HD Hydrogen acquires Convion boosting hydrogen fuel cell market position
HD Hydrogen, a subsidiary of HD Korea Shipbuilding & Offshore Engineering, has announced a strategic investment of 72 million euros to acquire a majority stake in Convion Oy.
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 electrolyser systems based on solid oxide cell technology.
Solid oxide cell technologies – SOFC (Solid Oxide Fuel Cell) and SOEC (Solid Oxide Electrolyser Cell) – are key in deep decarbonization of industries and energy systems. Convion’s system technology facilitates cell stack and fuel flexibility with no compromise in efficiency whilst 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.
Combining the capabilities of Convion and HD Hydrogen creates one of the strongest players in the world to pursue opportunities in the fuel cell and electrolysis markets.
..Convion CEO and co-founder Erkko Fontell, said.
