A subsidiary of HD Hyundai Group, Korea Shipbuilding & Offshore Engineering Co., Ltd. (KSOE), has signed a strategic investment of EUR45 million (US$47.6m) in a UK-based solid oxide fuel cell developer and manufacturer, 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.

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 SOFC and green hydrogen production-based solid oxide electrolyser cell (SOEC) 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. KSOE and Elcogen also intend to work together to manufacture systems in South Korea, and further strengthen the companies collaboration in SOFC and SOEC technology.