[Splash/ October 13, 2023] Korea Shipbuilding & Offshore Engineering(KSOE), a member of HD Hyundai Group, has invested $48m in fuel cell developer Elcogen.

HD Hyundai’s investment follows an extensive period of testing the full range of technology available in the market, following which an R&D collaboration agreement was signed with Elcogen in January 2023, which was focused on further testing of Elcogen’s technology and development of systems.

Following this investment, HD Hyundai and Elcogen intend to further strengthen their collaboration with a focus on marine propulsion systems and stationary power generation based on Elcogen’s proprietary solid oxide fuel cell and green hydrogen production based Elcogen’s solid oxide electrolyser cell technology. This investment will be used to expand Elcogen’s manufacturing capacity as it continues to build the company’s new factory facility in Tallinn, Estonia, with a manufacturing capacity of up to 360MW to meet increasing demand for its products.

In a release HD Hyundai, South Korea’s largest shipbuilding group, said the investment forms another step in realising its vision for the next generation of marine propulsion.

Enn Õunpuu, CEO of Elcogen, said: “There is a huge amount of pressure for heavy industries to decarbonise and meet net zero targets, not least maritime transport. We are delighted that HD Hyundai has built upon our strategic partnership to invest directly into Elcogen, recognising the key role our proprietary solid oxide technology will have in leading the world to net zero, providing a clear and external validation of Elcogen.”