Doosan Fuel Cell

What Doosan Fuel Cell does

Doosan Fuel Cell Co., Ltd. (KRX:336260) is a South Korean manufacturer of stationary fuel cell power generation systems, headquartered in Iksan (manufacturing) and Seoul (corporate). Spun off from Doosan Corporation in October 2019 and listed on the Korea Exchange, the company is majority-affiliated with Doosan Enerbility (35% ownership) and has a market capitalization of approximately ₩2.4 trillion (~USD 1.8 billion) as of February 2026. The company manufactures Phosphoric Acid Fuel Cell (PAFC) systems under the PureCell brand — including the 440kW M400 NG, M400 Hydrogen, and M400 LPG models — alongside Solid Oxide Fuel Cell (SOFC) technology (mass-produced under license from Ceres Power at 50MW annual capacity) and Proton Exchange Membrane Water Electrolyzer (PEMWE) systems for hydrogen production.

The company's product portfolio targets combined heat and power (CHP) applications for utilities, industrial facilities, residential complexes, commercial buildings, data centers, and maritime vessels. Core differentiators include fuel flexibility (hydrogen, natural gas, LPG, biogas), Korea's first carbon capture integration for hydrogen fuel cells (>90% CO2 capture in partnership with KHNP), the world's first LPG-NG dual model, and tri-gen systems producing electricity, heat, and hydrogen simultaneously. The company operates a stack manufacturing facility in Iksan (ISO 14001 and ISO 45001 certified) and has established a China joint venture with ZKRG to support its 105MW export contract.

Doosan Fuel Cell generates revenue through a mix of one-time fuel cell system sales, 20-year Long-Term Service Agreements (LTSA) providing recurring service revenue, volume-based royalties from Ceres SOFC production, and international hardware exports. GTM is primarily B2B enterprise field sales supplemented by strategic technology partnerships (Ceres Power, Ballard Power) and international channel partnerships in China, Australia, and the Middle East. Major deployments include the world's largest hydrogen fuel cell power plant at Shinincheon Bitdream (serving 250,000 households), the 100MW Chuncheon project, and the first Korean hydrogen fuel cell export to Nanhai, China. The company has recently pivoted toward AI data center power solutions through MOUs with SK Ecoplant, Hyosung Heavy Industries, HD Hydrogen, and HD Hyundai Infracore.

Name

Doosan Fuel Cell

Legal name

Doosan Fuel Cell Co., Ltd.

Website

https://doosanfuelcell.com

Company type

Public

Founded year

2019

Operating status

Operating

Headcount range

101–250 employees

Short description

Doosan Fuel Cell is a South Korean manufacturer of stationary PAFC, SOFC, and PEMWE fuel cell systems for utilities, industrial facilities, data centers, and maritime applications, generating revenue through hardware sales and 20-year service agreements with a ₩2.4 trillion market capitalization.

Ownership category

akta.pro rank

Product category

Stationary Fuel Cell Power Generation Systems

NAICS

Turbine and Turbine Generator Set Units Manufacturing (333611), Fossil Fuel Electric Power Generation (221112), Electric Power Generation (22111)

SIC

Motors & Generators (3621), Cogeneration Services & Small Power Producers (4991)

akta.pro primary industry

Fuel Cell Distributed Generation (Hydrogen/Natural Gas SOFC/PEM) (EUACALAK)

akta.pro secondary industries

Fuel Cell CHP (SOFC/PEM—Natural Gas/Biogas/Hydrogen) (EUACAKAG), Engine Generator & Microgrid Power Plant EPC (Diesel/Gas Recip) (EUAEAAAJ)

Keywords

• Fuel cell systems
• Stationary power generation
• Hydrogen energy solutions
• Combined heat power
• Solid oxide fuel cells

Headquarters

HQ city

Seoul

HQ country

South Korea

HQ region

Asia

Offices3 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Technology or R&D, Personnel, Infrastructure, Marketing or Sales

Revenue model

1. Fuel Cell Power Plant Equipment Sales: Direct sales of PAFC and SOFC fuel cell systems for stationary power generation, including turnkey power plant projects. Equipment ranges from 440kW individual units to multi-MW installations.
2. Long-Term Service Agreements (LTSA): Multi-year maintenance and service contracts typically spanning 20 years for fuel cell power plant operations, providing recurring revenue stream.
3. Export and International Projects: Export of fuel cell systems and components to international markets including China (105MW contract), with established joint ventures for local manufacturing.
4. Technology Licensing (Ceres Power Partnership): Volume-based royalty structure from mass production of SOFC stacks using Ceres' technology, positioning Doosan as a key manufacturing partner.

Go-to-market motion2 records

Distribution channels3 records

Marketing channels4 records

Core offering

Doosan Fuel Cell manufactures and sells stationary fuel cell power generation systems under the PureCell brand. The portfolio comprises Phosphoric Acid Fuel Cell (PAFC) M400 units (440kW each, running on natural gas, hydrogen, or LPG), Solid Oxide Fuel Cell (SOFC) stacks produced under license from Ceres Power, and Proton Exchange Membrane Water Electrolyzers (PEMWE) for green hydrogen production. Equipment is delivered as turnkey multi-MW power plant projects, supported by multi-year (typically 20-year) Long-Term Service Agreements.

