On Oct. 11, HD Korea Shipbuilding & Offshore Engineering announced at Seoul Square a concluded investment agreement with the pioneering fuel cell company Elcogen AS. The agreement sees the shipbuilding giant investing a total of 45 million euros (US$48 million).

The event was graced by the presence of the President of HD Hyundai and Elcogen founder Enn Õunpuu. Notably, President Alar Karis of the Northern European nation of Estonia was also in attendance, congratulating both parties on their collaboration.

HD Korea Shipbuilding & Offshore Engineering aims to refine its solid oxide fuel cell (SOFC) systems through this investment. Once the system is finalized, the company plans to break into terrestrial power generation, ship propulsion systems development, and green hydrogen production through water electrolysis technology.

Furthermore, considerations are underway for establishing a joint venture within the country for fuel cell production, aiming to foster a tighter strategic alliance with Elcogen in the future.

Unlike traditional fuel cells, solid oxide fuel cells have the advantage of producing electrical energy not only from hydrogen but also from a diverse range of fuels such as natural gas, ammonia, methanol, and biofuels. This positions them as next-generation eco-friendly energy sources. Boasting high energy efficiency and the ability to utilize waste heat generated from high-temperature operations (600-1000°C), they are deemed suitable for ship engines and combined heat and power generation.

The President of HD Hyundai said, “The strategic collaboration between both companies will contribute to expanding the value chain of the future’s core energy sources.” He expressed optimism, stating, “This investment agreement lays the foundational stone for the sustainable future energy ecosystem that HD Hyundai envisions.”

Source: BusinessKorea