Doosan Fuel Cell (336260.KS) has won an additional fuel cell supply contract worth 322.2 billion won ($232 million), pushing its order backlog for this year past 1 trillion won.
The company said on the 15th that it signed the contract to supply phosphoric acid fuel cells (PAFC) to HyAxiom, the U.S. subsidiary of Doosan (000150.KS). The repeat order came just two weeks after a 501.4 billion won contract signed earlier this month, bringing cumulative contracts between the two companies to 823.6 billion won.
The units will be delivered to North America in phases through HyAxiom starting in 2028. HyAxiom will provide engineering, commissioning, and long-term service agreement (LTSA) support for the products.
The company attributed the additional order to the expansion of on-site power systems, in which generating facilities are installed near data centers, as artificial intelligence data centers drive up electricity demand. Fuel cells are emerging as a leading on-site power option because they can be installed quickly and their modular design allows capacity to be added in stages.
Including a 108.7 billion won contract signed last month with Germany's Rieberion to supply solid oxide fuel cell (SOFC) stacks, Doosan Fuel Cell has booked about 930 billion won in overseas orders over the past month. Adding domestic main equipment supply contracts, cumulative orders this year total about 1.11 trillion won.
"This additional order reflects recognition of our product competitiveness and supply capabilities in the U.S. market," a Doosan Fuel Cell official said. "We will do our best to ensure stable delivery schedules and quality control."
