Doosan Fuel Cell signs supply deal with ZKRG Smart Energy Technology

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Doosan Fuel Cell signs supply deal with ZKRG Smart Energy Technology

Doosan Fuel Cell signed a 346.9-billion-won ($255.8-million) contract to supply fuel cells to China’s ZKRG Smart Energy Technology, according to a regulatory filing Monday.
The two companies will also form a joint venture to secure their foothold in China’s fuel cell market. Each company’s stake was not disclosed.
With the signing of the deal, Doosan Fuel Cell will export hydrogen fuel cells with a combined capacity of 105 megawatts to China by 2026.
ZKRG supplies hydrogen fuel cells for combined heat and power plants in the country.
This is the second fuel cell supply deal signed between the two companies.
In September last year, Doosan Fuel Cell landed a $13-million deal with ZKRG to supply 440-kilowatt hydrogen fuel cells in Nanhai District, Foshan City in China’s southern Guangdong province to supply electricity and heat to local apartments.
ZKRG plans to supply hydrogen fuel cells for a zero-carbon hospital project in the Guangdong province.
As the Chinese government announced its long-term hydrogen plan last March, ZKRG and Doosan Fuel Cell hope to tap into the rising hydrogen demand in the country with a focus on regional heating system projects.
“ZKRG has been Doosan Fuel Cell’s partner for Korea’s first overseas export of hydrogen fuel cells,” said Doosan Fuel Cell Chief Operating Officer Che Hu-seok.
“If a certain level of demand is secured in the future, we will be able to speed up the supply by building fuel cell factories and regional service offices in China.”
Doosan Enerbility is Doosan Fuel Cell's largest shareholder with a 30.33 percent stake. 

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