Product overview

Doosan Fuel Cell is a fuel cell power generation company offering stationary fuel cell systems under the PureCell brand. The product portfolio consists of Phosphoric Acid Fuel Cell (PAFC) systems (M400 NG, M400 Hydrogen, M400 LPG models), Solid Oxide Fuel Cell (SOFC) technology, and Proton Exchange Membrane Water Electrolyzer (PEMWE) for hydrogen production. The company focuses on combined heat and power (CHP) applications, providing 24/7 renewable energy solutions for buildings, industrial facilities, data centers, and smart energy projects. Doosan also develops maritime fuel cell applications and carbon capture technology integration for hydrogen fuel cells.

Differentiator

Problem solved

Functional benefit

Brands

• Doosan PureCell: Brand name used for PureCell product line on the company website.

Products and services

• M400 NG (Phosphoric Acid Fuel Cell, Natural Gas)

Quantifiable outcome

• Power plants generating electricity for 250,000+ households and heat for 44,000+ households
• +3 more outcomes

Named customers6 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature7 records

Partnerships

20 partnerships are on record, tiered minor and core.

• LG ElectronicsminorStrategic or Co-development Partner · 10 February 2026Energy Efficiency Maximization Project utilizing clean heat sources from hydrogen fuel cells. Developing business model leveraging fuel cell waste heat to supply electricity and heating/cooling systems.
• HD Hydrogen and HD Hyundai InfracorecoreStrategic or Co-development Partner · 27 November 2025Development of next-generation distributed power solutions. Partnership focuses on hybrid system integrating hydrogen fuel cells with gas and hydrogen engines for enhanced power generation capabilities.
• SK Ecoplant and Hyosung Heavy IndustriescoreStrategic or Co-development Partner · 10 November 2025MOU signed to boost power solution business for data centers. Strategic alliance to address the surging AI data center power demand in Korea, combining fuel cell technology with power infrastructure expertise.
• Ceres PowercoreTechnology or Integration · 26 September 2025Strategic technology partnership for Solid Oxide Fuel Cell (SOFC) technology. Doosan became Ceres Power's first partner to enter mass production using their solid oxide technology in South Korea. Product generates 50MW of electrical power per year and is marketed initially within South Korea with plans for broader deployment. Partnership positions Doosan as a key manufacturing partner in Ceres' volume-based royalty structure.
• Seorabeol City Gas and GnC EnergyminorStrategic or Co-development Partner · 16 June 2025MOU on Energy Business Cooperation to Boost Regional Energy Welfare. Developing new business models to support energy self-sufficiency and drive orders through regional partnerships.
• Korea Electrical Safety CorporationminorStrategic or Co-development Partner · 14 May 2025MOU for joint cooperation to boost hydrogen economy and enhance fuel cell safety management. Focus on certification test standardization and technology support center operations.
• Shinsejong Bitdream Headquarter of KOSPO (Korea Southern Power) and Doosan EnerbilitycoreStrategic or Co-development Partner · 21 April 2025Technological Cooperation on Flexible Energy Resource Integration. Collaboration on Optimizing Combined Heat and Power (CHP) Plant Operations leveraging distributed generation capabilities.
• Samchully Co., LtdminorStrategic or Co-development Partner · 3 April 2025Partnership to expand domestic supply of low-to-mid temperature SOFCs for power generation. Leveraging core strengths of both companies to enhance business synergy in the Korean market.
• KHNP (Korea Hydro & Nuclear Power)coreStrategic or Co-development Partner · 14 March 2025Development of Korea's first carbon capture technology for hydrogen fuel cells. Partnership to capture over 90% of carbon dioxide, contributing to carbon neutrality goals. Collaboration with other partners for CCU technology.
• South Australian GovernmentminorStrategic or Co-development Partner · 9 February 2023Statement of Cooperation with South Australian government to foster hydrogen industry. Strategic partnership for hydrogen business expansion in Australia including export cooperation MOU.
• SK EnergyminorStrategic or Co-development Partner · 22 November 2022Commercialization of hydrogen charging stations. Cooperation expanded from demonstrating hydrogen charging facilities to commercialization, combining fuel cell and hydrogen infrastructure expertise.
• HyAxiom and Ballard Power SystemscoreTechnology or Integration · 28 April 2022Strategic partnership for PEM hydrogen fuel cell mobility applications. Focus on South Korean market with Ballard providing fuel cell technology integration for transportation sector including buses and trucks.
• Shell, KSOE (Korea Shipbuilding & Offshore Engineering), Hyaxiom, and DNVcoreStrategic or Co-development Partner · 7 February 2022Maritime fuel cell development and demonstration consortium. Consortium to commercialize maritime fuel cells by 2025 to proactively respond to IMO greenhouse gas emission reduction requirements. Doosan designs and manufactures maritime SOFC systems.
• UAE-Korea Business Roundtable on Hydrogen PartnershipminorStrategic or Co-development Partner · 18 January 2022UAE-Korea business roundtable on hydrogen partnership. Doosan Fuel Cell introduced hydrogen value chain technologies including hydrogen fuel cells, hydrogen mobility and liquid ammonia.
• SK EnergyminorStrategic or Co-development Partner · 28 October 2021Joint development of hydrogen chargeable fuel cells and commercialization. Early-stage partnership for hydrogen charging technology development.
• Korea West Power and KEPCO E&CminorStrategic or Co-development Partner · 22 October 2021Biogas fueled fuel cell R&D project. Development of green and efficient energy project feeding pure biogas from unused biogas into hydrogen fuel cells directly, contributing to Clean Hydrogen Energy Portfolio Standards.
• STXminorStrategic or Co-development Partner · 6 July 2021Partnership for smart farming and hydrogen charging stations. Using CCUS technology for fuel cell development for smart farming and tri-gen systems for charging stations as distributed energy resources.
• Navig8coreStrategic or Co-development Partner · 10 November 2020Joint development of fuel cell system for marine propulsion and power generation. Partnership with Singapore-based global shipper to install SOFCs in 50,000 ton chemical tanker and demonstrate applicability for ship propulsion.
• KTminorStrategic or Co-development Partner · 16 April 2020AI-centered fuel cell power plant auto control platform development. Joint development initiative leveraging KT's technology expertise for intelligent fuel cell power management systems.
• Hyundai Motor Company and Ulsan TechnoParkcoreStrategic or Co-development Partner · 7 October 2019Distributed power generation for microgrids using hydrogen fuel cell. Doosan produces PAFC while Hyundai produces PEMFC, with Ulsan TechnoPark providing infrastructure verification and hydrogen supply facilities.

