Hwaseung Corporation to expand sales of eco-friendly sectors by 90% by 2025

- Enters ESS and offshore wind power markets, significantly strengthens eco-friendly car parts business

- The expansion of eco-friendly TPE lines and the development of new materials such as bioTPV were also accelerated

Hwaseung Corporation (CEO Heo Seong-ryong) announced on the 14th that it plans to significantly increase sales in the eco-friendly business sector of automobile parts and chemical materials by 90% compared to this year by 2025.

To this end, Hwaseung Corporation plans to actively foster the "Electrification" field such as offshore wind power, solar power, and energy storage (ESS) as a new future food business in line with the eco-friendly energy trend. In addition, its subsidiary Hwaseung R&A, a company specializing in core auto parts, plans to increase the supply of parts for eco-friendly vehicles such as electric vehicles and hydrogen vehicles by more than 50% by 2025, while Hwaseung Materials, a company specializing in chemical materials, plans to expand its TPV production line, which is an eco-friendly material, and speed up the launch of new materials such as bioTPV.

"We have decided to strengthen ESG management and significantly expand the proportion of eco-friendly businesses across parts and materials businesses by reflecting the trend of the times toward eco-friendliness," said Huh Sung-ryong, CEO of Hwaseung Corporation. "As a result, the overall sales of the eco-friendly business division of auto parts and chemical materials will be around 270 billion won in 2025, up more than 90% from this year."

Hwaseung Corporation is actively pursuing "electricization" business areas such as energy generation (sea wind power, solar power), power transfer (undersea cable protection flow), and energy storage (ESS). Recently, it has completed the localization development of key parts such as insulating products for protecting bus bars used in cube containers for ESS and has entered the performance test stage. It has also completed the development of major parts such as submarine cable protection pipes in the offshore wind power field and has started targeting submarine cables and offshore wind power projects at home and abroad.

Hwaseung R&A plans to significantly increase the proportion of parts for eco-friendly vehicles from 8.1% this year to 12.7% by 2025 by developing parts for electric vehicles, hybrid vehicles, and hydrogen vehicles. To this end, it plans to invest 16.6 billion won in stages by 2025 to develop and produce parts for eco-friendly cars such as exhaust line modules and fuel cell gaskets for hydrogen fuel cells, hydrogen charging supply hoses, motor oil pipes, and air conditioning lines.

Hwaseung Materials plans to invest an additional 7.7 billion won by next year to expand its production line in preparation for the expansion of demand for thermoplastic vulcanization (TPV), an eco-friendly material. In addition, it plans to lead the market and maintain its dominance by releasing various eco-friendly new materials, including bioTPV, which recently obtained eco-friendly certification, antibacterial TPV, and nanhalogen-based flame-retardant TPV. <The End>