On June 26, HD Hyundai Group, together with its shipbuilding subsidiaries HD Korea Shipbuilding & Offshore Engineering (HD KSOE) and HD Hyundai Heavy Industries, as well as its hydrogen fuel cell subsidiary HD Hydrogen, signed a Memorandum of Understanding (MOU) with South Korea’s largest shipping company HMM and the Korean Register of Shipping (KR) for the development of zero-carbon maritime technology based on marine solid oxide fuel cells (SOFC). Under the agreement, the parties will begin by developing container ships equipped with eco-friendly and high-efficiency SOFCs, gradually advancing to SOFCs powered by ammonia fuel and onboard carbon capture (OCCS) systems, thereby establishing a technology roadmap to achieve “Net-Zero” in the maritime sector.
HD Hyundai Group stated that its strategy is to contribute to zero-carbon emissions in the shipping industry by developing carbon-reducing container ships equipped with marine SOFCs, continuously advancing the commercialization of fuel cell technology, and taking a leading role in the global maritime industry’s green transition.
According to the agreement, the collaboration will leverage HD Hydrogen’s SOFC technology, with HD KSOE and HD Hyundai Heavy Industries responsible for developing low-carbon vessels utilizing SOFC technology. The Korean Register of Shipping will oversee the certification and validation of related technologies, while HMM will provide real-world sailing environments for technology verification and confirm the effectiveness of the technology through the deployment of test vessels.
Marine fuel cells are highly efficient power sources that generate electricity using hydrogen, LNG, and other fuels. They can replace not only traditional ship generators but also main engines, improving energy efficiency through energy management systems (EMS). Compared to conventional marine engines, SOFCs can increase power generation efficiency by approximately 40%, significantly reducing emissions of pollutants such as sulfur oxides (SOx) and nitrogen oxides (NOx), as well as greenhouse gases, making them a core technology for the era of eco-friendly shipping. Additionally, SOFCs offer higher efficiency than traditional generators, meeting both environmental and economic requirements for maritime operations.
Since establishing its Fuel Cell Research Institute in 2018, HD Hyundai Group has been accelerating the development of SOFC technology. In August 2024, to formally advance hydrogen fuel cell development, HD KSOE invested 140 billion KRW (approximately $105 million) to establish HD Hydrogen, strengthening its business foundation. It is reported that HD Hydrogen’s Pyeongtaek SOFC production facility is set to be completed in the second half of this year.
An HD Hydrogen representative stated, “With the International Maritime Organization’s (IMO) carbon pricing agreement for the global shipping industry, demand for carbon neutrality among maritime companies is growing. Leveraging HD Hydrogen’s technological expertise and experience, we are taking the first step toward introducing eco-friendly and high-efficiency SOFC power generation systems into the maritime market.”
Industry experts in South Korea highlight the vast market potential for SOFCs. According to global market research and consulting firm Grand View Research, driven by increasing demand and investment in clean energy, the global SOFC market is projected to reach approximately $7.124 billion by 2030, with an annual growth rate of 40.7%.
Just one week before this agreement, on June 19, HD Hyundai Group announced that its shipbuilding holding company HD KSOE, along with its HD Europe R&D Center and HD Hydrogen, signed a Joint Development Project (JDP) agreement with DNV and German cruise operator TUI Cruises for SOFC systems applied to cruise ships. This initiative aims to capture the European market, which has stringent environmental regulations and high demand for cruise ships, ensuring competitiveness in the global market.
