Hanwha Group listed among TIME's 100 Most Influential Companies

A K9 self-propelled howitzer conducts fire training during the 'Joint Artillery Firing Exercise' at Gangwon Province, in April this year. [JOONGANG DAILY]

Hanwha Group made it to the 100 Most Influential Companies by TIME magazine this year, marking the only Korean company included in the list.

TIME magazine cited Hanwha's expansion into the global defense sector and significant advancements in the renewable energy sector as the reasons for its choice, noting that the company’s market value exceeded $7.8 billion in 2023 due to its thriving exports, Hanwha said Friday.

Hanwha Aerospace, Hanwha’s defense unit, clinched a deal to supply its K9 self-propelled thunder howitzers and Chunmoo multiple launch rocket systems to Poland.

Despite its significant defense manufacturing presence, Hanwha Group also made significant advancements in renewable energy, including solar, wind and clean hydrogen technologies, according to TIME.

Following its acquisition of Hanwha Ocean in May last year, Hanwha Group focused on developing and commercializing environmentally friendly technologies.

In September last year, Hanwha Ocean received an Approval in Principle (AIP) from the American Bureau of Shipping (ABS) for a large liquefied natural gas (LNG) carrier equipped with an ammonia-fueled gas turbine designed to emit zero carbon gases from the ship.

Hanwha Ocean also established Hanwha Shipping last month to test a carbon-free vessel utilizing green ship technology. Green ship technology refers to efficient procedures that reduce emissions and consume less energy.

Hanwha Solutions, an energy and chemical company, injected 3.2 trillion won ($2.3 billion) to establish a solar hub in the U.S. state of Georgia, aiming to become a central player in the solar industry powered by its production capacity of solar modules ranging up to 8.4 gigawatts.

TIME has been publishing its list of most influential companies in the world since 2021. Samsung and HYBE were the first to make it to the list in 2021, followed by HYBE and Pinkfong Company, the creator behind children's song "Baby Shark", in 2022. In 2023, Samsung, SK, Kia and Blind, a workplace community app, were selected.

BY CHOI HAE-JIN [choi.haejin@joongang.co.kr]