What Hanwha Power Systems does

Hanwha Power Systems, operating as 'Hanwha Power' following the March 2026 brand integration with PSM (Power Systems Mfg., LLC), is a South Korean energy equipment company founded in 1977 and headquartered in Changwon with corporate offices in Seoul. The company designs, manufactures, and services gas turbine power plant systems, fuel gas compressors (including Variable Frequency Drive variants), and waste heat recovery systems using supercritical carbon dioxide technology. Following the PSM merger, Hanwha Power positions itself as a comprehensive energy infrastructure provider offering integrated lifecycle solutions—spanning design, deployment, operation, and maintenance—rather than discrete equipment supply, with explicit targeting of data center and electrification demand growth vectors.

The company's revenue model combines project-based hardware sales (such as the $1.2 billion Trumbull Energy Center 950MW CCGT plant supplying PJM Interconnection) with recurring service revenue through Long-Term Service Agreements (including a 9-year LTSA for the Trumbull facility). Go-to-market is primarily direct enterprise field sales supported by a growing network of regional service centers—Houston (opened September 2025, third globally), an under-development facility at King Salman Energy Park in Saudi Arabia (operations mid-2027), and existing Asian operations. Primary customer segments include power generation operators, midstream energy companies (Pembina Pipeline partnership), the maritime/shipping industry (battery-hybrid propulsion via RINA partnership), and LNG value chain operators, with secondary exposure to defense-related industrial cooperation through Hanwha Group's broader portfolio.

As a wholly-owned subsidiary of Hanwha Impact within the Hanwha Group conglomerate, Hanwha Power operates without external equity funding and benefits from cross-sector integration with Hanwha Aerospace, Hanwha Engine, and Hanwha Ocean. The technology roadmap emphasizes low-carbon solutions—ammonia gas turbines targeting 100% combustion by 2028 (with Baker Hughes), variable compression ratio systems reducing methane slip by up to 50%, and zero-water waste heat recovery—positioning the company for energy transition demand across power generation, midstream infrastructure, and maritime decarbonization segments.

Name

Hanwha Power Systems

Legal name

Hanwha Power Co., Ltd.

Website

https://hanwhapowersystems.com

Company type

Private

Founded year

1977

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Hanwha Power Systems (now Hanwha Power) is a South Korean energy equipment company designing gas turbines, compressors, and waste heat recovery systems for power generation, midstream energy, and maritime decarbonization customers across global markets.

Ownership category

akta.pro rank

Product category

Power Generation Equipment

NAICS

Air and Gas Compressor Manufacturing (333912), Turbine and Turbine Generator Set Units Manufacturing (333611), Pump and Compressor Manufacturing (33391), Power Boiler and Heat Exchanger Manufacturing (33241)

SIC

Oil & Gas Field Machinery & Equipment (3533), Engines & Turbines (3510), Pumps & Pumping Equipment (3561), Steam & Air-Conditioning Supply (4961)

akta.pro primary industry

Process Gas & High-Pressure Compressors (IMAHANAF)

akta.pro secondary industries

Industrial Boilers, HRSGs & Steam Generators (IMAHAFAF), Shipboard Propulsion, Power Generation & Energy Storage (IMABAKAF), Natural Gas Compressor Station Operations & Services (TLAGACAD), Specialty Power Systems MRO (Generators, Compressors, Pumps, Welders) (TLAKAHAJ)

Keywords

• Gas turbine systems
• Fuel gas compressors
• Waste heat recovery
• Maritime propulsion systems
• Power generation equipment

Headquarters

HQ city

Changwon

HQ country

South Korea

HQ region

Asia

Offices3 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

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

Revenue model

1. Power Generation Equipment Supply: Supply of major equipment including fuel gas compressors, gas turbines, and related systems to power plant developers and operators. Revenue recognized through project-based equipment sales for power generation facilities.
2. Long-Term Service Agreements (LTSA): Recurring revenue through extended service contracts such as the 9-year LTSA secured with Trumbull Energy Center, providing maintenance, assembly, and aftermarket support through regional service centers.
3. Integrated Lifecycle Solutions: Post-merger strategy moving beyond equipment-focused business to offer integrated solutions across the entire power generation lifecycle, including design, deployment, operation, and maintenance services.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels2 records

Core offering

Hanwha Power Systems manufactures and supplies industrial equipment for power generation and energy infrastructure, including fuel gas compressors with Variable Frequency Drive technology, gas turbines (via subsidiary PSM), waste heat recovery systems using supercritical CO2, ammonia gas turbines, and battery-hybrid propulsion systems for maritime vessels. The company also operates a global network of compressor service centers providing long-term maintenance and aftermarket support through Long-Term Service Agreements.

