Doosan Fuel Cell Revenue Could Nearly Double on U.S. Expansion, NH Investment & Securities Forecasts at 882.1 Billion Won

[Financial News] Doosan Fuel Cell’s revenue is expected to double as U.S. artificial intelligence (AI) data centers expand. Doosan Fuel Cell previously announced that it would supply phosphoric acid fuel cells (PAFCs) worth approximately 500 billion won to data centers through deliveries to its U.S. subsidiary, HyAxiom.
According to NH Investment & Securities on the 11th, Doosan Fuel Cell’s revenue is expected to surge to as much as 882.1 billion won next year after it finalized orders for fuel cells for U.S. data centers through a 501.4 billion-won supply contract with HyAxiom.
Analyst Jeong Yeon-seung stated, "The uncertainty surrounding Doosan Fuel Cell’s medium- to long-term growth has eased following the orders for fuel cells for U.S. data centers." He added, "The 501.4 billion-won order is estimated to reflect higher unit prices than those applied to recent domestic orders. The order is believed to be for approximately 140 megawatts, and given its scale, the fuel cells are highly likely to be used as a primary power source rather than backup power."
Jeong further predicted, "This order confirms that PAFCs, whose power-generation efficiency is lower than that of solid oxide fuel cells (SOFCs), can also enter the U.S. data-center power market." He added, "The possibility of additional PAFC orders is also high as demand for on-site power generation in the United States increases."
Doosan Fuel Cell is believed to have secured production volume for more than 250 megawatts of fuel cells annually through its total order backlog, including U.S. deliveries. Its annual PAFC production capacity is 275 megawatts, and the company plans to expand it to 350 megawatts, leaving ample room for additional orders. It also has significant potential through its joint development of SOFCs with British fuel-cell maker Ceres Power and its development of fuel cells for ships.
Based on these developments, Jeong forecast that revenue next year would rise to 882.1 billion won, nearly double this year’s figure. Revenue is expected to reach 1 trillion won in 2028.
The company’s difficult financial situation, marked by operating losses and increased working capital, is also expected to improve as revenue continues to rise. The expectation is that higher production volumes from next year will ease the fixed-cost burden and turn operating profit positive.
SK Securities also analyzed that Doosan Fuel Cell’s entry into the U.S. data-center market through HyAxiom could serve as a catalyst for financial improvement. Analyst Na Min-sik particularly noted that the contract structure, which includes a 20% advance payment, would ease the burden on Doosan Fuel Cell amid its difficult financial situation.

[email protected] Kim Yun-ho Reporter