SEOUL, August 26 (AJU PRESS) - HD Korea Shipbuilding & Offshore Engineering Co. (HD KSOE) said Monday its subsidiary, HD Hydrogen, has acquired Finnish fuel cell specialist Convion Oy for about 72 million euros ($80 million).
Helsinki-based Convion, established in 2012, is a leading provider of solid oxide fuel cell (SOFC) and solid oxide electrolyzer cell (SOEC) technologies, which are considered crucial for hydrogen energy production and utilization.
HD KSOE said the acquisition is aimed at securing key technologies in the rapidly growing hydrogen fuel cell market, which is estimated to reach 55 trillion won ($41 billion) by 2040.
According to projections by the International Energy Agency (IEA) and the International Renewable Energy Agency (IRENA), the hydrogen fuel cell and electrolysis market is expected to grow by 30 percent annually, expanding from 2.5 trillion won in 2023 to 55 trillion won by 2040. The growth is expected to accelerate further with the adoption of hydrogen fuel cells in shipping and the commercialization of electrolysis technology.
HD KSOE plans to implement a two-track strategy: HD Hydrogen will oversee fuel cell operations, focusing on domestic power generation and marine applications, while Convion will lead core technology development and European business expansion.
"HD Hyundai is concentrating on securing future energy sources, including hydrogen fuel cells, electrolysis technology and small modular reactors," said an HD KSOE representative. "We aim to lead the future eco-friendly ship market with the world's best clean energy technology."