Korea Shipbuilding & Offshore Engineering Advances Development of Fire- and Explosion-Free Electric Propulsion Ships

Business Agreement with 'Standard Energy' for Vanadium Ion Battery Development
Twice the Output and Four Times the Lifespan Compared to Lithium Ion Batteries

[Asia Economy Reporter Jeong Dong-hoon] Korea Shipbuilding & Offshore Engineering, the intermediate holding company for shipbuilding under Hyundai Heavy Industries Group, is embarking on the development of next-generation electric propulsion vessels using batteries that pose no fire or explosion risks.

On the 27th, Korea Shipbuilding & Offshore Engineering announced that it signed a Memorandum of Understanding (MOU) with Standard Energy, the world’s first developer of vanadium-ion batteries, at First Tower in Bundang-gu, Seongnam-si, Gyeonggi-do, to collaborate on the "Development of Next-Generation Shipboard ESS Solutions Based on Vanadium-Ion Batteries." Key representatives from both companies attended the signing ceremony, including Kim Seong-jun, Head of the Future Technology Research Institute at Korea Shipbuilding & Offshore Engineering, and Kim Bu-gi, CEO of Standard Energy.

Through this agreement, both parties will cooperate on ▲ developing and commercializing high-stability shipboard ESS solutions based on vanadium-ion batteries ▲ conducting maritime demonstrations on small vessels ▲ obtaining class certification and easing classification society regulations ▲ and developing next-generation vessels such as electric propulsion ships and power transport vessels. Korea Shipbuilding & Offshore Engineering will design and apply ESS optimized for ships, while Standard Energy will manufacture and supply vanadium-ion batteries.

Vanadium-ion batteries use an electrolyte primarily composed of water, fundamentally eliminating fire and explosion risks. They are also characterized by minimal heat generation from external impacts. Additionally, their output is nearly twice that of lithium-ion batteries, their lifespan is more than four times longer, and they exhibit almost no performance degradation even after repeated charging and discharging, offering high stability and excellent durability.

Currently, lithium-ion batteries are generally used in vessels equipped with ESS such as electric/hybrid propulsion ships. While lithium-ion batteries are easy to miniaturize, their volatile electrolytes expose them to fire and explosion hazards.

Korea Shipbuilding & Offshore Engineering plans to collaborate with Standard Energy to develop a MW-class ESS solution for ships based on vanadium-ion batteries by the first half of next year, conduct maritime demonstrations, pursue class approval, and complete the basic design of next-generation electric propulsion and power transport vessels.

Korea Shipbuilding & Offshore Engineering aims to secure market leadership in the rapidly growing electric propulsion vessel market by leveraging highly stable shipboard ESS. According to the global research firm IDTechEX, the global electric/hybrid propulsion vessel market is expected to grow at an average annual rate of 26% until 2029, reaching a market size of approximately 14 trillion KRW.

A representative from Korea Shipbuilding & Offshore Engineering stated, “The shipboard ESS we are developing this time poses no fire or explosion risks, making it suitable not only for electric and hybrid propulsion vessels but also for general commercial ships,” adding, “We will also accelerate the development of next-generation vessels such as power transport ships, where demand is expected to increase alongside the expansion of offshore wind power generation.”

This content was produced with the assistance of AI translation services.