HD Korea Shipbuilding & Offshore Engineering, a subsidiary of HD Hyundai, has acquired a majority stake in Convion, a prominent fuel cell system developer based in Helsinki, Finland, for €72 million. Convion, founded in 2012, specializes in Solid Oxide Fuel Cells (SOFC) and Solid Oxide Electrolyzer Cells (SOEC), technologies vital for the progression of hydrogen energy as a clean energy source. The International Energy Agency (IEA) and the International Renewable Energy Agency (IRENA) project significant growth in the hydrogen fuel cell industry, with estimations suggesting a market value surge from KRW 2.5 trillion in 2023 to KRW 17 trillion by 2030 at a 30% annual growth rate. This growth is fueled by the expanding use of marine hydrogen fuel cells and commercialized water electrolysis technology. HD Korea Shipbuilding & Offshore Engineering aims to leverage this industry growth with a two-pronged approach: HD Hydrogen will lead Korea's fuel cell business, while Convion will focus on core fuel cell technology development and European commercial expansion. Recent substantial investments in HD Hydrogen demonstrate the company's commitment to advancing hydrogen fuel cell initiatives. HD Hyundai's dedication to clean energy technologies, including hydrogen fuel cells and water electrolysis for green shipbuilding, is highlighted as a strategic priority. The company is also exploring additional energy sources like small modular reactors (SMRs) to maintain its competitive edge. Notably, HD Korea Shipbuilding & Offshore Engineering has also invested €45 million in Elcogen AS to drive progress in large-scale SOFC systems, further underlining its focus on enhancing fuel cell technology and market presence.