Doosan Corp. announces acquisition of fuel-cell maker

Home > Business > Industry

print dictionary print

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.

More in Industry

Korea Shipbuilding signs ₩87.5 billion deal to build LPG carrier

DMI to develop drone-based marine charting system

Graft regulations eased to allow for more expensive gifts

Hanwha is first Rolls-Royce supplier permitted to handle quality control

Live commerce, perfect for the pandemic, is all the rage

Log in to Twitter or Facebook account to connect
with the Korea JoongAng Daily
help-image Social comment?
lock icon

To write comments, please log in to one of the accounts.

Standards Board Policy (0/250자)

What’s Popular Now