Doosan Fuel Cell Secures $73 Million Hydrogen Fuel Cell Contract

South Korea's Doosan Fuel Cell announced on Monday that it has secured a contract worth 100 billion won ($72.93 million) for the maintenance of hydrogen fuel cells. The long-term service agreement (LTSA) was signed with the domestic hydrogen power generation company UH Power for a 40-megawatt (MW) hydrogen fuel cell system, with the contract running through 2046 and covering all maintenance and service activities.

In December of last year, Doosan Fuel Cell entered into a separate agreement with UH Energy valued at 140 billion won to supply over 100 units of its 400-kilowatt (kW) hydrogen fuel cells.

The South Korean government has been actively fostering the hydrogen economy, implementing the Clean Hydrogen Production Standard (CHPS) in December 2022, which mandates that power generation companies produce electricity using hydrogen. Additionally, the country launched the world's first hydrogen power generation bidding market in June last year.

These efforts have significantly boosted Doosan Fuel Cell's growth. The company reported sales of 86.5 billion won in the second quarter, representing a 75.9% increase compared to the same period last year. Doosan Fuel Cell anticipates further improvements in its financial performance as the hydrogen fuel cell contracts signed last year start contributing to revenue in the latter half of this year.