Hanwha announces creation of new affiliate, Hanwha Engine

CEO Moon Ghee Ryu (centre) with other company representatives at Hanwha Engine announcement (Photo: Hanwha)

Hanwha, the South Korean conglomerate active in a series of industries, including marine, has announced the creation of Hanwha Engine.

Moon Ghee Ryu, former head of Hanwha Impact’s Investment Strategy Department, was appoint the new company CEO.

Hanwha Impact will hold a 32.8% stake in Hanwha Engine, making it the company’s majority shareholder.

With the new addition, the company is said to be ‘fully equipped to provide total shipbuilding solutions, including engine production with in-house manufacturing and technology capabilities’.

The new affiliate was created following the purchase of HSD Engine, billed as the second-largest company specialising in low-speed marine propulsion engines.

Technology from the new acquisition will be used in synergy with other Hanwha companies to develop and commercialise eco-friendly marine engines. Ammonia was noted as a fuel of choice.

Engines from the new affiliate will be available to all leading shipbuilders, including Hanwha Ocean.

What is now Hanwha Engine was the first engine builder to commercialise a dual-fuel low-speed engine in 2013. The company also developed the world’s first low-temperature selective catalytic reduction system (the DelNOx SCR system). Introduced in 2014, this can remove up to 90% of NOx engine emissions.