Seoul: Hanwha Engine Co. announced its strategic acquisition of Seam AS, a Norwegian company specializing in shipboard electric propulsion systems, marking a significant entry for the South Korean firm into the Northern European maritime technology market. This move positions Hanwha Engine as the first South Korean company to penetrate this sector in the region.

According to Yonhap News Agency, Hanwha Engine, a subsidiary of Hanwha Group, has reached an agreement to acquire the full stake in Seam for approximately 290 billion won (US$196.6 million). Seam, headquartered in Avaldsnes, Norway, is renowned for its development of zero-emission maritime solutions, including control software and energy storage systems (ESS) for ships.

Norway is recognized as a leading nation in the adoption of electric propulsion ships, with Seam commanding a significant 40 percent share of the country's maritime market. Hanwha Engine's acquisition of Seam is a strategic move to broaden its portfolio of maritime propulsion solutions and to meet the rising demand for eco-friendly vessels globally.