Seoul— Hyosung Group announced today that it would invest 1,000 billion wons through its Hyosung Advanced Materials Corp., a manufacturer of carbon fiber and a subsidiary of the group to expand its carbon fiber production capacity.
With Korean President Moon Jae-in’s interest and commitment to build a hydrogen economy, the importance of carbon fiber has grown in recent years.
Carbon fiber is a key material for the safe storage, transportation, and utilization of hydrogen energy. Therefore, it is regarded as a core material for hydrogen tanks that have to be lightweight but withstand the pressure that is hundreds of times higher than air.
Hyosung will increase its carbon fibre production from its current 2,000 tonnes to 24,000 by 2028 and aims to be one of the world’s top 3 carbon fiber producers.
In June of this year Hyosung Group signed and MOU to strengthen its partnership with Saudi Aramco (Arabian American Oil Company), the world’s largest comprehensive petrochemical company, for cooperation in the carbon fiber, including the construction of new plants.