“This transaction marks a milestone in the fuel cell space, setting up Convion to become the global standard of system design. Working closely with innovative players to reshape the sustainability sector is at the heart of what we do. It has been an honour to work with such a strong management team, advising them over several years as they have grown Convion’s business, and we are thrilled to have been an integral part in unlocking such an impressive strategic partnership.”
Andre Shortell
Co-Founder, Managing Partner at Pantokrator
Press releases
Access the official press releases by both parties announcing the M&A deal.
“Pantokrator’s expert guidance was instrumental in balancing shareholder needs and securing growth capital. Acting as our exclusive financial adviser, their personalised hands-on approach was fundamental in delivering a successful outcome. This investment provides Convion both the resources and world-class partnership to become the leader in solid oxide fuel cell systems.”
Erkko Fontell
CEO at Convion
"Along with hydrogen fuel cell and water electrolysis technologies, HD Hyundai is also working on developing small modular reactors (SMRs) and other future energy sources. With technologies for the world's cleanest energy sources, we plan to become the frontrunner in building a sustainable future for humanity."
Hyundai Spokesperson
Pantokrator acted as exclusive financial adviser to Convion on its sale to HD Hyundai
London, United Kingdom - 26 August 2024
M&A
Deal Type
Storage
Sector
€72m
Deal Size
Finland
Geography
Pantokrator acted as exclusive financial adviser to Convion Oy (“Convion”) on its sale to HD Hyundai. Convion is a leading fuel cell system developer, commercialising solid oxide fuel cell systems for distributed power generation and green hydrogen production. Convion’s proven, proprietary system technology facilitates stack and fuel flexibility with no compromise in efficiency whilst providing a scalable approach to meet industrial demand.
Enquiries
Andre Shortell, Managing Partner, andre.shortell@pantokratorltd.com
Alex Moody, Vice President, alex.moody@pantokratorltd.com
Victor Ghitescu, Analyst, victor.ghitescu@pantokratorltd.com
About Pantokrator
Pantokrator provides M&A and capital advisory services to high growth companies in Sustainability. Over 15 years of experience gives us the advantage to spot key areas of future demand and innovation. We leverage this insight for our clients helping them to develop robust and future proof businesses, focused on providing a more sustainable world. We have rich industry experience in Circular Economy, Fuel Cells & H2, Long Duration Energy Storage, New Mobility and Energy Tech.
About Convion
Convion is a leading fuel cell system developer commercialising solid oxide fuel cell systems for distributed power generation in industrial and commercial applications. Our products are designed for premium energy efficiency, reliability and operational flexibility. Convion provides its customers with sustainable power generation solutions for power security, energy independence and unparalleled fuel economy. Convion’s mission is to support sustainable energy transition with high temperature electrochemical solutions based on solid oxide cell (SOC) technology. For more information, visit: https://convion.fi/