South Korean dual-fuel engine manufacturer is actively expanding its business footprint in the electric propulsion solutions sector through strategic acquisitions, further strengthening its strategic positioning in low-emission and zero-emission technologies.
Hanwha Engine, a subsidiary of the Hanwha Group, recently reached an agreement with Longship Fund II, a fund managed by Norwegian private equity firm Longship, to acquire SEAM, a Norwegian electric propulsion technology company. The deal, valued at approximately NOK 2 billion, is subject to approval from the Norwegian Competition Authority.
Under the agreement, Hanwha Engine plans to integrate its existing dual-fuel engine technology with SEAM’s electric propulsion and power automation technologies to further expand Hanwha Engine’s propulsion system portfolio. SEAM’s core business includes supplying energy storage systems, control systems, and motor integration solutions for electric vessels, holding a 40% market share in Norway for these related operations.
Through this acquisition, Hanwha Engine will leverage its new European market presence to provide dual-fuel engine solutions for medium-to-large vessels and electric and hybrid propulsion system solutions for small-to-medium vessels. Currently, Hanwha Engine holds a significant market position in marine batteries, fuel cell systems, and both newbuild and retrofit applications for existing vessels.
It is understood that Hanwha Engine was formerly known as HSD Engine, the world’s second-largest manufacturer of marine low-speed main engines, established in 1983. Hanwha Group signed an acquisition agreement with HSD Engine in February 2023, completed the acquisition in February 2024, and renamed the company Hanwha Engine.