HD Hyundai Acquires Fuel Cell Leader Convion For $80 Million
HD Hyundai subsidiary HD Korea Shipbuilding & Offshore Engineering announced the acquisition of a majority stake in Convion, a leading fuel cell system developer based in Finland, for €72 million (approximately $80 million).
Founded in 2012 and headquartered in Helsinki, Convion focuses on solid oxide fuel cells (SOFC) and solid oxide electrolyzer cells (SOEC). These technologies play a vital role in developing hydrogen, the next generation of clean energy.
Convion is one of the few companies worldwide that has successfully developed and marketed SOFC systems (now available).
The hydrogen fuel cell industry has great potential for development. According to the International Energy Agency (IEA) and the International Renewable Energy Agency (IRENA), the industry is expected to grow from 2.5 trillion won in 2023 to 17 trillion won in 2030, with an average annual growth rate of 30%.
Given the widespread use of marine hydrogen fuel cells and the commercialization of water electrolysis technology, the market size could reach 55 trillion won by 2040.
HD Korea Shipbuilding & Offshore Engineering aims to capitalize on this growth through a dual strategy. Another company, HD Hydrogen, will operate a fuel cell business in Korea, focusing on power generation and marine applications.
Meanwhile, Convion will continue to develop core fuel cell technology and expand its commercial operations in Europe. HD Hydrogen’s recent investment of 140 billion won supports the strategic plan and will strengthen the company’s initiative in hydrogen fuel cells.
A representative of HD Korea Shipbuilding & Offshore Engineering said that HD Hyundai is committed to leading the future of green shipbuilding by developing the world’s best clean energy technologies, such as hydrogen fuel cells and water electrolysis.
In addition, to maintain its market position, the company is exploring other energy sources, such as small modular reactors (SMRs).
HD Korea Shipbuilding & Offshore Engineering also announced in October a 45 million euro investment agreement with Elcogen AS, another leading fuel cell company, to develop large-scale SOFC systems.
