South Korean Shipbuilding Group Acquires Finnish Hydrogen Fuel Cell Maker
Key Ideas
- South Korea's HD KSOE acquires Finnish Convion for EUR72m to advance solid oxide cell technology.
- The acquisition of Convion follows the purchase of Estonian fuel cell company Elcogen last year for EUR45m.
- Other South Korean shipbuilders like Samsung and Hanwha are also progressing in deploying fuel cells on ships.
- Convion specializes in solid oxide fuel cell systems and solid oxide electrolysis cells for hydrogen production.
South Korea's largest shipbuilding group, HD KSOE, has acquired the Finnish hydrogen fuel cell maker, Convion, through its new unit, HD Hydrogen. The acquisition, worth EUR72m, aims to enhance the development of solid oxide cell technology. Convion, a 12-year-old company, has successfully commercialized solid oxide fuel cell systems as well as solid oxide electrolysis cells that can produce hydrogen by separating steam through electricity. This strategic move follows HD KSOE's acquisition of Estonian fuel cell company Elcogen for EUR45m last year. Additionally, other major South Korean shipbuilders such as Samsung Heavy Industries and Hanwha Ocean are also in advanced stages of incorporating fuel cells in their ships. Convion's expertise in solid oxide cell technology positions HD Hydrogen to further innovate in the maritime industry's shift towards cleaner energy sources.