Doosan Fuel Cell Rolls Up Its Sleeves for More Efficient Solid Oxide Fuel Cell
- 72.4 billion KRW will be invested in building manufacturing facilities to start production in 2024
- A UK company is partnered with Doosan for joint development of critical components
Doosan Fuel Cell unveiled its plan to develop high-efficient Solid Oxide Fuel Cell(SOFC). The company will localize cells and stacks, which are key to SOFC, and start producing SOFC system in 2024 in Korea. Well equipped with PEMFC and PAFC core technologies, Doosan Fuel Cell is taking advantage of this project to put SOFC, that is in the limelight as the 3rdgeneration of fuel cells, into its portfolio.
The board of Doosan Fuel Cell approved investment in the construction of a solid oxide fuel cell plant on 19th. This plan includes 72.4 billion won ($63 million) investment by the end of 2023 to build stationary SOFC cells and stacks manufacturing and system assembly line. On the same day, Doosan Fuel Cell also signed a joint development agreement with Ceres Power, a British SOFC technology company, to develop SOFC.
Signed with the agreement, Doosan Fuel Cell and Ceres Power will work on critical parts of SOFC which are cells and stacks manufacturing technologies and facilities.
Solid oxide fuel cells operate at very high temperatures, typically at 8,000 ° or above, showing off higher power efficiency than other fuel cells. That’s why this type is more favored in a condition where only electricity is needed. Doosan’s SOFC will be designed to operate at 620℃, approximately 200℃ lower than the typical operating temperatures, with higher efficiency and longer life.
“This plan will bring more diversity and flexibility to us, not to mention our portfolio. We will find ways for our company to better adapt to changing needs of customers and markets, ” says Soo-kyung Yoo, CEO of Doosan Fuel Cell. “Doosan Fuel Cell is taking the lead in ushering in the hydrogen society by offering clean energy solutions.”
Last month, the company announced a capital raise of up to 342 billion KRW worth of shares for hydrogen fuel cell production ramp-up amid market growth. The proceeds will be used to quadruple Iksan factory’s capacity output from 63MW to 260MW, to build R&D facilities and manufacturing lines for SOFC as well as to develop new business and applications related with hydrogen market.
The company expected hydrogen fuel cell market will almost double by 2023, from 300MW to 580MW driven by South Korea’s Green New Deal and other nations’ hydrogen incentives.
Recently, the company raised its 2023 revenue target from 1trillion won to 1.5 trillion won by 50%.
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