HD Korea Shipbuilding & Marine Engineering acquires Finnish fuel cell company, invests 72 million euros (Korea)

HD Korea Shipbuilding & Marine Engineering, a major shipbuilding company, said its subsidiary HD Hydrogen, which is engaged in the fuel cell business, has acquired Finnish company Convion for around 72 million euros (approximately 115 million euros).
Convion was founded in 2012 and specializes in solid oxide fuel cells (SOFC) and solid oxide electrolysis cells (SPEC).
According to the International Energy Agency (IEA) and the International Renewable Energy Agency (IRENA), the fuel cell and water electrolysis markets are expected to grow by an average of 30% annually, driven by onshore wind power generation, and are expected to reach 20 million by 2025.
The market is expected to reach 17 trillion won (US$1.8 trillion) by 2030. HD Korea Shipbuilding & Marine Engineering plans to lead the market through a two-track strategy.
While Dorogen will be in charge of Korea's power generation and ship fuel cell businesses, Convion will develop core fuel cell technology and promote the European business.
Ocean invested 140 billion won (approximately 15.218 billion yen) to establish HD Hydrogen in order to efficiently promote its fuel cell business.
An official from HD Korea Shipbuilding & Marine Engineering said, "HD Hyundai is not only developing fuel cell and water electrolysis related technologies, but also small modular reactors (SMRs) and other technologies.
"We are focusing on securing next-generation energy resources," he said.