Hanwha Solutions

Hanwha Solutions Corporation is a South Korean multinational company headquartered in Seoul and operating as part of the Hanwha Group. Its activities combine traditional chemicals with solar power, renewable-energy infrastructure, energy services, and real-estate development. The company traces its origins to 1965, when it was established as Hanwha Chemical. Its earlier development was closely associated with South Korea’s industrialization and the expansion of domestic petrochemical production. The company has played a significant role in the South Korean chemicals industry. It was the first company in South Korea to produce polyvinyl chloride, or PVC, in 1966, and later became the first South Korean producer of low-density polyethylene in 1972. Its Chemical division now manufactures and sells products including polyethylene and polypropylene, PVC, chlor-alkali products such as caustic soda, and toluene diisocyanate, a material used in polyurethane products. The portfolio also includes specialty materials such as wire and cable compounds, hygiene-product adhesives, hydrogenated hydrocarbon resins, and plasticizers developed for lower environmental impact. A major strategic shift toward renewable energy occurred through the combination of Hanwha’s solar and materials businesses. Hanwha Q CELLS & Advanced Materials was formed through a 2018 merger, and Hanwha Chemical subsequently merged with that organization in January 2020. The combined company adopted the Hanwha Solutions name. Its Qcells business covers photovoltaic cells and modules, solar-project development, power-plant construction and operation, and electricity retailing. Qcells has marketed high-efficiency photovoltaic modules using Q.ANTUM and half-cell technologies, while also participating in research into next-generation tandem solar cells incorporating perovskite technology. Hanwha Solutions has also expanded beyond manufacturing into downstream renewable-energy services. Its business activities include solar parks, distributed-energy solutions, renewable electricity supply, energy storage, and development of wind and solar projects. Q ENERGY focuses particularly on the European renewable-energy market, including onshore and offshore wind, photovoltaic parks, and storage. In Japan and Germany, the company has operated retail offerings supplying electricity sourced from renewable generation to households and smaller businesses. The company’s Insight division combines energy solutions, premium lifestyle, and city-development activities. It has been involved in the development and management of industrial complexes, renewable-energy projects, and premium real estate. Hanwha Galleria and Hanwha City Development were added to the portfolio in April 2021, although the Galleria and Advanced Materials divisions were subsequently spun off. The electronic-materials business that had been associated with Advanced Materials was transferred to a Hanwha Solutions subsidiary. Hanwha Solutions has pursued international growth through acquisitions and investments. In 2021 it acquired a French renewable-energy development business formerly owned by RES Group, expanding its European project pipeline and adding wind projects to its development portfolio. It also invested in REC Silicon to support access to lower-carbon polysilicon for the United States solar supply chain and invested in Lancium Technologies, a Texas-based company focused on managing renewable electricity for energy-intensive operations. In hydrogen, the company has pursued green-hydrogen production, hydrogen-storage technologies, and electrolyzer-related capabilities, including investment in U.S. high-pressure tank maker Cimarron Composites. Today, Hanwha Solutions is positioned as a diversified energy and materials company rather than solely a petrochemical producer. Its strategy links chemical manufacturing and specialty materials with the growth of solar power, renewable-energy development, hydrogen, stor…

