The two companies will focus on exploring new opportunities, developing crucial materials used in different types of cables, bolstering their cooperation in the eco-friendly energy sector, and fostering tight-knit business and information exchanges.
Jul 11, 2024
Taihan and Hanwha Solutions have entered into an MoU for the joint advancement of the “Global TOP Project.” The purpose of this MoU is to form a strategic partnership geared towards future growth engines.
In a bid to emerge as the top tier of global businesses, the partners have committed to working together on product development, commercialization, acquiring certifications, and expanding their market reach. To this end, both parties are determined to provide full support through their respective core capabilities and technological expertise.
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Together, they will focus on the development and certification of crucial materials, including cross-linked polyethylene (XLPE) insulation used in high-voltage direct current (HVDC) and submarine cables, as well as extra-high-voltage (EHV) cables. The goal is to localize the production of materials and achieve technological independence, thereby enhancing the competitive advantage of Taihan’s cable products.
In addition, the companies are set to bolster their cooperation in the eco-friendly energy sector. Through strategic alliances in the offshore wind power and solar energy sectors, they plan to foster tight-knit business and information exchanges while exploring new opportunities.
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Song Jong-min, Vice Chairman of Taihan, expressed confidence in the company’s future prospects, stating, “By forging a strategic partnership with Hanwha Solutions, a leader in the global energy and petrochemical sectors, we anticipate significant improvements in our competitive edge across all business domains. In response to the rapidly evolving global market, we aim to elevate national competitiveness and enhance corporate value by leveraging the exceptional technological strengths of both companies, expanding our collaborative efforts to encompass the entire group.”