Product overview

Hanwha Power (formerly Hanwha Power Systems) operates as a comprehensive energy infrastructure provider following the March 2026 brand unification of Hanwha Power Systems and PSM (Power Systems Mfg., LLC). The combined entity offers an integrated portfolio spanning compressors (Fuel Gas Compressors with Variable Frequency Drive technology), gas turbines (via PSM), and advanced low-carbon technologies including waste heat recovery systems using supercritical CO2, ammonia gas turbines, and battery-hybrid propulsion for maritime applications. The company serves power plants, LNG infrastructure, data centers, and the maritime sector with equipment supply, service centers, and long-term service agreements.

Differentiator

Problem solved

Functional benefit

Products and services

• Fuel Gas Compressors Industrial fuel gas compressors featuring Variable Frequency Drive (VFD) technology for combined cycle gas turbine (CCGT) power plant applications, designed to optimize compressor performance for power generation operators.
• Gas Turbines Gas turbine power generation systems offered through subsidiary PSM (Power Systems Mfg., LLC), including dual-fuel engine technology and ammonia combustion capability targeting 2028 completion.
• Waste Heat Recovery (WHR) Systems Power generation systems using supercritical carbon dioxide (sCO2) technology to capture excess thermal energy from industrial operations and convert it to electricity without additional fuel consumption or water usage.
• Ammonia Gas Turbines Gas turbines engineered for 100% ammonia combustion, developed in collaboration with Baker Hughes to enable carbon-free ship operations and decarbonize maritime power generation.
• Variable Compression Ratio Systems Compression systems with variable compression ratio designed to reduce methane slip by up to 50%, applied to LNG carrier and gas turbine solutions.
• Battery-Hybrid Propulsion Systems Advanced hybrid propulsion systems for maritime vessels combining Hanwha Aerospace marine Energy Storage System with Hanwha Engine medium-speed propulsion technology, with Hanwha Power Systems serving as lead integrator for newbuilds and retrofit projects.
• LNG Solutions Integrated LNG infrastructure solutions spanning offshore production (FLNG with 1.2 million tons annual capacity), transportation (LNG carriers with variable compression ratio), storage, and supply, including dual-fuel engine technology.
• Turbo Expander Generators Power generation equipment for low-carbon energy applications including waste heat recovery and carbon capture utilization and storage (CCUS) systems.
• Dual-Fuel Engine Technology

Quantifiable outcome

• 950MW power generation capacity deployed in U.S. market through Trumbull Energy Center
• +3 more outcomes

Named customers3 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Twelve partnerships are on record, tiered core and secondary.

• University of AlbertacoreStrategic or Co-development Partner · 22 May 2026MoU signed May 22, 2026 for joint R&D in low-carbon energy technologies, including waste heat recovery systems, Turbo Expander Generators, and Carbon Capture, Utilization, and Storage. The partnership is part of the Industrial and Technological Benefits program linked to Hanwha Ocean's Canadian Patrol Submarine Project. The collaboration aims to advance Hanwha Power's 'energy recycling' technologies and evaluate their feasibility in the North American market.
• Pembina Pipeline CorporationcoreStrategic or Co-development Partner · 20 May 2026Non-binding MoU signed May 20, 2026 to jointly evaluate and deploy advanced waste heat recovery systems using supercritical carbon dioxide technology at Pembina's compressor stations and natural gas infrastructure across North America. The technology captures excess thermal energy from operations and converts it to electricity without additional fuel consumption, eliminating water usage requirements while reducing greenhouse gas emissions. The collaboration establishes a framework for identifying pilot projects and conducting feasibility studies as part of broader efforts to decarbonize North America's midstream energy sector. This ITB-linked collaboration is tied to Hanwha Ocean's Canadian Patrol Submarine Program.
• Malaysia Marine and Heavy Engineering Holdings Berhad (MHB)secondaryStrategic or Co-development Partner · 1 April 2026Strategic partnership with Malaysia Marine and Heavy Engineering Holdings Berhad (MHB) to pursue shipbuilding and green energy-related maritime projects. The collaboration aims to develop newbuilding, conversion, and retrofit projects focused on net-zero initiatives, with MMHE acting as Hanwha's shipyard partner.
• Government of Alberta, CanadacoreStrategic or Co-development Partner · 1 April 2026Comprehensive MOU signed with Alberta provincial government in April 2026 formalizing strategic partnership covering energy infrastructure and defense-related industrial cooperation. Agreement involves key affiliates including Hanwha Ocean, Hanwha Aerospace, and Hanwha Power, with collaboration areas spanning LNG, hydrogen, carbon capture, and ammonia-based energy. The partnership is central to Hanwha's $40.7 billion bid for Canada's next-generation submarine project.
• PSM (Power Systems Mfg., LLC)coreStrategic or Co-development Partner · 24 March 2026Integration of Hanwha Impact's subsidiaries Hanwha Power Systems and PSM into unified Hanwha Power brand, effective March 24, 2026. The merger creates a comprehensive energy infrastructure provider for the gas turbine power plant market, moving beyond individual equipment-focused structures to offer integrated lifecycle solutions.
• ONEX Shipyards & TechnologiescoreStrategic or Co-development Partner · 25 February 2026Trilateral cooperation agreement signed February 25, 2026 at U.S. Department of Transportation between Greek shipbuilder ONEX Shipyards & Technologies and South Korean Hanwha Power Systems, with participation from Greek and U.S. officials. The deal establishes industrial cooperation for LNG vessel construction and energy infrastructure development with provisions for future shipbuilding in Elefsis, Greece, as part of the Vertical Energy Corridor strategy aimed at reducing European dependence on Russian energy. Includes $125 million financing package from U.S. International Development Finance Corporation.
• RINAcoreStrategic or Co-development Partner · 13 January 2026MoU signed January 13, 2026 to promote advanced battery-hybrid propulsion systems in the maritime sector, particularly for Ro-Ro ferries. The partnership leverages Hanwha's hardware and systems expertise—including energy storage from Hanwha Aerospace and propulsion engines from Hanwha Engine—combined with RINA's regulatory certification and market analysis capabilities to deliver hybrid solutions for both newbuilds and retrofit projects. Hanwha Power Systems serves as the lead integrator overseeing overall vessel design and system integration.
• King Salman Energy Park (SPARK)secondaryStrategic or Co-development Partner · 1 November 2025Land lease agreement signed with King Salman Energy Park (SPARK) to build a compressor packaging and service center in Saudi Arabia. The facility is scheduled to start operations in mid-2027 and aims to enhance market competitiveness and support local industry development in the Middle East.
• Baker HughescoreStrategic or Co-development Partner · 1 February 2025Collaboration agreement with Baker Hughes to develop ammonia gas turbines aimed at achieving carbon-free ship operations. The project involves creating turbines capable of 100% ammonia combustion, with target completion by 2028.
• Korea Southern Power Co. (KOSPO)coreStrategic or Co-development PartnerProject development partner for Trumbull Energy Center 950MW combined-cycle gas turbine power plant. KOSPO participated in the development and financing of the $1.2 billion project, which replaces an aging coal-fired facility.
• Gemma Power SystemssecondaryStrategic or Co-development PartnerKey project partner for Trumbull Energy Center CCGT power plant development in Trumbull County, Ohio.
• Siemens EnergysecondaryTechnology or IntegrationKey project partner for Trumbull Energy Center, providing turbine technology for the 950MW combined cycle gas turbine power plant.

