Chapter 79: Crisis is an Opportunity (2)

If shares were sold after signing the hydrogen infrastructure agreement, it would violate the principle of good faith.

Given that the agreement itself played a role in boosting the stock price, there was also a possibility that the Securities and Exchange Commission would investigate for stock manipulation.

President Im Tae-ju asked, as if challenging.

"Thomas Motors' stock price dropped significantly due to the announcement by Hwanan Energy. Do you know how much loss Hwanan Solutions has incurred from this incident?"

Hwanan Energy's team leader, Hwang Min-woong, replied matter-of-factly.

"I also feel sorry about that part. However, I am the team leader of Hwanan Energy. Shouldn't I prioritize the interests of Hwanan Energy?"

Executive Vice President Choi Young-seok said,

"The hydrogen infrastructure project is a group-wide initiative. Shouldn't we consider the entire group then?"

Several executives agreed with this statement.

Hwang Min-woong glared at one of the executives and said,

"Are you saying I caused damage to the group? If we combine the profits and losses of Hwanan Solutions and Hwanan Energy, they would be roughly the same. If this incident had occurred while the agreement was being signed and investments were ongoing, what do you think would have happened? Both Hwanan Energy and Hwanan Solutions would have suffered even greater losses."

"That, that is..."

If the incident had occurred after the investment had been made, the stock price would have fallen, and there would have been financial losses and a decline in corporate image.

Hwang Min-woong smirked and said,

"Let me ask this time. Thomas Motors was our group's most important partner. Did no one really know whether the company had the technological capability or not? Did no one check if the video they released showed actual driving or just rolling down a hill? If we had signed the agreement, the entire Hwanan Group would have become a laughingstock. If you truly considered the group's interests, shouldn't you be grateful to me for preventing such a situation?"

"Ahem."

"And I clearly sent a formal notice informing the facts. Who reviewed that notice at Hwanan Solutions?"

"..."

No one could answer his question.

Chairman Hwang Sung-hoon looked around the meeting room with a disappointed expression.

'Everyone is just trying to avoid responsibility.'

The idea that conglomerates are insensitive to change is a misconception. They have survived this long because they have been quicker than anyone else in catching the changes in the industry.

The Hwanan Group was no exception.

Large corporations, due to their size, are inevitably slower to move compared to startups. Therefore, they have sought change by expanding into areas related to their existing businesses or by investing in new ventures with the money earned from traditional businesses.

The energy sector, which requires large-scale capital and equipment investment, is one of the areas where startups find it difficult to enter.

The Hwanan Group has been aggressively investing in solar and hydrogen energy as future growth areas.

While the solar energy market was gradually stabilizing as the end of the chicken game was in sight, the hydrogen energy market was still in its early stages and had become uncertain due to this incident.

Chairman Hwang Sung-hoon said in a heavy voice,

"Let's set aside the issue of responsibility for now and discuss how to proceed with the hydrogen energy business."

Hwang Min-hong was the one who initiated this business. If left unchecked, there would be a high possibility of continued negative publicity.

From his perspective, it would be beneficial to quickly dispose of this business.

Therefore, the executives aligned with Hwang Min-hong loudly advocated for the termination and sale of the hydrogen energy business.

"Without hydrogen vehicles, the hydrogen energy business is unfeasible."

"If the popularization of hydrogen vehicles fails, the hydrogen energy business will inevitably have to be terminated."

"The concerns of shareholders are very significant."

"Wouldn't it be better to sell the business?"

The executives from Hwanan Energy also agreed, given the uncertain future of the industry.

Hwang Min-woong also thought it would be better to abandon the business after witnessing the downfall of Thomas Motors.

However...

'He said hydrogen vehicles would soon take off, right?'

He recalled the first time Han Miru approached him. If he hadn't listened to him then, he would have been finished.

What about this time?

'Just because he got it right once doesn't mean he'll get it right again, right?'

With this thought, Hwang Min-woong spoke.

"The business should continue as planned."

Everyone was stunned and looked at him in surprise.

President Im Tae-ju said, incredulously,

"You broke the hydrogen infrastructure agreement, and now you want to proceed with it? If that was the case, wouldn't it have been fine to continue with Thomas Motors?"

"That's not the case. If we had proceeded according to the agreement, we would have been dragged along by a business led by Thomas Motors. And when Thomas Motors collapsed, we would have fallen with them. What I'm saying is that the Hwanan Group should continue the business independently and take the lead."

"Do you mean to proceed with the business that was originally planned with Thomas Motors on your own?"

"Yes."

"Then the risks will be that much greater, won't they?"

"It's much better than doing business with the wrong partner."

Executive Vice President Kim Bong-joon said,

"This is a decision that needs to be made carefully. Due to this incident, both domestic and international hydrogen energy companies are re-evaluating their investments."

"Isn't that a good thing?"

"What do you mean by that?"

