HD Hyundai’s Strategic Shift to Hydrogen Fuel Cells in Shipping Industry

HD Hyundai is ramping up its focus on hydrogen fuel cells, aiming to solidify its position in the shipping industry. The company is establishing a new division, HD Hydrogen, and has acquired a majority stake in a Finnish company specializing in this emerging technology. They believe in the promising global market outlook for hydrogen fuel cells and electrolysis technologies, with initial growth expected in stationary power generation markets followed by electrolysis and the marine fuel cell market.

Hydrogen fuel cells have shown early promise, particularly in applications like cruise ships. Companies like MSC Cruises, Viking, and Silversea Cruises have experimented with these systems on their newbuild cruise ships. Shipyards such as Fincantieri are also working on incorporating hydrogen fuel cells into their vessels. One early application is using hydrogen fuel cells to power cruise ships while they are in ports, as an alternative to shore power.

In addition to acquiring Convion, a Finnish company specializing in solid oxide fuel cell systems, HD Hyundai has also invested in Elcogen, an Estonian company producing core components and stacks for SOFC applications. Convion will focus on technology development and marketing in Europe, while HD Hydrogen plans to expand globally and HD KSOE will focus on applications for shipping. This move is part of HD Hyundai’s broader strategy to develop future energy sources, including small modular nuclear reactors, with the goal of becoming a leader in green shipbuilding.

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