Hanwha Engine has acquired Norway's SEAM for approximately $195 million, marking its entry into the Northern European marine electric propulsion market.

Information on the Target

Hanwha Engine has entered into a definitive agreement to acquire 100% of SEAM, a Norwegian company specializing in electric propulsion and power automation systems for marine applications. This acquisition, valued at approximately $195 million, marks a strategic milestone for Hanwha Engine as it becomes the first Korean entity to venture into the Northern European marine electric propulsion sector. The expertise that SEAM brings, especially in low- and zero-emission technology, is critical for Hanwha Engine as it seeks to enhance its clean marine propulsion portfolio.

SEAM is recognized as a leader in the maritime sector, holding around a 40% market share in Norway and a respected position in the broader European market for its innovative solutions. The company’s offerings include advanced energy storage systems (ESS), electric motors, and proprietary software for power management and automation.

Industry Overview in Norway

Norway is increasingly recognized as a global frontrunner in electric marine technology, supported by governmental policies aimed at reducing emissions and promoting sustainability in maritime operations. The Norwegian maritime industry is undergoing a sign