PVTIME – HD Hydrogen, the fuel-cell subsidiary of the HD Hyundai Group, is pursuing a major fundraising round of KRW 4 trillion, which, according to investment banking sources cited on 21 October 2026, would be one of the largest single capital raisings within South Korea’s hydrogen equipment sector.
HD Hydrogen, which is wholly owned by HD Korea Shipbuilding & Offshore Engineering, intends to raise fresh capital via mezzanine instruments, including redeemable convertible preferred shares and convertible bonds. Rather than existing share disposals, the financing will draw new funds, with proceeds earmarked for research and development, as well as scaling up its solid-oxide fuel-cell manufacturing capacity.
South Korea’s National Growth Fund is set to review a proposed investment in the business before the end of October. Under the proposed framework, KRW 2,000 billion would come from the Strategic Advanced Industries Fund, with a further KRW 2,000 billion to be matched by private-sector investors. Should the proposal be approved, public-private capital will support HD Hydrogen’s broader corporate roadmap.
Founded in 2024, HD Hydrogen acquired the Finnish fuel-cell specialist Convion in the same year and completed its domestic SOFC mass-production infrastructure in August 2026. Its fuel-cell hardware is intended for deployment across HD Hyundai’s affiliates, including marine vessels and construction machinery, in order to unlock cross-group industrial synergies. Parent company HD Hyundai has set the strategic goal of establishing a comprehensive in-house hydrogen value chain by 2030.
Market observers view the planned financing as a sign of state-backed momentum for South Korea’s national hydrogen industrial strategy. However, no binding investment commitments have been finalised ahead of the fund’s formal review procedures.
