What Hanwha does

Hanwha Corporation (주식회사 한화) is the publicly listed (KOSPI: 000880) core operating company of Hanwha Group, South Korea's 10th-largest conglomerate, founded in 1952 as Korea Explosives Co. and renamed in 1993. The firm operates through two principal divisions — a Global Division focused on industrial explosives, chemicals, and trading, and an E&C Division focused on construction and green-infrastructure development under the Forena residential brand — while holding controlling equity stakes in major subsidiaries including Hanwha Aerospace, Hanwha Solutions (Qcells solar), Hanwha Ocean, Hanwha Life Insurance, and Hanwha Hotels & Resorts. Reported FY2025 consolidated revenue was KRW 74.8 trillion (approximately $57B USD), up roughly 34% from FY2024, with a defense order backlog of KRW 39.7 trillion as of 2026.

The company's commercial platform spans defense and aerospace (K9 self-propelled howitzers, Chunmoo multi-rocket launchers, Cheongung-II air defense with a reported 96.7% intercept rate, space launch vehicles, Korea's first domestically-produced small SAR satellite with 15cm-resolution next-gen variant by 2026), shipbuilding through Hanwha Ocean and the acquired Philly Shipyard ($100M acquisition Dec 2024, $5B planned expansion), energy solutions via Qcells solar and Qenergy (offshore wind, storage, hydrogen), specialty chemicals (PO, PVC, TDI, CA), and a life insurance and financial services arm. Go-to-market is heavily enterprise- and government-direct: defense equipment is sold to allied national defense ministries through competitive tenders and technology-transfer partnerships (L&T in India, Indra in Spain, Austal in Australia, Norwegian Industrial Partners), with major recent wins including Norway's $2B Chunmoo contract, Spain's €4.5B K9 program, and a $40.6B Canadian submarine bid. The revenue model combines government hardware sales, multi-year utility power-purchase agreements (e.g., 15-year PPAs with Southern California Edison for 357 MW), recurring life-insurance premiums, and emerging long-term service-style partnerships such as the $800M+ edge AI co-development with Ambarella spanning physical security, robotics, and industrial automation.

Name

Hanwha

Legal name

Hanwha Corporation (주식회사 한화)

Website

https://hanwhacorp.co.kr

Company type

Public

Founded year

1952

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Hanwha Corporation is the listed core of South Korea's Hanwha conglomerate, operating a Global Division (explosives, chemicals, trading), an E&C Division (construction), and equity stakes in Hanwha Aerospace, Qcells solar, Hanwha Ocean, and Hanwha Life — serving allied defense ministries, utilities, and industrial customers globally.

Ownership category

akta.pro rank

Product category

Diversified Industrial Conglomerate

NAICS

Guided Missile and Space Vehicle Manufacturing (336414), Aerospace Product and Parts Manufacturing (3364)

SIC

Chemicals & Allied Products (2800), Wholesale-Industrial Machinery & Equipment (5084)

akta.pro primary industry

Artillery, Mortar & Tank Munitions (IMABAHAH)

akta.pro secondary industries

Surface Combatants (Destroyers, Frigates, Corvettes) (IMAJABAA), Bulk Carrier Shipbuilding (Dry Bulk: Capesize/Panamax/Handysize) (IMAJAAAA)

Keywords

• Defense equipment manufacturing
• Industrial explosives
• Solar energy products
• Construction services
• Naval shipbuilding

Headquarters

HQ city

Seoul

HQ country

South Korea

HQ region

Asia

Offices5 records

Markets served

GTM type

B2B and B2C

Offering type

Hardware or Manufacturing

Cost components

Personnel, Operations, Supply Chain, Infrastructure, Technology or R&D, Marketing or Sales

Revenue model

1. Defense and Aerospace Equipment: Manufacture and sale of defense equipment including rockets, missiles, artillery systems (K9, Chunmoo), aerospace components, and naval systems. Major revenue driver with multi-billion dollar contracts with various governments.
2. Shipbuilding and Maritime: Hanwha Ocean and Hanwha Philly Shipyard engaged in vessel construction, repair, and maintenance for naval and commercial applications. Includes autonomous vessel development.
3. Chemicals and Materials: Global division produces industrial explosives, chemical products, and advanced materials for mining, manufacturing, and industrial applications.
4. Construction and Real Estate: Engineering and construction services including residential development (Forena brand), infrastructure projects, and commercial construction under E&C division.
5. Energy Solutions: Qcells solar division produces photovoltaic cells and modules; LNG supply partnerships; power systems and energy storage solutions.
6. Insurance and Financial Services: Through Hanwha Life Insurance and other financial subsidiaries, providing life insurance and financial products.

