South Korean Shipbuilding Giant HD KSOE Makes Major Move into Hydrogen Market
Key Ideas
- HD KSOE invests $80 million to acquire Convion, a company specializing in SOFC and SOEC technology, aiming to lead the global hydrogen fuel cell market.
- The company anticipates significant market growth, with the hydrogen fuel cell market expected to reach $41.1 billion by 2040, especially in marine applications.
- HD KSOE implements a strategic plan where HD Hydrogen oversees fuel cell business, Convion focuses on technology development, and investments are made in other clean energy sources.
- Partnerships with companies like Elcogen and institutions like Fraunhofer Institute showcase HD KSOE's commitment to advancing hydrogen and fuel cell technologies.
South Korean shipbuilding major HD Korea Shipbuilding & Offshore Engineering (HD KSOE) has taken a significant step into the global hydrogen fuel cell market by acquiring Convion for $80 million. Convion, a Finland-based company, specializes in solid oxide fuel cell (SOFC) and solid oxide electrolyzer cell (SOEC) technology. With a focus on SOFC and SOEC technologies, HD KSOE aims to position itself preemptively in the growing hydrogen energy sector. Market forecasts by the International Energy Agency (IEA) and the International Renewable Energy Agency (IRENA) project substantial growth, reaching $41.1 billion by 2040. HD KSOE plans to lead the market through HD Hydrogen's oversight of fuel cell businesses and Convion's technology development, especially in powering onshore and marine applications. The company also looks to diversify into future energy sources like small modular reactors (SMRs). Recent investments in Elcogen and collaborations with Fraunhofer Institute demonstrate HD KSOE's commitment to clean energy innovation.