HD Hyundai Expands Presence in Hydrogen Fuel Cell Market with Convion Acquisition
Key Ideas
- HD Hyundai's subsidiary, HD Hydrogen, acquired Convion for $80 million to strengthen its position in the hydrogen fuel cell market.
- Convion, specializing in SOFC and SOEC technologies, will focus on core fuel cell development in Europe under the new ownership.
- The acquisition is part of HD KSOE's strategy to lead the hydrogen fuel cell market by investing in advanced technologies and expanding its global presence.
- The expected growth of the hydrogen fuel cell market presents opportunities for companies like HD Hyundai to capitalize on clean energy solutions.
South Korean conglomerate HD Hyundai is ramping up its involvement in the hydrogen fuel cell market through strategic acquisitions. Its subsidiary, HD Hydrogen, recently purchased a majority stake in Convion, a Finnish fuel cell system company, for $80 million. Convion, known for its expertise in SOFC and SOEC technologies, will continue its focus on core fuel cell advancements in Europe. This move aligns with HD KSOE's goal to dominate the market, with HD Hydrogen overseeing local operations in Korea while Convion concentrates on technology development in Europe. The acquisition reflects HD Hyundai's commitment to cutting-edge clean energy solutions. With the hydrogen fuel cell market projected to grow significantly by 2040, HD Hyundai aims to position itself as a leader in green technology. By investing in innovative technologies and strategic partnerships, the conglomerate anticipates a bright future in the evolving energy sector.