Hanwha Engine acquires Norway’s SEAM to expand eco-friendly marine propulsion solutions
Hanwha Engine enters electric and hybrid propulsion market as a full-systems solution provider
Hanwha Engine expands its clean marine propulsion portfolio
Hanwha Engine has signed an agreement to acquire 100% of the shares of SEAM, a Norway-based provider of electric propulsion and power automation systems. The agreement, signed on December 19, is valued at approximately $195 million and makes Hanwha Engine the first Korean company to enter the Northern European marine electric propulsion market.
“This acquisition enables us to broaden our propulsion portfolio and enhance our ability to serve future-oriented markets,” said Jong Seo Kim, CEO of Hanwha Engine. “SEAM has specialized expertise in electric propulsion and power automation systems, and together we will be well-positioned to respond to evolving environmental standards and customer needs.”
Through this acquisition, Hanwha Engine aims to integrate its existing expertise in internal combustion engine manufacturing with SEAM’s electric propulsion solutions. The company plans to expand its propulsion portfolio by applying dual-fuel engines to mid- to large-sized vessels, while offering electric and hybrid propulsion systems for small- to mid-sized vessels. This strategy supports Hanwha Engine’s transformation into an integrated propulsion solution provider that is capable of addressing increasingly stringent environmental regulations across vessel types and operating profiles.
SEAM, headquartered in Norway, is a leading international provider of low- and zero-emission automation and propulsion systems for the maritime sector. Its portfolio includes energy storage systems (ESS), electric motors, and proprietary software power management and automation. The company holds approximately 40% market share in Norway — one of the world’s most active markets for electric vessels — and is widely recognized in the European maritime market for its electric propulsion and system integration capabilities.
By leveraging SEAM’s established market presence, Hanwha Engine expects to expand its newbuild and aftermarket businesses in Europe’s rapidly growing clean vessel market.
Hanwha Engine
Established in 1983 and integrated into Hanwha Group in 2024, Hanwha Engine is a leading provider of ecofriendly marine engine solutions. The company pioneered the commercialization of the world’s first dual fuel low-speed engine and developed the first low-temperature selective catalytic reduction (SCR) system. Hanwha Engine produces high-efficiency, sustainable engines, including low-emission methanol and ammonia propulsion systems, and offers comprehensive lifecycle management through long-term service agreements and aftermarket support, ensuring safe and efficient vessel operations. As part of Hanwha Group, Hanwha Engine plays a key role in driving maritime decarbonization and delivering cutting-edge solutions to the global shipping industry.
For more information, visit: www.hanwha-engine.com
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