Scale indicators10 records

Recent moves8 records

Expansion highlights5 records

Broad incumbents

• Siemens Energy: Siemens Energy is a global broad incumbent offering gas turbines, hydrogen-ready power plants, and grid solutions. It overlaps with Doosan's CHP, stationary generation, and emerging hydrogen power offerings for utility and industrial customers.
• Mitsubishi Power: Mitsubishi Power, part of Mitsubishi Heavy Industries, supplies gas turbines, CHP systems, and hydrogen-ready power generation solutions globally. As an established broad incumbent in distributed and utility-scale power, it competes with Doosan's CHP and fuel cell offerings as part of a wider portfolio.
• Cummins (Accelera by Cummins): Cummins through its Accelera segment offers fuel cells, electrolyzers, and power generation systems, competing with Doosan in stationary fuel cell and hydrogen production technology, albeit as part of a much broader diesel and power generation portfolio.

Direct peers

• Bloom Energy: Bloom Energy manufactures stationary solid oxide fuel cell systems for data centers, utilities, and industrial customers—the same core use case and customer profile as Doosan's PAFC/SOFC business. Bloom's recent $2.65B / 1GW data center deal represents the most direct competitive threat to Doosan's data center pivot.
• Plug Power: Plug Power is a PEM fuel cell and green hydrogen solutions provider with a similar focus on stationary power, mobility, and electrolyzer technology—directly overlapping with Doosan's PEMFC, PEMWE, and hydrogen value chain offerings.
• Ballard Power Systems: Ballard Power Systems manufactures PEM fuel cell stacks and is an existing Doosan partner (joint PEM mobility work). It competes with Doosan in fuel cell stacks for heavy-duty mobility, backup power, and stationary applications.
• FuelCell Energy: FuelCell Energy designs and manufactures stationary fuel cell power plants using molten carbonate and solid oxide technology for utilities, industrial, and commercial customers, making it a direct competing fuel cell OEM with similar multi-MW utility-scale project profile.

Regional players

• HD Hyundai (HD Hydrogen): HD Hyundai through HD Hydrogen is a Korean peer developing hydrogen fuel cells and recently partnered with Doosan on hybrid power solutions. It targets similar Korean utility, industrial, and maritime applications with comparable fuel cell technology.
• SK Ecoplant: SK Ecoplant is a Korean peer also active in fuel cell power generation (per the 675MW combined Korean capacity figure) and is an existing Doosan partner (data center power MOU). It serves the same Korean utility and industrial customer base with similar distributed fuel cell offerings.

Emerging players

• Ceres Power Holdings: Ceres Power is Doosan's SOFC technology licensor and a competing SOFC stack IP licensor with other partners (Weichai, Bosch). It is comparable because it represents the underlying technology stack that Doosan's SOFC roadmap depends on, and competes in the same SOFC stationery power market.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/doosanfuelcell
• LinkedInlinkedin.com/company/doosanfuelcell

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries1 record

Funding overview

Funding rounds1 record

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Doosan Fuel Cell