Gas turbine and compressor equipment manufacturing
Strategic Profile
The company brings together two of the industry's strongest providers of engineered solutions for the gas turbine power plant market. As demand for capacity has increased due to factors such as electrification and data center installations, Hanwha Power addresses this need by providing power generation solutions, with expertise in low-carbon power generation using fuels such as hydrogen and ammonia to align with the global trend toward decarbonization.
Cyborg Score Rationale
Hanwha Power operates a diversified portfolio spanning compressors, clean power generation, and hydrogen retrofit systems, with demonstrated commercialization of sCO₂ technology and significant international expansion. The company leverages proprietary technology, global service infrastructure, and strategic partnerships (e.g., Baker Hughes for ammonia-powered turbines), positioning it well for the decarbonization megatrend, though as a private entity it lacks public market validation.
Top Insights
In February 2025, in collaboration with Hanwha Ocean, the company signed an agreement with Baker Hughes to jointly develop the world's first ammonia-powered gas turbine propulsion system, with a goal to complete development of ammonia-powered LNG carriers and container ships by 2028.
Hanwha Power successfully completed a U.S. Department of Energy-commissioned project to develop an sCO₂ power system in 2021, and in 2023 successfully demonstrated hydrogen co-firing and hydrogen fuel-based power generation of up to 60% at its South Korean plant.
In September 2025, Hanwha Power Systems America announced the opening of its first U.S. based Compressor Service & Packaging center in Houston, Texas, with a 27,500 sq. ft. facility serving the oil and gas and industrial sectors.
The company was acquired by Hanwha Impact in 2022, providing access to the broader Hanwha conglomerate's resources and ecosystem.
Named Competitors
GE Power — Global gas turbine, compressor, and power generation equipment manufacturer
Siemens Energy — Turbomachinery and gas turbine solutions for power generation
Baker Hughes — Turbomachinery, compression, and gas turbine retrofit solutions
Mitsubishi Power — Gas turbines, compressors, and power generation systems
Recent Developments
(February 2025) Signed agreement with Baker Hughes to jointly develop ammonia-powered gas turbine propulsion system for LNG carriers and container ships
(September 2025) Opened first U.S. Compressor Service & Packaging Center in Houston, Texas
(Q1 2025) Achieved more than 9,000 cumulative units sold globally
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