JEOLLABUK-DO < invest Korea

According to Newsis,

Hyosung Advanced Materials signed an 'Implementing Agreement on investment in expanding production lines of carbon fiber' with Jeollabuk-do and the Korea Carbon Industry Promotion Agency (KCarbon), in the occasion of participating in 'Carbon Material Competitiveness Strengthening Achievement Report' meeting held in Jeonju on November 15.

According to the agreement, Hyosung will thoroughly implement the project expanding production lines of carbon fibers in Jeonju plant while Jeollabuk-do will actively cooperate in providing administrative support for smooth execution of investment. In addition, the KCarbon is to support in fostering carbon materials industry through comprehensive support for enterprises.

Hyosung said, "this agreement is meaningful in that it is preparation for an increase in demand for carbon fibers required for manufacturing High Pressure Hydrogen Gas Cylinder for hydrogen EVs and PAV, while responding to an increasing demand for carbon fibers globlly."

Carbon fiber, called the 'Material of Dream' is lightweight, one-fourth of that of steel, but has strength 10 times stronger than that of steel, and used as alternative materials in various purposes where steel is used, such as automobiles, wind farm, aerospace, and sports leisure.

Hyosung Advanced Materials, as a member of 'Carbon Material Convergence Alliance' has been expanding cooperation with related organizations. Based on its proprietary technology, it developed 'Tansome' the first high-performance carbon fiber developed in Korea, and operated Jeonju plant since 2013.

It has a research center for carbon fibers and complex materials, and carbon-specialized startup incubating center, securing technologies from carbon fiber, intermediate materials, and modling process, while fostering startups and SMEs in carbon fibers. In 2019, it announced its plan to invest KRW 1 trillion to expand the production lines of carbon fiber in Jeonju factory by 24,000 tons per year by 2028.

pjy@newsis.com

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Source: Newsis (November 15, 2021)