Hanwha Power Systems signs MOU with TC Energy to accelerate commercialization of sCO2 power generation

◇ Hanwha has signed an MOU with TC Energy, one of North America's largest natural gas pipeline operators, to develop next-generation clean power solutions.

◇ Project aims to commercialize super-critical CO2 waste heat recovery technology in a pipeline compressor station providing zero-carbon electricity for on-site demand.

□ Hanwha Power Systems Co., Ltd. (CEO: Justin (Koo Yung) Lee) today announced that it has signed a Memorandum of Understanding (MOU) with TC Energy for business cooperation in developing an sCO2 WHR (Waste Heat Recovery) project which will utilize the heat stream at a natural gas pipeline compressor station. Through this cooperation, Hanwha believes this type of installation will not only help reduce the carbon intensity of natural gas pipeline operations but also take a leading step toward pipelines achieving a diversified Net Zero portfolio while producing clean, emission free electricity

□ The MOU outlines the commercial terms for the installation of an sCO2 power generation system at a compressor station owned and operated by TC Energy in the state of West Virginia. The system will recover the unused waste heat exhaust from a gas turbine compressor, and provide a lower cost, carbon free renewable generation solution.

Hanwha Power Systems plans to secure this sCO2 commercialization project as a foundation for expanding its sCO2 power generation business in the North American pipeline market. This project is a significant advancement towards proving commercial viability and opening the door to large scale deployment in the industry.

□ Justin (Koo Yung) Lee, CEO of Hanwha Power Systems, stated, “This MOU with TC Energy brings us one step closer to the successful commercialization of sCO2 power generation systems. We will continue to contribute to carbon reduction in the oil and gas market by successfully expanding the application of sCO2 power generation systems across a wide range of compressor stations.” Hanwha is excited moving forward as this partnership shall accelerate Hanwha Power Systems' progress towards becoming a global leader in clean power generation solutions.

□ Hanwha Power Systems is Korea’s leading industrial compressor supplier and a provider of sCO2 power generation systems and hydrogen/ammonia gas turbine solutions. The company is actively expanding its clean power generation and energy solutions business to lead the carbon-neutral era.

□ sCO2 (Supercritical CO2) is a fluid that, under conditions exceeding 31°C temperature and 74 bar pressure, exhibits both the properties of a liquid and a gas. The sCO2 power generation system combines this characteristic of supercritical CO2 with Hanwha Power Systems' integrally geared turbomachinery technology, maintaining the sCO2 in a closed-loop system and enabling a highly efficient, compact, modular, and 100% water-free power generation system using waste heat without burning additional fossil fuels.

□ In addition, a gas turbine OEM is also participating in this collaboration, with plans to operate a combined power generation solution that integrates gas turbines with the sCO2 power generation system.