HD Hydrogen, a subsidiary of HD Korea Shipbuilding & Offshore Engineering (HD KSOE), announced Monday that it has acquired Finnish fuel cell company Convion for 72 million euros ($81 million).
Established in 2012, Convion specializes in solid oxide fuel cells (SOFC) and solid oxide electrolyzer cells (SOEC), both pivotal technologies for hydrogen energy.
HD KSOE, under Korean shipbuilding conglomerate HD Hyundai, noted that Convion is among the few firms to have developed and supplied commercial SOFC systems. The acquisition is seen as a strategic move to give HD Hydrogen a competitive edge in the hydrogen sector, given the complex and time-intensive nature of SOFC and SOEC technologies.
Prior to the acquisition, HD KSOE committed 140 billion won ($106 million) to establish HD Hydrogen and boost its “Hydrogen Dream 2030” project. This initiative aims to establish a comprehensive value chain for hydrogen production, transportation, storage, and utilization.
According to the International Energy Agency and International Renewable Energy Agency, the global hydrogen fuel cell and water electrolysis market is projected to grow from 2.5 trillion won in 2023 to 17 trillion won ($12.8 billion) by 2030. This market is expected to expand at an average annual growth rate of 30%, driven by onshore power generation. By 2040, when hydrogen fuel cells for ships and commercialized water electrolysis technology are anticipated to be fully implemented, the market could reach 55 trillion won.
