HD Korea Shipbuilding & Offshore Engineering subsidiary HD Hydrogen invests €72 MM to acquire a majority stake in Convion Oy, a leading fuel cell technology company from Finland. The ambition of HD Hydrogen is to become a frontrunner in the world’s cleanest energy technologies. By joining forces with the Convion team, HD Hydrogen will develop solid oxide fuel cell and electrolysis technologies (SOFC and SOEC), and other key H₂ energy technologies to compete in the global H₂ 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 electrolyzer systems based on solid oxide cell technology. Solid oxide cell technologies – SOFC and SOEC – are key in deep decarbonization of industries and energy systems. Convion’s proven and proprietary system technology facilitates cell stack and fuel flexibility with no compromise in efficiency whilst providing a scalable approach to meet industrial demand.

Convion CEO and co-founder Erkko Fontell, said, “Today marks a historic milestone for Convion in our journey to bring next generation energy conversion systems to market. The investment is a testament to our innovative technological approach and unwavering focus on the commercial and industrial sectors. Achieving this milestone would not have been possible without the visionary and entrepreneurial spirit of Convion’s shareholders, led by VNT Management Oy.”

The global market outlook for H₂ 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,” said Erkko Fontell. “This commitment by HD KSOE lays a foundation to industrialization of our innovative technology.”