HD Korea Shipbuilding Purchases Finnish Fuel Cell Company Convion for €72 Million

HD Korea Shipbuilding & Offshore Engineering’s subsidiary, HD Hydrogen, has invested €72 million to acquire a majority stake in Convion Oy, a prominent Finnish fuel cell technology firm. HD Hydrogen aims to lead in the development of the world’s cleanest energy technologies. Through this partnership with Convion, HD Hydrogen plans to advance solid oxide fuel cell and electrolysis technologies, along with other essential hydrogen energy innovations, to strengthen its position in the global hydrogen fuel cell market. HD Korea Shipbuilding & Offshore Engineering (HD KSOE) is the marine and offshore holding company under the HD Hyundai group.

Founded in 2012 and based in Espoo, Finland, Convion specializes in high-temperature fuel cell and electrolyser systems using solid oxide cell technology. Their solid oxide cell technologies—SOFC (Solid Oxide Fuel Cells) and SOEC (Solid Oxide Electrolysis Cells)—play a crucial role in the deep decarbonization of industries and energy systems. Convion’s advanced, proprietary technology offers flexibility in cell stack and fuel options without sacrificing efficiency, and provides a scalable solution to meet industrial demands.

Convion CEO and co-founder Erkko Fontell stated, “Today is a significant milestone for Convion as we advance our next-generation energy conversion systems. This investment highlights our commitment to innovation and our focus on the commercial and industrial sectors. We owe this achievement to the visionary and entrepreneurial support of Convion’s shareholders, particularly VNT Management Oy.”

The global outlook for hydrogen fuel cell and electrolysis technologies is promising. Initially, significant growth is expected in stationary power generation markets, with subsequent expansion anticipated in electrolysis and marine fuel cell sectors.

“By merging the strengths of Convion and HD Hydrogen, we are forming one of the world’s leading entities in the fuel cell and electrolysis markets,” Erkko Fontell continues. He adds, “HD KSOE’s commitment establishes a solid foundation for the industrialization of our innovative technology.”

Founded in 2012, Convion Ltd. is a forefront developer in fuel cell technology, specializing in solid oxide fuel cells (SOFC) for distributed power generation and electrolysis systems for industrial hydrogen production. The company’s innovative products are built on a patented, stack-agnostic technology platform, ensuring superior energy efficiency, reliability, and operational flexibility. Convion’s advanced solid oxide cell (SOC) technology allows for versatile applications, supporting a wide range of energy needs. By enabling its customers to decarbonize their operations, Convion plays a vital role in advancing the sustainable energy transition, contributing to a greener and more efficient future for energy production and consumption.