Doosan Fuel Cell’s U.S. Orders Grow to KRW 800 Billion; Total Orders This Year Reach KRW 1.1 Trillion

[Financial News] Doosan Fuel Cell’s U.S. orders for phosphoric acid fuel cells (PAFCs) have grown to the KRW 800 billion range. The increase follows the signing of an additional supply contract worth more than KRW 300 billion.
Doosan Fuel Cell announced on the 15th that it had signed a KRW 322.2 billion contract to supply PAFCs for AI data centers in the United States. The units will be delivered through HyAxiom, a U.S. subsidiary of Doosan Group. Including a previously announced order worth KRW 501.4 billion, the total value reaches KRW 823.6 billion.
The units will be supplied sequentially to North America through HyAxiom starting in 2028. HyAxiom will provide engineering, commissioning, and LTSA services, including long-term maintenance and support.
Demand for PAFCs has surged recently as data centers expand across the United States. This growth is being driven by the wider adoption of on-site power systems, which place independent generation facilities near data centers. Fuel cells are well suited to on-site power because they can be installed quickly and expanded in stages through their modular design.
The large-scale order is particularly significant because PAFCs have lower generation efficiency than solid oxide fuel cells (SOFCs). It also indicates that additional orders could follow as data centers continue to expand.
A Doosan Fuel Cell official said, "This additional order reflects the recognition of our product competitiveness and supply capabilities in the U.S. market. We will do our utmost to ensure stable delivery schedules and maintain quality."
Doosan Fuel Cell has now secured KRW 930 billion in overseas orders alone. This figure includes the KRW 108.7 billion SOFC stack supply contract signed with Germany’s Reverion in August. Including domestic contracts for main equipment, cumulative orders this year total approximately KRW 1.11 trillion.
Doosan Fuel Cell is believed to have secured production volume for more than 250 MW of fuel cells annually through its overall orders, including deliveries to the United States. Its annual PAFC production capacity is 275 MW, and the company plans to expand it to 350 MW, leaving ample room for additional orders. It also has significant growth potential through its jointly developed SOFC with British fuel cell company Ceres Power and its development of marine fuel cells.
[email protected] Kim Yoon-ho Reporter