Hanwha Engine has signed an agreement to acquire 100% of the shares of Norway-based SEAM, a provider of electric propulsion and power automation systems, as the company moves to expand its eco-friendly marine propulsion offering.
Signed on 19 December and valued at approximately $195 million, the agreement is described by Hanwha Engine as making it the first Korean company to enter the Northern European marine electric propulsion market.
Jong Seo Kim, CEO of Hanwha Engine, said the acquisition broadens the company’s propulsion portfolio and strengthens its ability to serve markets shaped by evolving environmental standards and customer needs. He added that SEAM’s expertise in electric propulsion and power automation is expected to support that direction.
Through the acquisition, Hanwha Engine aims to integrate its internal combustion engine manufacturing capabilities with SEAM’s electric propulsion solutions. The company plans to apply dual-fuel engines to mid- to large-sized vessels while offering electric and hybrid propulsion systems for small- to mid-sized vessels, supporting its transition toward an integrated propulsion solution provider across vessel types and operating profiles.
Headquartered in Norway, SEAM supplies low- and zero-emission automation and propulsion systems for the maritime sector. Its portfolio includes energy storage systems, electric motors, and proprietary software for power management and automation. The company holds approximately 40% market share in Norway and is recognised in the European maritime market for electric propulsion and system integration capabilities.
By leveraging SEAM’s market presence, Hanwha Engine expects to expand its newbuild and aftermarket businesses in Europe’s clean vessel market.
