HD Hydrogen acquires Finnish fuel cell tech firm Convion

Helsinki-based Convion develops and produces solid oxide fuel cell (SOFC) and solid oxide electrolyser cell (SOEC) technologies, crucial for hydrogen energy production and utilisation.

The acquisition aims at securing key technologies in the rapidly growing hydrogen fuel cell market, which is estimated to reach $41bn by 2040, said HD KSOE.

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% annually as industries pursue decarbonisation. The growth is expected to accelerate further with the adoption of hydrogen fuel cells in shipping and the commercialisation 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."

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In October 2023, the South Korean shipbuilding giant signed a €45m investment contract with fuel cell company Elcogen A to advance its large-scale SOFC system.