Go-to-market motion3 records

Distribution channels4 records

Marketing channels5 records

Core offering

Hanwha Corporation manufactures industrial explosives, chemical products, and trading goods through its Global Division and delivers engineering, procurement, and construction services for large-scale mixed-use developments and energy infrastructure through its E&C Division. Across the broader Hanwha Group, the portfolio extends to defense systems (K9 howitzers, Chunmoo rocket artillery, missiles), aerospace and SAR satellites, solar energy (Qcells photovoltaic cells and modules), naval shipbuilding (Hanwha Ocean, Philly Shipyard), life insurance, hospitality, and semiconductor packaging equipment. The 2025 consolidated revenue was approximately 74.8 trillion KRW.

Product overview

Hanwha Corporation is the parent company of Hanwha Group, operating through two main divisions (Global Division and Construction Division) and several subsidiaries. The Global Division focuses on industrial explosives, chemicals, and trading, while key affiliates include Hanwha Aerospace (space, aviation, defense systems), Hanwha Solutions (Qcells solar energy, chemical products, wire & cable, Qenergy), Hanwha Life Insurance, and Hanwha Hotels & Resorts. Hanwha Aerospace provides comprehensive aerospace and defense solutions including satellites, launch vehicles, aviation engines, land defense systems (K9 howitzers, Chunmoo rocket artillery), naval propulsion systems, and maritime ESS. Qcells is a leading solar energy brand offering cells, modules, complete systems, and EPC services. The Construction Division operates as a Green Infra Developer with the Forena premium housing brand. Hanwha Semitech manufactures semiconductor packaging equipment including thermal compression bonders for AI chip manufacturing.

Differentiator

Problem solved

Functional benefit

Brands

• Hanwha Global Division: Chemical technology-based solutions division providing explosives, chemical products, and trading services globally
• Hanwha E&C Division
• Forena (포레나)
• Hanwha Galleria

Products and services

• Hanwha Global Division - Industrial Explosives and Chemicals Manufactures and globally trades industrial explosives (dynamite, blasting agents), chemical products (PO, PVC, CA, TDI), and provides mining services and plant exports through Hanwha's Global Division.
• Hanwha E&C Construction Services (Forena) Engineering, procurement, and construction (EPC) services for large-scale mixed-use developments and eco-friendly construction, with the Forena premium residential housing brand and complex development projects.
• Hanwha Aerospace Defense Systems Land defense systems including K9 self-propelled howitzers, Chunmoo multi-rocket launchers (up to 500km), missile interceptors (Cheongung-II), aviation engines, MRO services, space launch vehicles, satellite systems, and naval propulsion systems.
• Qcells Solar Energy Products Photovoltaic cells, modules, complete solar system hardware and software, solar project financing, and EPC (engineering, procurement, construction) services for utility-scale solar power projects (Hanwha Solutions Qcells division).
• Hanwha Wire & Cable Materials High-voltage insulation materials, semiconductor materials, and submarine cable materials for power transmission and energy applications (Hanwha Solutions Wire & Cable Division).
• Hanwha Qenergy Renewable Development Development of solar, offshore wind, energy storage systems, green hydrogen, and clean power plant operations (Hanwha Solutions Qenergy Division).
• Hanwha Life Insurance and Financial Products Life insurance, loans, trusts, funds, and retirement pension products for individual and corporate customers (Hanwha Life Insurance subsidiary).
• Hanwha Hotels & Resorts Hospitality Services Resort, hotel, leisure operations, real estate services, aquarium (Aqua Planet), food & beverage, and equestrian businesses (Hanwha Hotels & Resorts subsidiary).
• Hanwha Semitech Thermal Compression (TC) Bonders Thermal compression bonders (TC Bonders) for semiconductor packaging, including SFM5 Expert and SHB2 Nano models designed for high-bandwidth memory (HBM) manufacturing.
• Hanwha Ocean and Hanwha Philly Shipyard Naval and Commercial Shipbuilding Vessel construction, repair, and maintenance for naval and commercial applications through Hanwha Ocean (Korea) and Hanwha Philly Shipyard (United States); includes autonomous vessel development.
• Hanwha SAR Satellite Systems Synthetic aperture radar (SAR) small satellites with AI-enabled near real-time high-resolution imagery for surveillance and reconnaissance, sold as integrated satellite systems through Hanwha Aerospace/Systems.
• Chunmoo Multi-Rocket Launcher System Long-range precision artillery rocket system with missiles up to 500km range; selected by Norway in a $2 billion, 16-launch-system contract covering missiles up to 500km.

Quantifiable outcome

• Norway selected Hanwha's Chunmoo system in $2B deal - only bidder meeting all performance, delivery time, and cost requirements
• +2 more outcomes

Named customers6 records

Segments1 record

Ideal customer profiles6 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

21 partnerships are on record, tiered core and minor.

