Hanwha Engine finalises deal for electric propulsion specialists SEAM

Hanwha Engine, a division of South Korean conglomerate Hanwha Group, has finalised its acquisition of Norway-based maritime electric propulsion and system integration specialist SEAM.

Hanwha Engine struck the US$197M deal to acquire SEAM from Longship Fund II, a fund managed by the Norwegian private equity firm Longship, in December 2025. 

"The acquisition marks the start of a codevelopment process aimed at building a strong, unified organisation with expanded global reach and a broader technology portfolio," Hanwha said.

Hanwha said it plans to expand the business and merge it with Austevoll Elektro, a similarly positioned maritime electrical services and systems provider that SEAM acquired in December 2024.

With the merger and acquisition, Hanwha Engine intends to expand its propulsion portfolio, combining its existing dual-fuel engine technology with SEAM’s electric propulsion and power automation technologies. The Norwegian company supplies energy storage systems, control systems and motors as complete packages for electric-powered vessels. It holds a 40% market share in the sector in Norway, which is a global leader in the adoption of marine electric and hybrid-battery propulsion technology.

With this new foothold in Europe, Hanwha Engine, part of the Hanwha Group, would be able to offer dual-fuel engine solutions for mid- to large-sized vessels, and electric and hybrid propulsion system solutions for small- to mid-sized vessels. The group already holds strong positions in maritime batteries and fuel-cell systems for both newbuildings and ship retrofits.

“We have built SEAM into a top international player in maritime decarbonisation. 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”, SEAM chief executive Gunvald Mortvedt said. 

According to Hanwha, engineering, production, and customer support will continue to be based in Norway, which remains the operational and technological centre of the combined organisation.

"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," Hanwha said.