Hanwha has officially launched its new affiliate, Hanwha Engine, after acquiring HSD Engine, the world’s second-largest marine engine firm by market share.
The company release states that Hanwha Engine will be a market leader in the marine engine business. Its exceptional technological capabilities include the competence required for low-speed marine engines that power huge ships. Hanwha Engine delivers these engines to major global shipbuilders, notably Hanwha Ocean.
At an extraordinary shareholders’ meeting on February 27, stakeholders voted to establish a new engine manufacturer called Hanwha Engine Co., Ltd. Moon Ghee Ryu, the previous head of Hanwha Impact’s Investment Strategy Department, has been named as CEO.
Hanwha Impact is Hanwha Engine’s main stakeholder, owning 32.8% of the engine company. Hanwha Impact inked a memorandum of understanding (MOU) with HSD Engine for the acquisition in February of last year.
Following the acquisition of Hanwha Ocean last year, Hanwha Engine was added to its list of affiliates, allowing Hanwha to provide entire shipbuilding solutions, including engine manufacture, through in-house manufacturing and technical capabilities.
Hanwha Engine intends to actively develop and commercialize ships driven by eco-friendly fuels, including ammonia, leveraging its competence in marine engine manufacture and the synergy among its affiliates. Hanwha Engine is researching smart ship technologies for more efficient ship operations and alternative fuel propulsion systems. The company plans to increase its aftermarket business by providing post-sales services such as ship part sales and repairs.
Hanwha Engine was the first manufacturer to commercialize a dual-fuel low-speed engine in 2013. In 2013, the business invented the world’s first low-temperature selective catalytic reduction (SCR) system for ships, the DelNOx SCR system, which was successfully commercialized the following year. This unique technology is an environmentally friendly device capable of removing more than 90% of nitrogen oxide (NOx) from ship engine exhaust gases.
