Hanwha Group acquires Seam

Hanwha Group has finalized its acquisition of Seam, a Norwegian specialist in low- and zero-emission systems for marine applications, in a transaction valued at $195 million. Announced by the companies, this acquisition allows Hanwha to enhance its capabilities in the marine sector, particularly in sustainable propulsion technologies.

The acquisition deal, initially signed on December 19, 2025, integrates Hanwha's internal combustion engine production expertise with Seam's electric propulsion technologies. Hanwha aims to leverage this integration to offer dual-fuel propulsion systems for medium to large vessels and electric or hybrid solutions for smaller ones. This strategic combination underscores Hanwha's commitment to expanding its product suite in the maritime decarbonization landscape.

Seam holds approximately 40% of the Norwegian market for electric vessels. The company will continue its operations based in Norway, maintaining its engineering, production, and customer support departments locally. As part of the acquisition, Seam will also integrate an electrical services and system supplier it acquired in 2024. The move is expected to help Seam penetrate new geographic markets, including the U.S. and Asia, further amplifying its offerings in energy storage systems, electric motors, and specialized power management and automation software.

For Hanwha, acquiring Seam aligns with its broader strategy to enhance its foothold in the marine sector while strengthening its sustainability credentials. According to Jongseo Kim, CEO of Hanwha Engine, Seam's expertise complements Hanwha's portfolio, enabling them to provide a diverse array of propulsion solutions tailored to various vessel types and operational profiles.

The acquisition positions Hanwha to compete more robustly in the rapidly evolving marine industry, as the sector pushes for decarbonization and more sustainable industrial practices. Competitors in the marine propulsion space may need to recalibrate their strategies to address Hanwha's enhanced market position and expanded technological capabilities.

As Hanwha integrates Seam into its operations, attention will turn to how the South Korean conglomerate navigates regulatory landscapes in new markets and captures growth opportunities in both mature and emerging marine sectors. The focus will likely remain on fully realizing the synergies between their combustion and electric propulsion technologies to set new standards in marine propulsion efficiency and sustainability.