Hyundai's shipbuilding arm has invested €45 million in HydrogenOne Capital Growth PLC (LSE:HGEN) portfolio company Elcogen, which makes solid oxide fuel cell and electrolyser technologies that allow energy to be produced from a variety of fuels.
The investment is being made by HD Hyundai's Korea Shipbuilding & Offshore Engineering Co following "extensive" testing of the full range of technology available in the market, but having also signed a research and development collaboration with Elcogen in January.
HydrogenOne said the deal validates its strategy to back pioneers in the hydrogen sector, with the fresh funds allocated to boost Elcogen's manufacturing capabilities, notably its new factory in Estonia that aims to meet rising demand for green hydrogen production technologies.
The flexibility of the solid oxide fuel cell and electrolyser technologies was said to be a major draw for Hyundai, which aims to develop it for both marine propulsion and stationary power.