South Korea’s Doosan Fuel Cell has secured a 100 billion won ($72.93 million) contract for the maintenance of hydrogen fuel cells, the company said on Monday.
The long-term service agreement (LTSA) was signed with a domestic hydrogen power generation firm UH Power for a 40-megawatt (MW) hydrogen fuel cell system.
The contract extends through 2046, covering all maintenance and service operations.
In December last year, Doosan Fuel Cell signed a separate deal with UH Energy, valued at 140 billion won to supply more than 100 units of its 400-kilowatt (kW) hydrogen fuel cells.
South Korea’s government has been actively promoting the hydrogen economy, introducing the Clean Hydrogen Production Standard (CHPS) in December 2022, which requires power generation companies to produce electricity using hydrogen.
The nation launched the world’s first hydrogen power generation bidding market in June last year.
These initiatives have fueled rapid growth for Doosan Fuel Cell.
The company posted sales of 86.5 billion won in the second quarter, a 75.9% increase year-on-year.
Doosan Fuel Cell expects further improvement in its performance as the hydrogen fuel cell contracts signed last year begin to be recognized as revenue in the second half of this year.
By Hyeon-woo Oh
ohw@hankyung.com