• Thales-ArianeGroup ConsortiumcoreStrategic or Co-development Partner · 18 June 2026Strategic partnership announced immediately after losing the French deep-fire tender to jointly export combined systems, with Thales' launcher integrating three of Hanwha's missile variants. Positions the partnership to compete for future European defense programs.
• Morrison's ChrysalisminorStrategic or Co-development Partner · 17 June 2026Atlas V and Atlas VI solar projects acquisition (357 MW total) in Arizona. Partnership targeting over 3.5 GW of solar and battery storage projects across North America. Chrysalis acquiring construction-ready or operational projects from Hanwha.
• QcellscoreChannel Partner/ Reseller/ Distributor · 4 June 2026Hanwha Renewables and subsidiary Qcells submitted preliminary application for Muddy Creek Energy Park - 150 MW solar farm with battery storage in Linn County, Oregon under agrivoltaics model.
• AmbarellacoreStrategic or Co-development Partner · 28 May 2026Long-term partnership valued at over $800 million spanning more than ten years for co-development and deployment of edge AI systems-on-chip and software across Hanwha's product lines including video security, robotics, industrial automation, and life sciences. Integrates Ambarella's edge AI processing with Hanwha Vision's image processing, analytics, and cybersecurity capabilities.
• Defense Metals Corp.minorStrategic or Co-development Partner · 27 May 2026Non-binding MOU to explore strategic collaboration involving future rare earth element supply and potential investment. Framework for evaluating potential long-term offtake agreement for rare earth materials from Wicheeda Project in British Columbia, Canada to support Hanwha's defense and maritime manufacturing requirements.
• Larsen & Toubro (India)coreStrategic or Co-development Partner · 20 May 2026Agreements to co-develop directed energy weapons (laser weapons) and self-propelled air defence platforms. Combines Korea's technological capabilities with India's manufacturing scale to create advanced defence systems for domestic use and potential joint exports.
• Government of Alberta, CanadacoreStrategic or Co-development Partner · 22 April 2026Comprehensive MOU for cross-sector cooperation in energy, defense, and shipbuilding. Covers mid-to-long-term investments in natural gas, hydrogen, ammonia, carbon capture, and defense supply chains, aligned with Canada's Defence Industrial Strategy. Central to Hanwha's $40.7 billion submarine bid.
• Automotive Parts Manufacturers' Association (Canada)coreStrategic or Co-development Partner · 22 April 2026Joint venture for designing and producing military vehicles for Canada and allied nations. Part of submarine bid industrial benefit commitments.
• MARTAC (USA)coreStrategic or Co-development Partner · 22 April 2026Collaboration to build a 38-meter medium unmanned surface vessel (MUSV) in the United States targeting US Navy's next-generation unmanned maritime programs including a MUSV program with $2.1 billion in government funding.
• Magnet DefenseminorStrategic or Co-development Partner · 21 April 2026Hanwha integrated advanced missile and robotics systems onto Magnet Defense's proven M48 USV platform that completed 32,000 nautical miles of real-world validation.
• Prime Group HoldingsminorStrategic or Co-development Partner · 21 April 2026Partnership for nationwide edge data centers and battery energy storage systems leveraging Microsoft Azure and Qcells technology. Deploys 'Micro AI Factory' network supporting real-time AI inference workloads with low latency.
• Romanian Ministry of DefencecoreChannel Partner/ Reseller/ Distributor · 17 April 2026K9 self-propelled howitzers and K10 ammunition resupply vehicles under June 2024 defense cooperation agreement. Hanwha established Romanian subsidiary and breaking ground on local production facilities scheduled to begin in early 2026. Shift from external supplier to embedded industrial partner.
• RINA (Italy)minorStrategic or Co-development Partner · 8 April 2026MoU to advance battery-hybrid propulsion systems in the shipping industry targeting the ferry segment. Hanwha Power acts as lead integrator overseeing ship design and system interface development, while RINA handles statutory certification and ferry market analysis.
• Indra (Spain)coreStrategic or Co-development Partner · 23 March 20264.5 billion euro agreement for Indra to manufacture K9 self-propelled howitzers for the Spanish Army based on Hanwha's K9 platform with 100% national design and manufacturing. Includes complete technology transfer. Hull production at El Tallerón plant in Gijón with new integration facility by 2027. 500 direct and 1,500+ indirect jobs.
• Korea Aerospace IndustriesminorStrategic or Co-development Partner · 19 March 2026Hanwha acquired 4.99% stake (4.86 million shares) in KAI through Hanwha Aerospace and Hanwha Systems. First investment in KAI since selling 5.99% stake in 2018. Builds on MOU to expand cooperation in launch vehicles, satellites, data analytics, and KF-21 fighter jet program.
• Venture Global Inc.minorStrategic or Co-development Partner · 14 March 202620-year LNG supply agreement for 1.5 million tonnes per annum starting in 2030. Part of US-Asia Pacific energy security framework.
• Seadrill and Kongsberg MaritimeminorStrategic or Co-development Partner · 4 March 2026Alliance to develop next-generation remote dynamic positioning technology for offshore drilling operations. Combines Kongsberg Maritime's automation and communications with Hanwha Drilling's operational expertise.
• Austal LimitedcoreStrategic or Co-development Partner · 23 February 2026Hanwha-backed Austal won A$4 billion ($2.8 billion) contract to build 8 Landing Craft Heavy vessels for Australian Defence Force. Construction at Henderson, Western Australia from 2026 with final delivery 2038. Lifts Austal's order book to record A$17.7 billion. Hanwha's 19.9% stake in Austal approved by Australia.
• Trusted Tech AllianceminorStrategic or Co-development Partner · 13 February 2026Founding member of coalition including Anthropic, AWS, Google Cloud, Microsoft, Nokia, Ericsson, SAP, and others. Alliance at Munich Security Conference covering connectivity, cloud infrastructure, semiconductors, software, and AI based on five shared principles.
• Norwegian Industrial PartnerscoreStrategic or Co-development Partner · 29 January 2026As part of Norway's $2 billion Chunmoo rocket artillery purchase, Hanwha offered industrial cooperation agreements with Norwegian companies worth 120% of the contract value. Plans to supply European customers with missiles manufactured in Poland.
• HavocAIcoreStrategic or Co-development Partner · 21 January 2026MoU to jointly develop and mass-produce 200-foot autonomous surface vessels for US Navy's 'Modular Attack Surface Craft' program. Leverages Hanwha's shipbuilding infrastructure including Hanwha Philly Shipyard with HavocAI's collaborative autonomy software. Plans to produce thousands of autonomous vessels.

