The heads of four Korean business groups met Thursday to form a committee dedicated to investment and business opportunities in hydrogen.
Hyosung Group has nearly doubled in size in a matter of months, helped along by rebounding economies globally and strong demand for spandex. The market cap of its listed companies jumped from 5 trillion won in December to 9.5 trillion won.
Hyosung Heavy Industries will sell 50-megawatt energy storage systems (ESS) to the United Kingdom, the company said Monday. Hyosung’s customer is the U.K. energy infrastructure company Downing.
Hyosung Advanced Materials will supply the fabric for the airbags in Amazon’s fully autonomous vehicle, the Korean company said Tuesday. Global Safety Textiles, a Hyosung affiliate that specializes in airbag fabric, will manufacture the material.
Hyosung TNC is doubling the size of its spandex factory in Brazil as the coronavirus pandemic drives up demand for the stretchy material.
Hyosung TNC is investing 60 billion won ($52.9 million) to expand the capacity of its spandex plant in Turkey in response to rising demand for comfortable clothing caused by the Covid-19 pandemic.
Hyosung Group, a machinery- and materials-focused company, will commit 300 billion won ($245 million) into building a liquid hydrogen plant in Ulsan in cooperation with Linde, a German gas and engineering company.