NEWS

HD Korea Shipbuilding & Offshore Engineering (HDKSOE) announced that it plans to invest 64 billion won to build a next-generation energy ecosystem, forming ties with a European clean energy tech firm.

As HD HYUNDAI’s major affiliate, the company envisions to advance its solid oxide fuel cell (SOFC) system technology, under the partnership with Elcogen AS, a leading company in fuel cells.

SOFC technology is expected to serve as a stepping stone for the production of green hydrogen, and the partnership aims to review a joint venture regarding green fuel cells.

“Strategic cooperation between the two companies will contribute to expanding the value chain of future core energy sources,” HD HYUNDAI CEO Chung Ki-sun said. “This investment contract is expected to become a cornerstone for us to realize the sustainable future energy ecosystem.”

Elcogen founder Enn Õunpuu said, “Elcogen’s unrivaled SOFC technology will play a significant role in boosting Green Ocean Transformation and carbon neutrality that HD HYUNDAI envisions.”

The SOFC technology can produce electrical energy from various fuels such as natural gas, ammonia, methanol, and biofuel as well as hydrogen. It has high energy efficiency and additionally produces heat energy during operation, making it suitable for ship engines and cogeneration.

The system may advance into onshore power generation, power generation and propulsion system for ships, and green hydrogen production through water electrolysis technology.