Scale indicators7 records

Recent moves12 records

Expansion highlights6 records

Broad incumbents

• Siemens Energy: Global leader in gas turbines and combined-cycle power plants. Both companies supplied technology to the Trumbull Energy Center (Siemens turbines, Hanwha compressors), making Siemens the most direct incumbent peer in the CCGT market Hanwha is targeting.
• GE Vernova: Major gas turbine OEM serving power generation operators worldwide. Competes with Hanwha Power for CCGT and utility-scale power plant projects and represents the type of full-scope incumbent Hanwha Power aims to challenge post-PSM merger.
• Mitsubishi Power: Established gas turbine manufacturer supplying combined-cycle plants globally, including hydrogen and ammonia-ready turbines. Directly comparable technology profile and overlapping customer base with Hanwha Power's PSM-derived gas turbine business.
• Atlas Copco: Global compressor manufacturer with significant presence in oil & gas, pipeline, and industrial gas compression. Competes with Hanwha Power's fuel gas compressor business and serves similar midstream and power generation customers.
• Ingersoll Rand: Industrial compressor and flow control company serving power generation, oil & gas, and pipeline customers with both equipment and service offerings. Comparable aftermarket and compressor business model to Hanwha Power's growing service network.

Direct peers

• MAN Energy Solutions: Supplies turbochargers, large-bore engines, and turbomachinery for power generation, oil & gas, and marine applications. Highly comparable to Hanwha Power across compressor technology, marine propulsion, and decarbonization (ammonia/hydrogen) initiatives.
• Solar Turbines (Caterpillar): Manufactures industrial gas turbines and gas turbine compressor packages for power generation, oil & gas, and pipeline applications. Overlaps directly with Hanwha Power's fuel gas compressor and gas turbine power plant business.
• Baker Hughes: Partner and competitor with gas turbine technology, compression, and energy services portfolios. Currently collaborates with Hanwha Power on ammonia gas turbines but also serves overlapping power generation and LNG customers as a direct peer.
• Elliott Group: Designs and manufactures turbomachinery including compressors and steam turbines for petrochemical, refining, and power generation. Direct comparable in process gas compression and steam turbine equipment for industrial applications.
• Howden: Supplies compressors, fans, and heat exchangers across power, mining, and oil & gas. Comparable in industrial compression technology and aftermarket service model relevant to Hanwha Power's LTSA-driven business.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries1 record

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about Hanwha Power Systems