Doosan Fuel Cell Sees Growth in Hydrogen Market with New Orders and Increased Performance
Key Ideas
- Doosan Fuel Cell, a subsidiary of Doosan Energy, continues to excel with new orders, especially in the hydrogen market driven by the Clean Hydrogen Power Compulsory System.
- The company has signed significant contracts, such as a 20-year LTSA for a 40MW fuel cell power plant with UH Power, showcasing its strong presence in the industry.
- Doosan Fuel Cell's performance in the second quarter of this year demonstrated substantial growth, with sales and operating profit increasing significantly compared to the previous year.
- The company is strategically positioning itself to secure a substantial share in upcoming hydrogen power generation markets, aiming for continued sales and profit growth in the future.
Doosan Fuel Cell, a subsidiary of Doosan Energy, has been making significant strides in the hydrogen fuel cell business for power generation, evidenced by a series of new orders and improved performance. The company recently secured a long-term maintenance contract (LTSA) with UH Power for a 40MW fuel cell power plant, adding to its portfolio of successful deals. With the hydrogen market expanding due to initiatives like the Clean Hydrogen Power Compulsory System, Doosan Fuel Cell's focus on fuel cell technology is proving to be lucrative.
The company's commitment to the hydrogen sector is further highlighted by previous contracts, including a 10-year LTSA with Korea Heavy Power Co. in 2022 and agreements for supplying fuel cell systems to various power plants. Doosan Fuel Cell's expertise in eco-friendly hydrogen power generation is recognized for its ability to provide electricity, heating, and hot water efficiently.
Doosan Group's strategic entry into the fuel cell market a decade ago is now paying off, with Doosan Fuel Cell's recent performance showing remarkable growth in sales and operating profit. The company's success in winning bids and securing projects under initiatives like the Renewable Energy Supply Mandatory System (RPS) and CHPS has contributed to its financial improvements.
Looking ahead, Doosan Fuel Cell is poised to capitalize on the expanding hydrogen power generation market by aiming for increased orders and market share. The company is actively participating in bidding for both the general hydrogen power generation market and the clean hydrogen power generation market, with plans to secure a substantial portion of the market share.
The article also discusses the upcoming announcements by the Korea Power Exchange regarding the preferred bidder for the general hydrogen power generation market and the clean hydrogen power generation market, which will further impact Doosan Fuel Cell's future contracts. With expectations of continued growth and success in the hydrogen sector, Doosan Fuel Cell is set to play a significant role in the evolving landscape of eco-friendly power generation.