Doosan Fuel Cell Co., Ltd.
33626K.KS
Korea Exchange9,080.00
KRW
-800.00
- -
Doosan Fuel Cell Co., Ltd.
33626K.KS
(Korea Exchange)
Recent
price
9,080.00
P/E
ratio
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div
yld
- -
ROIC.AI
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- Business
- Doosan Fuel Cell Co., Ltd. develops and manufactures high-efficiency, environment-friendly fuel cell power generation systems, specializing in phosphoric acid fuel cells (PAFC) and solid oxide fuel cells (SOFC). Its core products include stationary fuel cell power plants that produce electricity and heat with high efficiency, hydrogen energy solutions such as the M400 hydrogen fuel cell, and advanced fuel cell stacks for stationary distributed power applications including data centers, district heating, and industrial heat supply. The company’s technology portfolio also encompasses proton exchange membrane fuel cells (PEMFC) focused on mobility applications like hydrogen-powered logistics drones and buses. Founded in 2019 and headquartered in Iksan, South Korea, Doosan Fuel Cell operates manufacturing facilities in Iksan and Gunsan, having expanded its PAFC production capacity to 275 MW annually in 2022 and launched a new 50 MW SOFC mass production factory in 2025. Its products support flexible fuel use, fast response to power demand, and combined heat and power supply with up to 90% efficiency, positioning it prominently in markets such as large-scale stationary power, AI data centers, maritime shipping, and hydrogen mobility. Recent major developments include a strategic pivot from reliance on PAFC technology towards diversified fuel cell technologies, notably through a significant ramp-up of SOFC production and commercialization starting mid-2025. The company has forged partnerships with Ceres Power for SOFC technology and with Ballard Power Systems for PEMFC systems, integrating these technologies under a corporate restructuring completed in late 2024 to accelerate growth in global high-efficiency stationary and mobility fuel cell sectors. Doosan Fuel Cell has also signed memorandums of understanding with regional energy firms to expand local energy business models and continue investing heavily in next-generation hydrogen fuel cell infrastructure and new market segments. This strategic transition follows setbacks like the cancellation of large PAFC contracts in 2025 but represents a deliberate growth-stage investment to capture emerging global hydrogen markets beyond South Korea. Doosan Fuel Cell’s diverse product portfolio spans large power plants, maritime applications, data centers, and logistics, with ongoing innovation in fuel flexibility, stack longevity, and power generation efficiency. The company maintains a leadership position in South Korea’s hydrogen fuel cell industry while actively expanding its global footprint through technology collaborations and facility expansions.