Hanwha announces launch of Hanwha Engine
Hanwha has officially launched its new affiliate, Hanwha Engine, after successfully acquiring HSD Engine, the world’s second-largest marine engine company in terms of market share, according to the company's release.
Hanwha Engine will be a leading player in the marine engine industry with outstanding technological capabilities, including the expertise needed for low-speed marine engines that propel large vessels. Hanwha Engine supplies these engines to leading global shipbuilders, including Hanwha Ocean.
At an extraordinary shareholders’ meeting held on February 27, the stakeholders voted in favor of launching a new engine manufacturer under the name Hanwha Engine Co., Ltd. The company appointed Moon Ghee Ryu, former head of Hanwha Impact’s Investment Strategy Department, as its CEO.
Hanwha Impact is Hanwha Engine’s majority shareholder with a 32.8% stake in the engine manufacturer. Hanwha Impact signed a memorandum of understanding (MOU) with HSD Engine for the acquisition in February last year.
Hanwha Engine became the first engine builder to commercialize a dual-fuel low-speed engine in 2013. The company also developed the world’s first low-temperature selective catalytic reduction (SCR) system, also known as the DelNOx SCR system, for ships in 2013 and successfully commercialized it the following year. The proprietary system is an eco-friendly device that can remove more than 90% of nitrogen oxide (NOx) from the exhaust gas emitted by ship engines.