Hanwha Solutions developed from Hanwha Chemical, a business established in 1965 during the expansion of South Korea’s industrial base. Its early identity was rooted in petrochemicals, and the company established important domestic production capabilities. In 1966 it became the first company in South Korea to manufacture PVC. In 1972 it became the first South Korean producer of low-density polyethylene, helping build local capacity in materials used in packaging, consumer products, electrical applications, and industrial goods. Over time, the chemicals business broadened its portfolio. It added polyethylene and polypropylene, chlor-alkali products, caustic soda, and toluene diisocyanate, as well as specialty compounds, adhesives, resins, and plasticizers. This gave the company exposure to construction, automotive, electronics, packaging, textiles, hygiene products, and other industrial markets. Hanwha’s solar activities became increasingly important in the 2010s. Hanwha Q CELLS & Advanced Materials was formed through a 2018 merger, combining photovoltaic and materials capabilities. In September 2019, the Q CELLS business introduced the Q.PEAK DUO-G9 module, which used half-cell Q.ANTUM DUO technology and a zero-gap design intended to increase module deployment density. The company also joined academic and private-sector efforts to develop tandem solar cells using perovskite technology. In January 2020, Hanwha Chemical merged with Hanwha Q CELLS & Advanced Materials and adopted the Hanwha Solutions name. The reorganization created a broader platform encompassing chemicals, solar manufacturing, renewable-energy services, and development activities. In December of that year, the company announced a plan to establish a green-hydrogen plant in PyeongChang, Gangwon Province, with a targeted annual production capacity of 290 tonnes from late 2022. It also acquired U.S. high-pressure tank manufacturer Cimarron Composites to strengthen hydrogen-storage capabilities and planned additional investment in the technology. The company expanded its renewable-energy activities downstream. Qcells’ Green Energy Solutions business developed and operated solar projects, while Distributed Energy Solutions supported electricity retailing in markets including Japan and Germany. In March 2021, Qcells sold the 81-megawatt Rippey Solar Project in Texas to Adapture Renewables. The company also issued overseas green bonds in April 2021, following its earlier rights offering intended to fund renewable-energy expansion. Hanwha Solutions broadened its development portfolio in April 2021 by adding Hanwha Galleria and Hanwha City Development. The company subsequently reorganized parts of this structure: the Galleria and Advanced Materials divisions were spun off, and the electronic-materials business associated with Advanced Materials was transferred to a subsidiary. The Insight division was established to combine energy solutions, premium lifestyle, and city-development activities, with an emphasis on industrial complexes, renewable-energy infrastructure, and premium real estate. International expansion accelerated in 2021. The acquisition of a French renewable-energy development company formerly owned by RES Group expanded the European project pipeline to approximately 10 gigawatts and introduced wind projects alongside solar development. Hanwha Solutions also invested in REC Silicon to support low-carbon polysilicon supply in the United States and invested in Lancium Technologies, a Texas company developing renewable-electricity management systems for energy-intensive operations. The resulting organization is diversified across four broad areas: Chemical, Qcells, Q ENERGY, and Insight. Chemical supplies industrial and specialty materials; Qcells manufactures photovoltaic cells and modules and participates in project development and electricity services; Q ENERGY targets European wind, solar, and storage opportunities; and Insight develops or manages industrial, energy, and real-estate assets. Hanwha Solutions’ evolution reflects a strategy of using its industrial and materials base to participate across the expanding clean-energy value chain.

1. 2021Expands into French renewable-energy development

   Hanwha Solutions acquired a French renewable-energy development company formerly owned by RES Group.

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2. 2021Adds Galleria and City Development businesses

   Hanwha Galleria and Hanwha City Development were added to the company’s portfolio in April.

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3. 2021Invests in REC Silicon and Lancium Technologies

   The company invested in a polysilicon producer and a renewable-electricity management technology company.

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4. 2020Hanwha Solutions is created

   Hanwha Chemical merged with Hanwha Q CELLS & Advanced Materials and adopted the Hanwha Solutions name.

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5. 2020Announces green-hydrogen and hydrogen-storage plans

   The company announced a planned green-hydrogen plant in PyeongChang and acquired Cimarron Composites for high-pressure hydrogen-storage technology.

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6. 2019Q CELLS introduces the Q.PEAK DUO-G9 module

   The module combined half-cell Q.ANTUM DUO technology with a zero-gap configuration.

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7. 2018Hanwha Q CELLS & Advanced Materials is formed

   A merger created the Hanwha Q CELLS & Advanced Materials organization that later combined with Hanwha Chemical.

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8. 1972Begins South Korea’s first domestic LDPE production

   The company became the first South Korean producer of low-density polyethylene.

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9. 1966Begins South Korea’s first domestic PVC production

   Hanwha Chemical became the first company in South Korea to produce polyvinyl chloride.

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10. 1965Established as Hanwha Chemical

    The company was founded as Hanwha Chemical, establishing the business that later became Hanwha Solutions.

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An integrated energy, chemicals, and infrastructure company connecting petrochemical manufacturing with solar power, renewable-energy development, hydrogen, and sustainable urban or industrial development.

• Qcells photovoltaic cells and modulesSolar energy

  Qcells manufactures photovoltaic cells and modules and supports solar-project development, construction, operation, and related electricity services. Its branded modules have included products based on Q.ANTUM and half-cell architectures, with designs intended to improve power output and installation density.

• Q.PEAK DUO-G9Photovoltaic module2019

  Introduced in 2019, the Q.PEAK DUO-G9 combined half-cell Q.ANTUM DUO technology with a zero-gap layout. Removing spaces between cells was intended to increase the amount of generating capacity that could be installed within a given area.

• Polyethylene and polypropylenePetrochemicals

  Hanwha Solutions produces polyolefins including polyethylene and polypropylene. These materials serve packaging, consumer goods, electrical products, construction, and industrial applications, with grades and compounds adapted to different performance requirements.

• Polyvinyl chloridePetrochemicals1966

  PVC is used in synthetic leather, packaging, flooring, toys, textiles, construction products, and other applications. Hanwha’s PVC business dates to the company’s first domestic South Korean production in 1966 and includes work on more environmentally oriented plasticizer technologies.

• Chlor-alkali productsIndustrial chemicals

  The Chemical division produces chlor-alkali materials including caustic soda. These products are used in paper, textiles, metals, electronics, electricity-related applications, and the manufacture of other inorganic chemicals.

