Hanwha Group has been honored with a place on TIME magazine’s prestigious ‘TIME100 Most Influential Companies‘ list. The announcement, made on May 31, is Hanwha’s debut on this renowned roster and its distinction as the sole Korean enterprise included in this year’s selection.
This recognition, part of TIME’s fourth annual compilation, shines a spotlight on 100 companies globally, acknowledging their exceptional contributions across various sectors. TIME specifically commended Hanwha for its global defense industry and renewable energy domain.
TIME magazine’s meticulous selection process for the top 100 companies involves a thorough evaluation based on submissions from the companies themselves, insights from contributors and correspondents, and external experts’ perspectives, guided by key criteria set by the magazine’s editorial team.
Hanwha Group’s recognition is attributed to its achievements in the defense sector and advancements in renewable energy technologies, including solar, wind, and clean hydrogen.
As one of South Korea’s leading conglomerates, Hanwha Group has been actively pursuing the establishment of a sustainable global supply chain through its tech strength. The group’s market value is anticipated to surpass $78 billion in 2023, fueled by its successful defense ventures and renewable energy endeavors.
TIME emphasized Hanwha’s leadership in eco-friendly technology development and its endeavors to support a sustainable supply chain on a global scale. In this, TIME specifically spotlighted the company’s plans to introduce the world’s foremost large-scale, carbon-emission-free liquefied natural gas carrier.
TIME noted that the initiative has the potential to transform supply chains, given that 90% of global goods are transported by sea. As a holistic provider of energy solutions spanning energy generation, storage, and transportation, Hanwha drives the energy transition with its diverse array of solutions and innovations.
Hanwha recently invested $2.5 billion to establish the inaugural end-to-end solar supply chain in the United States. It aims to amplify the company’s annual manufacturing capacity for solar modules and their essential components, thereby growing clean energy space.
TIME’s selection process involved soliciting nominations across various sectors and surveying its extensive global network of contributors, correspondents, and external experts. The final roster of 100 influential companies has diverse businesses making achievements in their respective fields, with key factors such as impact, innovation, ambition, and success meticulously evaluated by TIME editors.
The group’s recent acquisition of Hanwha Ocean has supported the development and certification of eco-friendly marine technologies, further supporting its environmental sustainability and innovation mission.
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