Hanwha Power
Hanwha Power is a gas turbine power plant infrastructure provider formed from the merger of Hanwha Power Systems and PSM, offering fuel gas compressors with VFD technology, waste heat recovery systems, CCUS, and nine-year long-term service agreements to power generation and industrial customers in North America and South Korea.
- Company typePrivate
- Founded2026
- HeadquartersJupiter, United States
- Headcount1,001–5,000
- GTM typeB2B
- OfferingHardware or Manufacturing
What Hanwha Power does
Hanwha Power is a gas turbine power plant infrastructure provider formed in April 2026 through the consolidation of Hanwha Power Systems and PSM under a unified brand within Hanwha Group, the South Korean conglomerate. The company supplies capital equipment, integration, and lifecycle services for combined cycle gas turbine (CCGT) power plants, with core products including Fuel Gas Compressors with Variable Frequency Drive (VFD) technology, Waste Heat Recovery Systems using supercritical CO2 as a working fluid, Turbo Expander Generators, and Carbon Capture, Utilization, and Storage (CCUS) technologies. Its offerings also extend to low-carbon power generation capabilities in hydrogen and ammonia fuels, positioning the company for the energy transition.
The company's business model combines one-time capital equipment sales (such as the three VFD compressor units supplied to the 950 MW Trumbull Energy Center in Ohio, the first such U.S. deployment) with a nine-year subscription-based Long-Term Service Agreement (LTSA) covering maintenance and major overhaul cycles. Revenue mechanics thus blend project-based equipment contracts with recurring aftermarket service revenue, anchored by a Houston service center for North American aftermarket operations. The go-to-market is enterprise field sales targeting large power plant developers, EPC contractors, and major energy companies, exemplified by the Trumbull project partnerships with Korea Southern Power Co. (KOSPO), Gemma Power Systems, and Siemens Energy.
Hanwha Power is executing an aggressive North American expansion. Following the June 2026 commissioning of the Trumbull Energy Center, the company has signed MOUs with Pembina Pipeline Corporation to evaluate waste heat recovery at pipeline compressor stations and with the University of Alberta for joint R&D in low-carbon energy technologies. Operating geographies span South Korea (Seoul headquarters of parent Hanwha Group), the United States (Houston service center, Trumbull County operations), and Canada, with explicit segment focus on power generation, data center power demand, and midstream energy infrastructure.
Hanwha Power firmographics
Firmographics- Name
- Hanwha Power
- Legal name
- Hanwha Power
- Website
- https://hanwha.com
- Company type
- Private
- Founded year
- 2026
- Operating status
- Operating
- Headcount range
- 1,001–5,000 employees
- Short description
- Hanwha Power is a gas turbine power plant infrastructure provider formed from the merger of Hanwha Power Systems and PSM, offering fuel gas compressors with VFD technology, waste heat recovery systems, CCUS, and nine-year long-term service agreements to power generation and industrial customers in North America and South Korea.
- Ownership category
- akta.pro rank
Hanwha Power industry classification
Industry- Product category
- Power Generation Equipment and Services
- NAICS
- Turbine and Turbine Generator Set Units Manufacturing (333611), Pump and Compressor Manufacturing (33391), Engine, Turbine, and Power Transmission Equipment Manufacturing (3336)
- SIC
- Engines & Turbines (3510), Oil & Gas Field Machinery & Equipment (3533)
- akta.pro primary industry
- Utility-Scale Power Generation Asset Management (EUAEAMAA)
- akta.pro secondary industries
- Gas-Fired Steam Turbine (Boiler-Fired) Generation (EUACABAF), Steam Turbines & Turbogenerators (IMAHAFAB), Thermal Power Plant Modernization & Life Extension (Boiler/Turbine/Generator) (EUAEALAA)
Keywords
Where Hanwha Power is headquartered
LocationHeadquarters
- HQ city
- Jupiter
- HQ country
- United States
- HQ region
- North America
Offices3 records
Markets served
Hanwha Power business model
Business model- GTM type
- B2B
- Offering type
- Hardware or Manufacturing
- Cost components
- Supply Chain, Operations, Personnel, Technology or R&D, Marketing or Sales
Revenue model
- Power Plant Equipment Sales: Sale of capital equipment including Fuel Gas Compressors to power plant developers and operators. Equipment contracts for combined cycle gas turbine power plants.
