Hanwha Corporation

• Collaborative R&D on next-gen technologies including waste heat recovery power generation and CCUS, driving local implementation
• Part of the Industrial and Technological Benefits (ITB) program linked to Hanwha Ocean's Canadian Patrol Submarine Project (CPSP)
• Strategic expansion of local partnerships following recent agreement with energy infrastructure leader, Pembina

CALGARY, AB and SEOUL, South Korea, May 25, 2026 /PRNewswire/ -- Hanwha Power (CEO Rafi Balta) announced that it signed a Memorandum of Understanding (MOU) for joint R&D in low-carbon energy with the University of Alberta on May 22 (local time).

The agreement focuses on the joint development of next-generation low-carbon power technologies, including waste heat recovery systems, Turbo Expander Generators (TEG), and Carbon Capture, Utilization, and Storage (CCUS). This partnership is spearheaded as part of the Industrial and Technological Benefits (ITB) program associated with Hanwha Ocean's Canadian Patrol Submarine Project (CPSP).

Hanwha Power is a global energy solutions company with deep-rooted expertise in high-performance gas turbines and compressors. The company delivers integrated energy infrastructure solutions spanning the full value chain of the power industry — from equipment manufacturing to operations and services — while actively driving the energy transition.

The University of Alberta boasts world-class technical expertise and a long history of energy innovation. As energy is a core research area, the university has fostered the workforce and capabilities required to respond to the rapidly changing global energy environment, spanning a wide range of fields from hydrocarbons to renewable energy technologies.

By leveraging the university's advanced capabilities, Hanwha Power plans to advance its proprietary "energy recycling" technologies—such as waste heat recovery power generation systems that convert gas turbine waste heat into electricity and TEGs that transform pressure energy into power—and evaluate their feasibility in the North American market. 

Beyond R&D, both parties will conduct industry-specific feasibility studies, business structure analyses, and economic assessments to pave the way for full-scale commercialization, supported by the University of Alberta's highly skilled talent pipeline that is essential for long-term growth.

Hanwha Power's Michael Sicker, Head of Hanwha Power Houston, said, "We are pleased to partner with the University of Alberta, a hub for the energy industry. We hope this collaboration empowers students to grow into future energy experts. For Hanwha Power, this is a significant opportunity to validate and refine our technical capabilities within Canada."

David Bressler, vice-president, International, Innovation and Enterprise, University of Alberta, said, "This MOU channels our joint expertise into collaborative research and development of low-carbon, sustainable energy infrastructure and provides U of A students a vital opportunity to apply foundational research in real-world industrial ecosystems."

Meanwhile, Hanwha Power continues to accelerate the establishment of the Hanwha Group's low-carbon energy ecosystem in Canada. This follows another MOU signed on May 20 with Pembina Pipeline Corporation, a leading Canadian energy infrastructure firm, to collaborate on low-carbon power generation projects.

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SOURCE Hanwha Power

The combined company will accelerate its expansion into global energy markets, including power plants and data centers.

SEOUL, South Korea, March 24, 2026 /PRNewswire/ -- Hanwha Impact's subsidiaries, Hanwha Power Systems and PSM (Power Systems Mfg., LLC), a U.S.-based gas turbine service company, announced that they will integrate their brands and change the company name to 'Hanwha Power'. The unified brand will seek to proactively address the rapidly evolving demands of the global power generation market.

The creation of Hanwha Power brings together two of the industry's strongest providers of engineered solutions for the gas turbine power plant market. Through this integration, the company will position itself as a comprehensive energy infrastructure provider, covering main equipment, auxiliary systems, and services. This integration serves as a turning point, propelling the companies beyond their individual, equipment-focused business structures and evolving them into solution providers with integrated response capabilities.

The company envisions enabling customers to use a single partner to optimize across the entire lifecycle and to quickly respond to a changing energy environment, where a stable power supply has become a critical challenge. As demand for capacity has increased sharply due to factors such as electrification and data center installations, Hanwha Power is addressing the growing need by providing power generation solutions. Hanwha Power will support the role of high-efficiency gas turbines and precision fuel supply systems in today's energy mix.

Additionally, building on their existing LNG gas turbine capabilities, they will consolidate expertise in low-carbon power generation, using fuels such as hydrogen and ammonia, to align with the global trend toward decarbonization. Leveraging their unique combustor technology, they aim to lead the development of a sustainable energy ecosystem by providing solutions to retrofit installed gas turbines into eco-friendly facilities that complement renewable energy sources.

Hanwha Power's CEO Rafi Balta stated, "At a time when the importance of energy equipment has reached its peak, 'Hanwha Power' will consolidate global capabilities based on rotating machinery technology to strengthen the entire power industry value chain," adding, "We will enhance local responsiveness and service quality to improve the reliability and efficiency of power plants, and leap forward as a global energy solution company leading the decarbonization era."

Hanwha Power plans to organically integrate and operate its global bases in North America, Europe, the Middle East, and Asia, aiming to optimize operations across technology development, engineering, sales, and services.

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SOURCE Hanwha Power