Hyundai Heavy Industries starts anew as HD Hyundai to go digital and green

The group held a ceremony on Monday to announce the new name and CI and declare its new vision for three business sectors at Global R&D Center (GRC) in Pangyo, Gyeonggi Province. [Source : HD Hyundai]

Hyundai Heavy Industries Holdings Co., the owner of the world’s No. 1 shipbuilder, vows to open a new chapter as a sustainable technology and energy company under its new brand of HD Hyundai and the owner family’s third-generation leadership after 50 years in the shipbuilding business as the global leader.

The group held a ceremony on Monday to announce the new name and CI and declare its new vision for three business sectors at Global R&D Center (GRC) in Pangyo, Gyeonggi Province.

With regards to the group’s three mission statements for individual sectors, HD Hyundai said it will make safer and more environmentally friendly ships through electrification, unmanned and eco-friendly fuel technologies, vowing to lead marine mobility technology with advanced digital solutions that combine artificial intelligence (AI) with data collected from maritime infrastructure.

The group’s energy sector promised to implement a sustainable future energy ecosystem and its industrial machinery sector will seek to provide industrial solutions transcending spatial and temporal limits.

The group will also develop high-efficiency, eco-friendly composite materials for industrial purposes by utilizing renewable resources and accelerate its shift to sustainable energy through hydrogen and biofuel-focused clean energy business, HD Hyundai President Chung Ki-sun gave a presentation to employees during the event.

HD Hyundai reaffirmed that it will invest 21 trillion won ($16.57 billion) in eco-friendly and digital solutions by 2026 to stay at the forefront of the industry.

Market watchers suspect the group’s management succession to the third generation of its own family will pick up speed following the declaration of the three visions that have been led by President Chung.

Chung still owns only 5.26 percent of HD Hyundai, the group’s holding company. To ensure stable management succession, he must take over a 26.6 percent stake in the company owned by his father Chung Mong-joon, Chairman of the Asan Foundation.

HD Hyundai may push for an IPO of Hyundai Oilbank again to raise necessary funds for Chung’s tighter grip on the leadership. Hyundai Oilbank is the largest shareholder of HD Hyundai with a 73.8 percent stake.