HD Korea Shipbuilding & Offshore Engineering has made a significant move in the clean energy sector by acquiring Finnish fuel cell company Convion for approximately €72 million, according to the KED Global.
Convion, established in 2012 and based in Helsinki, Finland, specializes in solid oxide fuel cells (SOFC) and solid oxide electrolysis cells (SOEC). These technologies are considered crucial for the future of clean energy due to their high efficiency and ability to operate at high temperatures. Convion is one of the few companies worldwide with commercial SOFC power generation system technology and a proven track record of supply.
HD Korea Shipbuilding & Offshore Engineering's plans to leverage Convion's advanced technology and expertise to enhance its capabilities in this sector.
HD Hydrogen, a subsidiary established with an investment of 140 billion won, will oversee the fuel cell business, focusing on domestic power generation and marine applications. Meanwhile, Convion will concentrate on developing core fuel cell technologies and expanding business in Europe.
This acquisition follows HD Korea Shipbuilding & Offshore Engineering's previous investments in the fuel cell sector. In October last year, the company signed an investment agreement worth €45 million with Elcogen AS, another leading fuel cell company, to enhance large-scale SOFC systems. These strategic moves underscore the company's commitment to advancing its capabilities in clean energy technologies.
Hydrogen fuel cells are devices that convert hydrogen into electricity through a chemical reaction with oxygen, producing only water and heat as byproducts. They are considered a key technology for achieving clean energy and reducing carbon emissions, which is critical in the fight against climate change.