Doosan Fuel Cell Closes Another Deal in S. Korea

Press release - Connecticut’s Doosan (000155.KS) Fuel Cell has finalized a partnership with Korea Western Power and Serveone, an LG affiliated company, to manufacture  11 fuel cells (five megawatts) in its South Windsor, Connecticut production facility. Once installed, the PureCell Model 400 power plants will generate clean electricity for nearly 3,000 homes in the Seoul suburb of Incheon.  This is the second major agreement that Doosan has announced with a Korean utility in the last two weeks.  

“Our significant recent growth in Korea, as well as in the U.S., is helping pave our path for expansion in the global fuel cell market,” says Doosan President and CEO Jeff Chung.  “Hydrogen-based fuel cell technology is beginning to receive worldwide acceptance as a cleaner, quieter, more efficient alternative to conventional fossil fuel-based generation.”  

The 11 power plants – which will occupy barely one-quarter acre, compared to solar panels requiring 38 acres to generate the same amount of electricity – will be installed at Korea Western Power’s new plant in the port city of Incheon and will be operational in April 2016. Following its recent deal with Korea Hydro & Nuclear Power (KHNP) , Korea’s largest utility, as well as earlier installations, Doosan will now be responsible for 129 fuel cell power plants that equate to 50 MW of power generation throughout Korea. One reason for the accelerated conversion to fuel cells that minimize greenhouse emissions is all utility companies in South Korea must adhere to renewable portfolio standards (similar to 29 U.S. states), which require clean energy integration throughout the country.