• Toluene diisocyanateIndustrial chemicals

  Toluene diisocyanate, commonly known as TDI, is used in polyurethane foam, coatings, adhesives, and related industrial and consumer applications. It is part of Hanwha Solutions’ broader petrochemical portfolio.

• Q ENERGY renewable-energy projectsRenewable-energy development

  Q ENERGY focuses on European renewable-energy development, including onshore and offshore wind, photovoltaic parks, and energy-storage projects. The business extends Hanwha Solutions beyond equipment manufacturing into project origination and infrastructure development.

• Renewable electricity retailingEnergy services

  Through distributed-energy activities, the company has supplied electricity sourced from renewable generation to households and small companies in markets including Japan and Germany.

• 2021Acquire French renewable-energy developerM&A

  Hanwha Solutions wanted to enlarge its European clean-energy development pipeline and add wind power to its existing solar activities.

  What changed. The company acquired a French renewable-energy development business formerly owned by RES Group.

  Aftermath. The transaction was described as roughly doubling the European project pipeline to about 10 gigawatts and adding wind projects.

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• 2021Invest in REC SiliconM&A

  The company sought to secure lower-carbon polysilicon and strengthen its position in the United States solar manufacturing value chain.

  What changed. Hanwha Solutions made a strategic investment in REC Silicon and indicated that further solar-manufacturing investment could follow supportive U.S. legislation.

  Aftermath. The investment linked Hanwha’s module business with a strategic upstream photovoltaic-materials supplier.

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• 2021Invest in Lancium TechnologiesM&A

  Renewable generation increasingly requires systems that can manage electricity demand from energy-intensive users.

  What changed. Hanwha Solutions invested in Lancium Technologies, a Texas-based provider of renewable-electricity management technology.

  Aftermath. The investment broadened the company’s clean-energy exposure into power-management software and infrastructure.

  Investment amount. 100 million U.S. dollars invested (November 2021)

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• 2021Reorganize development and lifestyle businessesStrategy

  The company expanded its portfolio by adding real-estate and lifestyle businesses while continuing to refine its operating structure.

  What changed. Hanwha Galleria and Hanwha City Development were added in April 2021. The Galleria and Advanced Materials divisions were later spun off, while electronic materials were transferred to a subsidiary.

  Aftermath. The Insight division emerged as a combined platform for energy solutions, premium lifestyle activities, and city development.

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• 2020Combine chemical, solar, and materials businesses under Hanwha SolutionsStrategy

  Hanwha Chemical and Hanwha Q CELLS & Advanced Materials were combined to create a broader platform spanning petrochemicals, photovoltaic products, advanced materials, and renewable-energy services.

  What changed. The merger was completed and the combined company adopted the Hanwha Solutions name in January 2020.

  Aftermath. The reorganization established the corporate structure through which the company pursued integrated chemicals and clean-energy growth.

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• 2020Fund renewable-energy expansion through a rights offeringStrategy

  Hanwha Solutions sought additional capital to accelerate its expansion into renewable energy and related businesses.

  What changed. The company completed a rights offering that raised 1.2 trillion Korean won.

  Aftermath. The capital supported the company’s stated renewable-energy growth strategy.

  Rights-offering proceeds. 1.2 trillion Korean won raised (December 2020)

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• 2020Pursue green hydrogen and hydrogen storageStrategy

  The company identified green hydrogen and storage technology as adjacent growth areas within its clean-energy strategy.

  What changed. It announced a planned green-hydrogen plant in PyeongChang and acquired U.S. high-pressure tank maker Cimarron Composites.

  Aftermath. The moves expanded Hanwha Solutions’ intended role from solar and chemicals into hydrogen production and storage.

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• 2021Hanwha Solutions issues overseas green bonds

  The company issued its first overseas green bonds, valued at 1 billion yuan, to support environmentally oriented growth and renewable-energy activities.

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• 2021Qcells sells the Rippey Solar Project

  Qcells sold an 81-megawatt solar plant in Texas to Adapture Renewables. The project was described as capable of supplying annual electricity equivalent to the needs of about 115,000 people.

  M&AOther
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• 2021Hanwha Solutions expands European renewable-energy platform

  The company acquired a French renewable-energy development business formerly owned by RES Group, enlarging its European project pipeline and adding wind development to its portfolio.

  M&A
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• 2021Hanwha Solutions invests in REC Silicon

  The company made a strategic investment in REC Silicon to help secure lower-carbon polysilicon for photovoltaic manufacturing and support its planned expansion in the United States solar value chain.

  M&A
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• 2021Hanwha Solutions invests in Lancium Technologies

  Hanwha Solutions invested in Texas-based Lancium Technologies, whose technology manages renewable electricity for energy-intensive users.

  M&A
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• 2020Hanwha Solutions raises capital to accelerate renewable-energy expansion

  The company raised 1.2 trillion Korean won through a rights offering to support expansion in renewable energy and related businesses.

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1. Hanwha Solutions
2. Hanwha Solutions official website