HD KSOE ventures into hydrogen gasoline cell market with $80M acquisition

South Korean shipbuilding predominant HD Korea Shipbuilding & Offshore Engineering (HD KSOE) is determined to spearhead the world hydrogen gasoline cell market via an funding of $80 million to perform Convion, a firm that specialise in gasoline cell systems.

HD KSOE acknowledged it had currently, via its subsidiary HD Hydrogen, received the majority of the shares of Finland-basically basically based firm Convion at €72 million (spherical $80 million).

Established in 2012, Convion focuses on to find oxide gasoline cell (SOFC) and to find oxide electrolyzer cell (SOEC) technology and is declared to be one among the few corporations on the planet that possess developed the technology for business SOFC technology systems and possess equipped it to the market.

By buying and rising SOFC and SOEC applied sciences, which are viewed as key for hydrogen vitality, HD KSOE hopes to inspire out a preemptive enact when entering the market.

The shipbuilder furthermore perceives that world market prospects are intellectual. In step with the International Vitality Company (IEA) and the International Renewable Vitality Company (IRENA), the hydrogen gasoline cell and water electrolysis market is expected to make greater from KRW 2.5 trillion (spherical $1.85 billion) in 2023 to KRW 17 trillion ($12.7 billion) in 2030, with a median annual growth price of 30%, driven basically by onshore energy technology.

In say, the market dimension is expected to achieve KRW 55 trillion ($41.1 billion) in 2040 when the applying of marine hydrogen gasoline cells is susceptible to be in fleshy swing and water electrolysis technology is commercialized. 

HD KSOE outlined its plans to lead the market with a two-discover technique. HD Hydrogen will oversee the total gasoline cell industry whereas main the energy technology and marine companies in Korea, and Convion will continue to develop core gasoline cell applied sciences whereas driving companies in Europe.

HD Korea Shipbuilding & Marine Engineering currently invested KRW 140 billion ($104.7 million) to build HD Hydrogen aiming to effectively promote its hydrogen gasoline cell companies. 

A consultant of HD KSOE acknowledged: “Along with hydrogen gasoline cell and water electrolysis applied sciences, HD Hyundai is furthermore specializing in rising future vitality sources such as small modular reactors (SMRs). With applied sciences to develop the area’s cleanest vitality sources, we draw to change into the front runner in due direction inexperienced shipbuilding industry.”

In October 2023, the South Korean shipbuilding broad signed a €forty five million (spherical $50 million) funding contract with a gasoline cell firm Elcogen A to achieve the immense-scale SOFC arrangement.

Abet in January 2023, HD KSOE and Elcogen furthermore partnered with Germany’s Fraunhofer Institute for Ceramic Applied sciences and Systems (IKTS) to collaborate within the fields of hydrogen and gasoline/electrolysis cells.