South Korea's Doosan Fuel Cell Secures Major Contract for Hydrogen Fuel Cell Maintenance
Key Ideas
  • Doosan Fuel Cell has secured a 100 billion won contract for maintaining a 40MW hydrogen fuel cell system with UH Power, extending through 2046.
  • The company also signed a separate deal valued at 140 billion won to supply over 100 units of its 400kW hydrogen fuel cells.
  • South Korea's government's focus on the hydrogen economy, highlighted by the Clean Hydrogen Production Standard, has led to rapid growth for Doosan Fuel Cell.
  • With a substantial increase in sales and promising future revenue recognition from hydrogen fuel cell contracts, Doosan Fuel Cell anticipates further improvement in performance.
South Korea's Doosan Fuel Cell has announced a significant contract worth 100 billion won for the maintenance of a 40-megawatt hydrogen fuel cell system with domestic firm UH Power. This long-term service agreement extends until 2046, covering all maintenance and service operations. In addition, the company recently signed a separate deal valued at 140 billion won to provide more than 100 units of its 400-kilowatt hydrogen fuel cells. The South Korean government's efforts to promote the hydrogen economy, including the introduction of the Clean Hydrogen Production Standard, have created a favorable environment for companies like Doosan Fuel Cell. These initiatives have led to substantial growth for the company, with a 75.9% increase in sales year-on-year in the second quarter. As the hydrogen fuel cell contracts signed in the previous year start contributing to revenue in the second half of this year, Doosan Fuel Cell anticipates a further boost in its performance.
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