HD Korea Shipbuilding & Offshore Engineering invests 64 billion KRW in fuel cell company 'Elcogen'

Considering the Establishment of a Joint Venture Corporation

HD Korea Shipbuilding & Offshore, the intermediate holding company of HD Hyundai's shipbuilding and marine division, is expanding its investment in next-generation energy technologies to build an eco-friendly energy ecosystem.

On the 11th, HD Korea Shipbuilding & Offshore signed an investment agreement with fuel cell leader Elcogen AS at Seoul Square, agreeing to invest a total of 45 million euros (approximately 64 billion KRW).

Attendees included HD Hyundai President Jung Ki-sun and Elcogen founder Enn ?unpuu, with special attendance by Alar Karis, President of Estonia in Northern Europe, who celebrated the signing of the investment agreement.

Through this investment, HD Korea Shipbuilding & Offshore plans to advance large-capacity solid oxide fuel cell (SOFC) systems. Once completed, the system will enable full-scale entry into onshore power generation and ship power generation/propulsion system development, as well as green hydrogen production through commercialization of water electrolysis technology.

Additionally, the company plans to explore establishing a joint venture for fuel cell production domestically and aims to build a closer strategic partnership with Elcogen.

Solid oxide fuel cells are recognized as next-generation eco-friendly energy sources because, unlike conventional fuel cells, they can generate electrical energy from various fuels including hydrogen, natural gas, ammonia, methanol, and biofuels. They offer high energy efficiency and can utilize waste heat generated during high-temperature operation (600~1000℃), making them suitable for ship engines and combined heat and power generation.

Elcogen is a global specialized company manufacturing core components of solid oxide fuel cells, such as cells and stacks, established in 2001 in Estonia, Northern Europe. Elcogen’s fuel cell technology is regarded as the best among currently developed solid oxide fuel cells in terms of operating temperature and power density.

Jung Ki-sun, President of HD Hyundai, stated, “The strategic cooperation between the two companies will contribute to expanding the value chain of future core energy sources,” adding, “We expect this investment agreement to lay the foundation for realizing the sustainable future energy ecosystem envisioned by HD Hyundai.”

Enn ?unpuu, founder of Elcogen, said, “Elcogen’s unique solid oxide fuel cell technology can play a crucial role in HD Hyundai’s goals of Green Ocean Transformation and achieving carbon neutrality.”

Meanwhile, in November last year, HD Korea Shipbuilding & Offshore invested 30 million USD in TerraPower, a U.S. small modular reactor (SMR) company. Furthermore, it has established an independent SMR research team to accelerate the development of future nuclear-powered ships and is actively securing next-generation clean energy technologies.

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