Hyosung entered the hydrogen industry in 2008 with a project to supply hydrogen charging stations, but has not made much investment. However, when the government unveiled its hydrogen economy roadmap in 2019, it expanded its business scope to carbon fiber, a key component of fuel tanks for hydrogen-powered vehicles. Hyosung plans to invest one trillion won in its Jeonju plant by 2028 to secure a carbon fiber production capacity of 24,000 tons.
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