Scale indicators12 records

Recent moves9 records

Expansion highlights6 records

Broad incumbents

• Lockheed Martin: World's largest defense prime with broad portfolio across missiles, aerospace, and naval systems. Comparable to Hanwha as a multi-domain defense integrator competing for similar allied-nation procurements (e.g., co-invested alongside Hanwha in Vatn Systems).
• RTX Corporation (Raytheon): Major US defense prime with leading positions in missile systems (Patriot, Tomahawk) and air defense. Direct comparable to Hanwha's Chunmoo rocket artillery and Cheongung-II air defense offerings in global allied competitions.
• General Dynamics: US defense prime with overlapping combat vehicles (Abrams tanks), naval shipbuilding (NASSCO, Electric Boat submarines), and munitions offerings—highly comparable across Hanwha's land and naval defense portfolio.
• Northrop Grumman: US defense prime with comparable missile defense, satellite, and autonomous systems capabilities. Relevant peer for Hanwha Aerospace's SAR satellite and air defense/missile portfolio.
• Mitsubishi Heavy Industries: Japanese industrial conglomerate with comparable defense (Type 10 tank, PAC-3 missiles), aerospace, shipbuilding, and energy systems portfolios. Regional peer in Asian defense and maritime markets.

Direct peers

• BAE Systems: UK-headquartered defense prime with comparable artillery (Archers, AS90 replacement), combat vehicles, and naval offerings. Frequently competes against Hanwha K9 howitzers in European tenders (e.g., UK, Scandinavia).
• Korea Aerospace Industries (KAI): South Korean aerospace prime competing in similar domestic and export defense markets (KF-21 fighter, aircraft, satellites). Hanwha holds a 4.99% stake, making KAI both a partner and direct competitor in Korean defense.
• Thales Group: European defense prime with overlapping missile systems, air defense, and naval offerings. Recent Hanwha-Thales-ArianeGroup partnership makes Thales both a competitor (e.g., French deep-fire tender) and partner in missile exports.
• HD Hyundai Heavy Industries (HD Korea Shipbuilding): Korean shipbuilding peer with comparable naval vessel and submarine construction capabilities. Direct competitor in domestic Korean naval shipbuilding as well as international commercial and defense shipbuilding markets.

Others

• Hanwha Ocean: Direct subsidiary of Hanwha Group focused on naval and commercial shipbuilding. Listed as a peer reference given its scale as a public Korean shipbuilder competing in the same naval and commercial vessel markets as other global shipbuilders.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Facebookfacebook.com/HanwhaCorp
• LinkedInlinkedin.com/company/hanwha-corporation

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries10 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments30 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Hanwha