Acquisition of Norwegian Power and Automation Systems Company
Deal Worth 289 Billion Won Secures Electric Propulsion Portfolio
Transitioning Beyond Internal Combustion to Become an "Integrated Propulsion Solution Provider"
Hanwha Engine has become the first Korean company to enter the Northern European market for electric propulsion systems for ships.
On December 19, Hanwha Engine announced that it had signed a contract to acquire 100% of the shares in SEAM, a Norwegian company specializing in electric propulsion and power and automation systems. The deal, conducted solely by Hanwha Engine, is valued at approximately 2 billion Norwegian Krone (about 289 billion won).
SEAM is a Norway-based company specializing in the integration of electric propulsion systems. It supplies energy storage systems (ESS), motors, and the software that controls them as a complete package for electric-powered ships. SEAM holds about a 40% market share in Norway, where the adoption of electric propulsion vessels is most active.
Through this acquisition, Hanwha Engine plans to expand its lineup of propulsion solutions by adding electric propulsion systems to its existing internal combustion engine-focused business structure, providing solutions tailored to the size and operational characteristics of ships. For medium and large vessels, the company will apply dual-fuel engines, while for small and medium-sized ships, it will introduce electric and hybrid systems. This strategy aims to transform Hanwha Engine into an "integrated propulsion solution provider" in response to strengthening environmental regulations.
Kim Jongseo, CEO of Hanwha Engine, stated, "SEAM is a company with differentiated systems in the fields of electric propulsion, power, and automation. Through this acquisition, we will expand the scope of Hanwha Engine's marine propulsion solutions and further accelerate our response to the future eco-friendly ship market."
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