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Hyosung Advanced Materials signed on April 2 a contract with Hanhwa Solutions to supply reinforced carbon fiber used in high-pressure containers for the long term.
The company announced that it signed a long-term contract to supply reinforced carbon fiber to be used for strengthening fuel tanks in hydrogen vehicles for six years beginning 2021. The total supply is worth about 160 billion won.
Hyosung Advanced Materials secured stable order volume with a major customer through this contract and expected continuous growth in the carbon fiber sector. Although Japan and US currently dominate the carbon fiber market, Hyosung Advanced Materials’ carbon fiber developed with fully domestic technology has been supplied to major global high-pressure container manufacturers for several years based on its superior high-strength physical properties compared to rival products.
Carbon fiber is used in CNG (Compressed Natural Gas) fuel tanks or hydrogen fuel tanks in automobiles due to its safety and eco-friendliness. Fuel tanks apply reinforced carbon fiber due to the need to inject gas at high pressure in hundreds of atmospheric pressure. They feature lighter weight, leading to improved driving performance and reduced exhaust compared to conventional metallic tanks. Because of its characteristics of high-strength, highly elastic, and lightweight, the application of carbon fiber is expected to expand to urban aerial mobility (UAM), aerospace, and fuel tanks for ships.
Hyosung Advanced Materials began developing carbon fiber in 2008 and commenced production in its Jeonju Plant in 2013 while launching the carbon fiber brand TANSOME®. The company plans to invest one trillion won in the Jeonju Plant to secure carbon fiber production capacity of 24,000 tons per year by 2028. The plant currently has an annual production capacity of 4,000 tons.
“Carbon fiber is a key material needed to cope with climate change and promote the hydrogen economy. We plan to implement safe, clean new mobility with the carbon fiber material technology,” said Hyosung Advanced Materials CEO Hwang Jeong-mo.