HD Korea Shipbuilding & Offshore Engineering subsidiary HD Hydrogen invests €72m to acquire a majority stake in Convion Oy, a fuel cell technology company from Finland.
The acquisition, announced on August 26, marks a strategic step for the company as it aims to secure a leading position in the world’s cleanest energy technologies.
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.
These technologies – SOFC (solid oxide fuel cell) and SOEC (solid oxide electrolyser cell) – are considered crucial for the future of clean energy.
The global market outlook for hydrogen fuel cell and electrolysis technologies is ‘promising,’ Convion says.
HD Hydrogen now plans to 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.
Erkko Fontell, Convion chief executive officer and co-founder, 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.”
