Elcogen has announced Korea Shipbuilding & Offshore Engineering (KSOE) has signed a strategic investment in the company of €45m ($47.7m) into its hydrogen production technology.
Based in South Korea and a member of the HD Hyundai Group, KSOE investments will be subject to Elcogen obtaining the approval of its shareholders to the issue of the new shares to KSOE.
HD Hyundai and Elcogen will further strengthen collaborations, with a focus on marine propulsion systems and stationary power generation based on Elcogen’s solid oxide fuel cell (SOFC) and green hydrogen production based solid oxide electrolyser cell (SOEC) technology.
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