HD Korea Shipbuilding & Offshore Engineering subsidiary HD Hydrogen is investing €72 million to acquire a majority stake in Convion Oy, a fuel cell technology company from Finland. By joining forces with the Convion team, HD Hydrogen will develop solid oxide fuel cell and electrolysis technologies, and other key hydrogen energy technologies to compete in the global hydrogen fuel cell market.

HD Korea Shipbuilding & Offshore Engineering (HD KSOE) is HD Hyundai’s marine and offshore holding company.

Convion, established in 2012 and located in Espoo, Finland, is a company specializing in commercial and industrial scale high-temperature fuel cell and electrolyszer systems based on solid oxide cell technology.

Convion’s proven and proprietary system technology facilitates cell stack and fuel flexibility with no compromise in efficiency while providing a scalable approach to meet industrial demand.

The global market outlook for hydrogen fuel cell and electrolysis technologies is promising. Initially, strong growth is foreseen in stationary power generation markets, followed by electrolysis and marine fuel cell markets.