The Company

MunmuBaram Co., Ltd.

Our mission is to contribute to South Korea’s offshore wind industry and the region of Ulsan

MunmuBaram Co., Ltd. is a South Korean subsidiary of Hexicon Group. The company is responsible for developing and operating the MunmuBaram project. In 2024, Hexicon Group acquired an 80% stake in the MunmuBaram project from Shell, assuming full responsibility for the project’s investment, development, and operational management.

Munmubaram Logo
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We are inspired by King Munmu’s legacy

MunmuBaram takes its name from a powerful union of history, the force of nature and a wish for a sustainable future: Munmu, after King Munmu of the Silla dynasty who unified the Three Kingdoms of Korea, and Baram, the Korean word for wind, but also for wish.

  • Our project is located in Ulsan, a city rich in history and legend. Just off its eastern coast lies the great rock Daewangam, where, according to legend, King Munmu’s queen submerged herself, becoming a dragon that would watch over and protect the unified kingdom. This site symbolises dedication, guardianship, and an enduring spirit.

    Today, MunmuBaram carries that spirit forward. Powered by the strong sea winds of Ulsan, our offshore wind project reflects a shared wish - for clean, renewable energy; for opportunity and jobs; and for a sustainable, resilient future.

    We believe in value through coexistence - honouring history while building tomorrow. MunmuBaram is not just a project. It is the wish of a city and its people, answered by the power of the winds.

A greeting from our
Project Director

Welcome to MunmuBaram, where winds open up a sustainable future.

The MunmuBaram Project has been at the forefront of the floating wind power industry in South Korea since its initiation in 2018, following a memorandum of understanding with Ulsan city. In 2021, MunmuBaram Co., Ltd. was officially established to lead the development of a 750MW floating offshore wind project in Ulsan, which is to become a carbon-neutral energy hub.   
 
As South Korea advances toward cleaner energy solutions, the demand for renewable sources has never been greater. With its global experience and expertise, MunmuBaram will supports the South Korea’s goals of increasing renewable energy share to 20% by 2030 and achieving2050 carbon neutrality.  

Floating offshore wind technology will secure stable and clean energy, accelerating South Korea’s transition to renewables. By harnessing strong and consistent winds further offshore, the technology maximizes efficiency while minimizing visual and noise impacts on coastal communities.
 
Sustainability is at the heart of the MunmuBaram project. Our vision goes beyond providing renewable energy, we are committed to delivering tangible value and making a lasting contribution to the local community. By actively engaging with stakeholders including government agencies, local industries, fishermen, and residents, we strive to unlock new industrial opportunities for Ulsan, create quality jobs, and grow alongside the local community.
 
We sincerely appreciate your interest in MunmuBaram and invite you to join us on this meaningful journey to South Korea’s sustainable future.  

Young-kyu Ju,
President

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Hexicon Group

Hexicon Group is a global leader in the floating offshore wind industry, with dual expertise as a project developer and technology provider.

Hexicon and Munmubaram logos

  • Founded in 2009 and headquartered in Stockholm, Sweden, Hexicon Group is committed to advancing the global transition to renewable energy through innovative approaches and sustainable technologies. The company is actively involved in 10 floating offshore wind projects across 6 countries, including Sweden, South Korea, and the UK, with a global portfolio totaling 8GW. 

    Since 2021, Hexicon Group has been listed on the Nasdaq Stockholm Stock Exchange and continues to focus on expanding the floating offshore wind market and advancing its technology. 

Visit Hexicon's Website

The MunmuBaram Team

The MunmuBram Team is at the forefront of creating the floating offshore wind power solutions, aiming to shape the future of renewable energy.

Our core values are defined in our Code of Conduct

As project team members, officers, and directors of MunmuBaram, we share the responsibility of maintaining the standard of excellence by embodying Courage, Integrity, Honesty, and Respect as our core values.

Read our Code of Conduct for more information.

Leadership Team

  • Photograph of a man with dark hair and blue eyes, dressed in a navy suit, light blue shirt, and a blue tie with small white dots, against a dark background.

    Marcus Thor

    Representative Director

  • A man wearing glasses, a black suit, white shirt, and red tie, smiling in front of a plain, light background.

    Young-kyu Ju

    President

  • Portrait of a man with dark hair, a beard, wearing a black blazer and a white dress shirt, standing against a plain light-colored background.

    Guilherme Nunes

    Vice President

  • Portrait of a young man with dark hair, light skin, wearing a light blue button-up shirt, smiling, against a gray background.

    Eduard Dyachuk

    Commercial Manager

  • Headshot of a smiling man with dark hair, beard, wearing a blue and white striped shirt and a dark blazer, against a plain grey background.

    Nabil Munem

    Project Manager

  • Portrait of a woman with red hair and blue eyes, wearing a brown checked blazer and pearl earrings, standing against a plain gray background.

    Kristin Hellgren

    Financial Manager 

  • Adam Lee

    External Engagement Lead

  • Portrait of a man wearing glasses, a dark suit, white shirt, and a tie, against a plain background.

    Chris Kim

    Offshore Manager

Board Members

  • A man in a dark suit and tie smiling against a solid black background.

    Marcus Gunnar Thor

    Chairman 

  • Portrait of a smiling middle-aged man with blue eyes and brown hair, wearing a dark suit and a light striped shirt, posed against a dark background.

    Henrik Jan Adrian Baltscheffsky

    Director 

  • Headshot of a man with a beard, smiling, wearing a dark suit and white shirt, against a dark background.

    Julius Molzahn

    Director 

  • A man with a beard wearing a light blue dress shirt and a light pink tie, looking at the camera against a gray background.

    Francesco Cacciabue

    Director 

Learn more about the project

MunmuBaram is a floating offshore wind power project that will be deployed in waters 120–150m deep, approximately 65 km off the coast of Ulsan.

Visit the project page

Learn more about floating wind power

Floating offshore wind power is a renewable energy technology that utilizes strong and consistent wind further off the shore.

Explore floating wind power