- Long-Term Service Agreements (LTSA): Nine-year subscription-based service model covering maintenance and major overhaul cycles for installed equipment. Provides recurring revenue through service subscriptions anchored by Houston service center.
- Waste Heat Recovery Systems: Joint development and deployment of waste heat recovery power generation systems at industrial facilities including pipeline compressor stations.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Multi-year contract | Long-Term Service Agreement (LTSA) - 9-year subscription covering maintenance and major overhaul cycles |
Go-to-market motion1 record
Distribution channels2 records
Marketing channels3 records
Hanwha Power product offering
Product offeringCore offering
Hanwha Power supplies capital equipment and lifecycle services for gas turbine power plants, including Fuel Gas Compressors with Variable Frequency Drive technology, waste heat recovery systems, Turbo Expander Generators, and carbon capture technologies. The company complements equipment sales with nine-year subscription-based Long-Term Service Agreements covering maintenance and major overhaul cycles, supported by a Houston service center for North American aftermarket operations.
Product overview
Hanwha Power is a comprehensive energy infrastructure provider formed from the merger of Hanwha Power Systems and PSM, operating as part of Hanwha Impact's subsidiaries. The company offers an integrated portfolio of products and services for the gas turbine power plant market, including Fuel Gas Compressors with Variable Frequency Drive technology, waste heat recovery systems, and long-term service agreements. Their offerings target electrification demand and the data center market while consolidating expertise in low-carbon power generation using hydrogen and ammonia fuels. The company provides both equipment (compressors, turbo expander generators, CCUS technology) and subscription-based services (maintenance, overhauls) through integrated lifecycle solutions.
Differentiator
Problem solved
Functional benefit
Products and services
- Fuel Gas Compressors with Variable Frequency Drive (VFD) Technology Integrally geared centrifugal compressor units equipped with Variable Frequency Drive technology, designed for gas turbine power plant applications. These are the first such installations deployed in the United States.
- Long-Term Service Agreement (LTSA) Nine-year subscription-based service agreement covering maintenance, major overhaul cycles, and component refurbishment for gas turbine power plant equipment.
- Waste Heat Recovery Power Generation Systems
- Turbo Expander Generators
- Carbon Capture, Utilization, and Storage (CCUS) Technology
- Integrated Lifecycle Solutions for Gas Turbine Power Plants
Quantifiable outcome
- 950 MW capacity power plant entering commercial operation
- +2 more outcomes
Companies that use Hanwha Power
Customer profileNamed customers3 records
Segments3 records
Ideal customer profiles3 records
Hanwha Power technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature5 records
Hanwha Power partnerships and signals
Strategic signalPartnerships
Five partnerships are on record, tiered core.
- Korea Southern Power Co. (KOSPO)coreProject partner in Trumbull Energy Center 950 MW combined cycle gas turbine power plant development in Ohio. Partnership part of major new electricity source for PJM Interconnection, the largest wholesale power market in the United States.
- Gemma Power SystemscoreProject partner in Trumbull Energy Center development. Involved in development of 950 MW combined cycle gas turbine power plant to replace retiring coal-fired plants.
- Siemens EnergycoreProject partner in Trumbull Energy Center combined cycle gas turbine power plant. Collaboration on power generation equipment and technology integration for the 950 MW facility.
- University of AlbertacoreMOU 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 (CCUS). Partnership aims to advance Hanwha Power's proprietary energy recycling technologies and evaluate feasibility in North American market, with university providing research expertise and talent pipeline. Part of Industrial and Technological Benefits program linked to Hanwha Ocean's Canadian Patrol Submarine Project.
- Pembina Pipeline CorporationcoreMOU to evaluate waste heat recovery power generation systems at Pembina-operated compressor stations and midstream infrastructure in North America. Technology uses supercritical CO2 as working fluid to capture waste heat without additional fuel consumption. Companies plan to identify pilot projects and jointly assess technical and economic feasibility of deploying systems across midstream assets.
Scale indicators5 records
Recent moves8 records
Expansion highlights6 records
Hanwha Power competitors and assessment
Company assessmentDirect peers
- Elliott Group: Designs and manufactures turbomachinery including centrifugal compressors, steam turbines, and power recovery expanders, with aftermarket services. Directly comparable to Hanwha Power's compressor manufacturing and turbomachinery service capabilities.
