HD Hyundai Acquires Leading Fuel Cell Company Convion For $80 Million

HD Korea Shipbuilding & Offshore Engineering (HD KSOE), a subsidiary of HD Hyundai, has strategically acquired a majority stake in Finnish fuel cell system developer Convion for €72 million (approximately $80 million). Convion, established in 2012 and based in Helsinki, is renowned for its work in Solid Oxide Fuel Cells (SOFC) and Solid Oxide Electrolyzer Cells (SOEC), technologies pivotal to advancing hydrogen energy as a clean energy source.

With the hydrogen fuel cell industry poised for significant growth, HD KSOE’s acquisition aligns with its vision to lead the green shipbuilding industry. Convion is one of the few companies globally that has successfully commercialized SOFC systems, and this acquisition enables HD KSOE to further its ambitions in hydrogen fuel cell technology, particularly in the marine sector. The company’s dual strategy involves HD Hydrogen managing Korea’s fuel cell operations, focusing on power generation and maritime applications, while Convion continues to develop core technologies and expand its European market presence.

NYK takes entire gas, product tanker and bulker fleet from Eneos Ocean

The strategic move is reinforced by a recent KRW 140 billion investment in HD Hydrogen, demonstrating HD KSOE’s commitment to advancing its hydrogen fuel cell initiatives. In addition to its focus on hydrogen energy, the company is exploring other clean energy solutions, including small modular reactors (SMRs). Further bolstering its position, HD KSOE announced a €45 million investment in Elcogen AS, another key player in the fuel cell industry, to enhance large-scale SOFC systems, reflecting its comprehensive approach to clean energy technology development.