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Biz News Korea(Eng)
Korea’s Doosan buoyant on fuel cell business for future growth
- Collected
- 2016.05.20
- Distributed
- 2016.05.27
- Source
- Go Direct
이미지 확대The group will accelerate spending to complete a fuel cell production plant in Iksan, Jeollabuk-do Province, Korea by October this year and bolster output capacity at its factory in Connecticut, U.S. for the goal, a group official said on Thursday.
The group pledged 73 billion won in the field - 40.6 billion to build factory in Iksan, 12.5 billion won to expand factory in the U.S. and 19.9 billion won in research and development. Once completed in October this year, the Iksan plant will be equipped with annual capacity between 60- and 70-megawatt fuel cells, similar to its U.S. factory output.
Doosan ventured into the fuel cell business in 2014 after it took over U.S-based leading fuel cell provider ClearEdge Power and local battery maker Fuel Cell Power Co.
Last year, it raked in its first operating income of 5.5 billion won ($4.6 million) from the sector, reversing from loss of 16.6 billion in 2014. Sales in the first year that totaled 22.2 billion won jumped to 168.4 billion won last year. The company targets sales of 408 billion won this year and 1.2 trillion won by 2019.
“The company obtained fuel cell orders worth 580 billion won last year, and expects the orders to increase continuously,” said the Doosan official. Global fuel cell market is expected to grow by 23 percent on average over the next few years.
Fuel cells are used to power vehicles, reactors, and for home use.
By Park Yong-beom
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