Espoo, Finland, 26 August, 2024
HD Korea Shipbuilding & Offshore Engineering subsidiary HD Hydrogen invests 72 million euros to acquire a majority stake in Convion Oy, a leading fuel cell technology company from Finland. 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, 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.
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. 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 hydrogen 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.” continues Erkko Fontell, adding that “This commitment by HD KSOE lays a foundation to industrialization of our innovative technology.”
Enquiries:
Erkko Fontell, Co-Founder, CEO,
erkko.fontell@convion.fi, +358-40-7544389
About Convion:
Established in 2012, Convion Ltd. is a leading fuel cell system developer commercializing solid oxide fuel cell systems for distributed power generation and electrolysis systems for industrial hydrogen production. Convion’s products are built on a patented, stack-agnostic technology platform based on solid oxide cells (SOC), and designed for premium energy efficiency, reliability and operational flexibility. By providing its customers with means to decarbonize their operations, Convion supports sustainable energy transition.
* SOFC (Solid Oxide Fuel Cell) ** SOEC (Solid Oxide Electrolyser Cell)