- Solar Turbines (Caterpillar): A subsidiary of Caterpillar that manufactures and services industrial gas turbines, including aftermarket parts, upgrades, and field service agreements. Directly comparable to Hanwha Power as a gas turbine equipment and services provider serving power generation and industrial customers.
- MAN Energy Solutions: Provides turbomachinery including gas and steam turbines, compressors, and after-sales services across power generation and oil & gas. Closely comparable to Hanwha Power's combined compressor manufacturing and long-term service agreement business model.
- Howden (Chart Industries): Provides engineered compressors, heat exchangers, and aftermarket services for power, industrial, and process markets. Comparable to Hanwha Power as a turbomachinery supplier with rotating equipment service capabilities.
- Mitsubishi Heavy Industries Compressor International: Manufactures integrally geared centrifugal compressors for oil & gas, petrochemical, and power generation applications. Closely comparable to Hanwha Power's integrally geared centrifugal Fuel Gas Compressor product for gas turbine power plants.
Broad incumbents
- Siemens Energy: Global OEM of gas turbines, grid technologies, and associated service solutions, including the core turbine at Trumbull Energy Center. Comparable as a broad incumbent in the gas turbine power generation space, though operating at significantly larger scale across the full value chain.
- Ingersoll Rand: Provides mission-critical air, fluid, gas, and solid handling solutions including industrial compressors and aftermarket services. Comparable to Hanwha Power's centrifugal compressor business, particularly in industrial process and energy applications.
- Mitsubishi Power: Mitsubishi Heavy Industries' power systems division, manufacturing gas and steam turbines with comprehensive service offerings. Comparable to Hanwha Power's combined-cycle gas turbine focus, but at substantially larger scale with global service infrastructure.
- Atlas Copco: Global manufacturer of compressors, vacuum solutions, and industrial tools with extensive service network. Comparable as a major compressor manufacturer and aftermarket services provider, though broader in scope beyond gas turbine applications.
- GE Vernova: A major OEM of gas turbines, steam turbines, and grid equipment, with an extensive services and LTSA business. Comparable to Hanwha Power as a power generation equipment manufacturer with a large installed base and recurring aftermarket service revenue.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
Hanwha Power social profiles
Digital presenceHanwha Power financial estimates
Financial estimateRevenue estimate
Valuation estimate
Hanwha Power leadership team
Management profileNumber of profiles
Profiles1 record
Hanwha Power funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Hanwha Power M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Hanwha Power
What does Hanwha Power do?
Hanwha Power supplies capital equipment and lifecycle services for gas turbine power plants, including Fuel Gas Compressors with Variable Frequency Drive technology, waste heat recovery systems, Turbo Expander Generators, and carbon capture technologies. The company complements equipment sales with nine-year subscription-based Long-Term Service Agreements covering maintenance and major overhaul cycles, supported by a Houston service center for North American aftermarket operations.
Is Hanwha Power a public or private company?
Hanwha Power is a private company. It is classified as corporate owned and is currently operating.
When was Hanwha Power founded?
Hanwha Power was founded in 2026. It employs 1,001 to 5,000 people.
Where is Hanwha Power based?
Hanwha Power is headquartered in Jupiter, United States, in the North America region.
How does Hanwha Power make money?
Three revenue lines are on record. Power Plant Equipment Sales are the primary driver. The others are long-Term Service Agreements (LTSA) and waste Heat Recovery Systems.
Who are Hanwha Power's main competitors?
Direct peers on record are Elliott Group, Solar Turbines (Caterpillar), MAN Energy Solutions, Howden (Chart Industries) and Mitsubishi Heavy Industries Compressor International. Broad incumbents are Siemens Energy, Ingersoll Rand, Mitsubishi Power, Atlas Copco and GE Vernova.
Does Hanwha Power have an API?
No public API is recorded for Hanwha Power.
What industry is Hanwha Power in?
Hanwha Power's product category is Power Generation Equipment and Services. Its primary akta.pro industry code is EUAEAMAA, Utility-Scale Power Generation Asset Management, with a secondary code of EUACABAF, Gas-Fired Steam Turbine (Boiler-Fired) Generation. Its NAICS code is 333611 and its SIC code is 3510.