"As you said, everyone is pulling out of the business. If the Hwanan Group is considering a sale, what about other companies? This is an opportunity. While our competitors are hesitating, we should increase our investments. We should acquire undervalued companies, develop technology, and grow. By doing so, we can build a barrier that latecomers cannot overcome."

"But..."

Hwang Min-woong declared,

"The failure of Thomas Motors is the failure of Thomas Motors, not the failure of hydrogen vehicles. The value we initially pursued in hydrogen energy has not changed. Hydrogen vehicles will become popular in the near future, and the era of the hydrogen economy will begin. We need to prepare for that time."

Until now, Hwang Min-woong had not stood out much in the group compared to his brother, Hwang Min-hong. He had rarely put forward his own strong opinions. But this time was different.

It was as if he had become a different person.

The executives all thought to themselves,

'So he is a tiger's cub after all?'

The one most surprised by this change was Hwang Min-hong.

'What exactly happened in the U.S. anyway?'

The executives were now listening to Hwang Min-woong in silence. This atmosphere was not good.

To break the flow, he shot at his brother,

"If you're so confident, why don't you take charge of it yourself?"

As always, entering a new business comes with risks. Given that the industry leader had collapsed, the risks of the business had increased even more.

'He talks well, but if I ask him to take charge, he won't be able to do it, right?'

However, contrary to expectations, Hwang Min-woong did not back down.

"If you entrust it to me, I would be grateful. I will do my best."

Hwang Min-hong was taken aback.

'He really means to take charge?'

Chairman Hwang Sung-hoon looked at his second son in surprise.

In business, you encounter various crises. Anyone can do well when there are no problems, but the important thing is what happens when problems arise.

A person's true worth is revealed when they face a crisis.

While many talk about how a crisis is an opportunity, how many actually see it as one when it happens? Yet, when everyone else was trying to avoid the situation, Hwang Min-woong insisted on facing it head-on.

The problem was that to seize this opportunity, a significant amount of money and time would need to be invested.

With the loss of a partner, more money would need to be invested than what had already been invested. If it failed, the Hwanan Group would suffer a significant blow.

"Do you understand that this is a matter that concerns the future of the group?"

"Yes, I understand very well."

Chairman Hwang Sung-hoon asked, as if seeking a commitment,

"Can you take full responsibility until the end?"

This meant that he would not tolerate any attempts to quit halfway or avoid responsibility.

If the hydrogen energy business were sold as it was, Hwang Min-woong would not have to take any responsibility. However, the moment he took charge of the business, he would have to bear all the responsibilities that came with it.

Despite knowing this, Hwang Min-woong answered without hesitation.

"Yes, if you entrust it to me, I will take full responsibility until the end."

Chairman Hwang Sung-hoon fell into deep thought.

As a leader of a giant conglomerate, he needed to think about future profits, not just immediate gains. What would the future of hydrogen energy be?

Climate change has become an international issue.

Currently, the world is busy finding new energy sources to move away from fossil fuels. One of these is hydrogen.

The system involves producing, storing, and transporting hydrogen, and using it to power cars, trains, ships, machinery, and power plants.

This is the hydrogen economy.

Another reason the hydrogen economy is gaining attention is its connection to renewable energy.

Hwanan Solutions is the world's largest solar energy company. However, the production of renewable energy is difficult to adjust due to weather, seasons, and regions.

By using excess electricity to produce hydrogen, 100% of the generated power can be utilized.

While electricity is difficult to store and transport, hydrogen is different. Like coal or oil, it can be supplied to wherever it is needed by vehicles and trains.

As countries increase the ratio of renewable energy sources such as solar and wind, hydrogen energy, which complements these sources, will eventually become the next-generation energy.

The key is when this will happen and whether the company can survive until then.

No matter how large the market may be in the future, it is impossible to invest without generating any profits until then.

A business that can generate immediate profits is hydrogen refueling stations.

As the number of hydrogen vehicles increases, more hydrogen refueling stations can be built, and as more hydrogen refueling stations are built, more hydrogen vehicles can be added.

As demand increases, the hydrogen production and transportation system must be expanded, and this virtuous cycle will increase the size of the hydrogen energy market.

In other words, the hydrogen infrastructure project planned with Thomas Motors was the first step towards the hydrogen economy.

However, it went off track right from the start.

'What should I do?'

If Hwanan Energy had also incurred losses, he would have thought about abandoning the business. However, Hwanan Energy had instead gained significant profits, laying the foundation for a leap forward.

But now, due to the Thomas Motors incident, there is widespread uncertainty about the entire industry. To calm this uncertainty and lead the business, strong leadership is needed.

Hwang Min-woong is the right person for this.

He had sensed the danger just before the incident and saved the company from crisis. Everyone praised his foresight and decisiveness.

If Hwang Min-woong continues to lead this business, it will quell the shareholders' dissatisfaction.

With his mind made up, Chairman Hwang Sung-hoon said,

"It would be best for Hwanan Energy to take full responsibility for the hydrogen energy business from now on."