Hyundai’s high-seas hydrogen push

In Finland, HD Korea Shipbuilding & Offshore Engineering subsidiary HD Hydrogen spent €72 million for a majority stake in Convion, a specialist in fuel cell technology based in Espoo, Finland. Announced on August 26, 2024, the deal underscores HD Hyundai’s strategic dive into the burgeoning hydrogen fuel cell market. HD Korea Shipbuilding & Offshore Engineering is HD Hyundai’s marine and offshore holding company

Convion, founded in 2012, is at the forefront of developing high-temperature solid oxide fuel cells and electrolyzers. These technologies are key to reducing carbon emissions in heavy industries and energy systems. Convion’s systems stand out for their high efficiency and adaptability to various fuels and configurations, making them scalable for wide industrial use.

This acquisition enhances HD Hyundai’s clean energy capabilities, enabling it to leverage Convion’s advanced technologies. It aims to foster growth in stationary power generation and maritime fuel cell markets, integrating these new energy solutions into its expansive portfolio in the maritime and offshore sectors.

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