Hanwha Engine is a subsidiary of Hanwha Group - one of South Korea's largest industrial conglomerates, with operations spanning shipbuilding, defense, aerospace, and energy. Through subsidiaries such as Hanwha Ocean and Hanwha Engine, the group has established itself as a global player in the transition to cleaner shipping.
Hanwha Engine is particularly recognized for being the first in the world to commercialize dual-fuel engines for low-speed vessels, and was integrated into the Hanwha Group in 2024.
With the acquisition of SEAM, Hanwha Engine completes its product portfolio by adding electric propulsion and power automation – technologies that are increasingly in demand as international environmental requirements continue to tighten.
SEAM brings a strong presence in the Norwegian market, which is recognized as one of the world's most active markets for electric vessels.
The acquisition marks the startof a co-development process aimed at building a strong, unified organization with expanded global reach and a broader technology portfolio.
“We have built SEAM into a top international player in maritime decarbonization. Hanwha is the right owner at the right time, and together we have the potential to strengthen our technology and capabilities, and build a solid foundation for long-term growth”, says Gunvald Mortvedt, CEO of SEAM, of which Austevoll Elektro now will be merged with.
Hanwha acquired SEAM for the world-class expertise and capabilities the Norwegian team has developed. Engineering, production, and customer support will continue to be based in Norway, which remains the operational and technological powerhouse of the combined organization.
For customers, day-to-day operations remain unchanged. They can expect the same teams, the same focus on excellent service, and the same close partnerships – while gaining access to a broader technology portfolio through Hanwha´s maritime technology.
“SEAM's expertise in electric propulsion, power, and automation compliments our portfolio. Together, we will offer a comprehensive range of propulsion solutions, from dual-fuel to electric and hybrid, tailored to a wide range of vessel types and operational profiles”, says Jongseo Kim, CEO of Hanwha Engine.
The acquisition gives SEAM the global scale and market presence needed to expand into new geographies, including the U.S. and Asia, unlocking significant new growth opportunities for both companies.
