HD Hyundai is intensifying its initiatives to cement its footprint in the hydrogen fuel cell market.
On Monday, HD Korea Shipbuilding & Offshore Engineering (KSOE), a subsidiary under HD Hyundai responsible for its shipyards, announced that HD Hydrogen, a newly established subsidiary dedicated to hydrogen fuel cells, acquired a controlling stake in Finnish fuel cell system company Convion for 72 million euros ($80 million).
HD Hydrogen was founded this month with a capital injection of 140 billion won ($106 million) from HD KSOE. Established in 2012, Convion is recognized for its specialization in solid oxide fuel cell (SOFC) and solid oxide electrolyzer cell (SOEC) technologies, holding a proven record in the development and commercial supply of SOFC systems.
The strategic acquisition is part of HD KSOE’s two-track approach to dominate the hydrogen fuel cell sector. HD Hydrogen will manage the entire fuel cell business and oversee power generation and marine units within Korea, while Convion will continue to innovate and refine core fuel cell technologies across Europe.
SOFC and SOEC technologies are pivotal for harnessing hydrogen energy. These technologies involve complex development processes and operate at high temperatures, requiring advanced technical expertise. The synergy between HD Hydrogen and Convion is expected to place HD Hyundai ahead of its competitors.
This move follows last October’s 45 million euro investment by HD KSOE in Elcogen, another frontrunner in the fuel cell industry, to enhance large-scale SOFC system technologies. According to an HD KSOE official, HD Hyundai is not only committed to advancing hydrogen fuel and water electrolysis technologies but is also investing in future energy sources like small modular reactors.
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