioner of the Tennessee Department of Economic and Community Development from 2011 to 2014. Hagerty worked as the 30th U.S. ambassador to Japan, and is now serving as Tennessee senator.

Chairman Cho’s extended thanks to Tennessee state’s support and he said Hyosung would devote itself to not only promoting shared growth with Tennessee by nurturing heavy industries technology experts of the region in the future and ramping up partnerships with power companies, but also improving infrastructure of the U.S. power market.

In return, Sen. Hagerty said he would not spare federal government’s support’s diverse and full support to growth and expansion of the Memphis plant.

Hyosung Sheds Light on Future of Liquid Hydrogen Era

Hyosung participated in the H2 Mobility Energy Show 2021, which took place at KINTEX in Goyang, north of Seoul, from Sept. 8 to 11.

During the exhibition, Hyosung presented the future of a liquid hydrogen era by displaying 3D videos and exhibition models of all processes, ranging from hydrogen production to trading and utilization, with a focus on liquid hydrogen plants and charging stations.

Hyosung also stressed its all-encompassing hydrogen chain value such as fuel tanks for hydrogen vehicles using carbon textile and wind power generators for green energy.

Hyosung Vice Chairman Cho Hyun-sang attended the inaugural general meeting of Korea H2 Business Summit, which was inaugurated with top managers of 15 Korean large-sized companies in attendance.

Vice Chairman Cho said at the meeting, “Hyosung is covering the hydrogen ecosystem such as hydrogen production, supply and utilization.”

Hyosung will expand R&D investments into future energy materials and parts businesses such as batteries, fuel cells and mobility vehicles, he added.

Following the summit, Vice Chairman Cho toured Hyosung’s booth and other pavilions to look into the latest trends of the hydrogen industry.

Vice Chairman Cho emphasized meetings with Korean and international hydrogen experts and businessmen and their joint efforts to reinvigorate the hydrogen economy though technology development and prior occupation of market shares.

Meanwhile, in June, Hyosung came up with a plan to build a liquid hydrogen plant with an annual capacity of 13,000 tons in Ulsan in cooperation with Linde Group by 2023 under a vision of “Building Korea with Carbon Neutrality through hydrogen Technology.”

Hyosung also revealed a plan to develop green hydrogen production technologies using eco-friendly energies such as blue hydrogen, wind power and photovoltaic power through carbon capture utilization and storage.