Doosan Corp. announces acquisition of fuel-cell maker

Doosan Corporation, the holding company of the nation’s 12th-largest conglomerate Doosan, said yesterday it acquired American fuel-cell maker ClearEdge Power for $32.4 million to expand its business in the renewable energy market.

Now renamed as Doosan Fuel Cell America, the company, founded in 2003 in Silicon Valley, has original phosphoric acid fuel-cell (PAFC) technology focusing on building-use fuel cells.

The latest move comes after Doosan earlier this month acquired Fuel Cell Power, a Korean fuel-cell maker, which has an 80 percent market share in the residential fuel-cell market.

With the acquisition of the two companies, Doosan Group Chairman Park Yong-mann said that the group will develop the fuel-cell business into its main growth engine.

According to company, the size of global fuel-cell market last year was 1.8 trillion won ($1.7 billion), but it is expected to grow 5 trillion won in 2018 and 40 trillion won in 2023.