Doosan Fuel Cell Makes First Export of Core Fuel Cell Component ‘Stack’
Following SOFC System Localization and Mass Production
European Supply Expands SOFC Business Scope
108.7 Billion Won in Phased Supply Through Second Half of Next Year
Doosan Fuel Cell (336260.KS) will produce “stacks,” a core component of solid oxide fuel cells (SOFC), using its own technology and supply them in large volumes to the European market.
Doosan Fuel Cell said on the 5th that it had signed a 108.7 billion won SOFC stack supply contract with Riverion, a German energy specialist. It is the largest export contract since Doosan Fuel Cell’s founding, equivalent to about 24% of last year’s revenue of 454.8 billion won (on a consolidated basis).
The stack supply will be carried out in phases through the second half of next year. Riverion previously adopted Doosan Fuel Cell’s stack and completed its own performance verification. Riverion’s next-generation fuel cell system equipped with Doosan Fuel Cell’s SOFC stack will be supplied to eco-friendly power generation facilities in Germany and across Europe.
Having succeeded in localizing and mass-producing SOFC stacks for the first time in Korea last year, Doosan Fuel Cell has taken its first step into the global stack foundry business it is pursuing as a new venture through this export. The product Doosan Fuel Cell supplies is a mid-to-low temperature SOFC stack commercialized based on technology cooperation with the UK’s Ceres Power.
Unlike existing SOFCs that operate at high temperatures above 800°C, it runs at a mid-to-low temperature of about 620°C, securing high power efficiency, durability, and operational stability at the same time. The relatively lower operating temperature broadens the range of material choices and is also advantageous for securing component longevity.
Riverion is a specialist in reversible power generation facilities that produce electricity from gas while being able to switch to electrolysis mode when surplus electricity is generated. A distinctive feature is that it can reduce carbon emissions by capturing at high purity the carbon dioxide (CO₂) emitted during power generation, rather than releasing it into the atmosphere. The electricity conversion efficiency of Riverion’s SOFC system is around 74%, far exceeding the electrical efficiency of typical systems (about 60%).
Stefan Herrmann, CEO of Riverion, said,
Mid-to-low temperature SOFC technology is at the heart of the high-efficiency fuel cell systems that Riverion has entered mass production for, and its applicability has already been confirmed at various sites.
He added,
We expect the introduction of high-efficiency on-site power generation facilities within the European market to accelerate further going forward.
Yoon Jae-dong, executive vice president of Doosan Fuel Cell, stressed,
This export is highly significant in that the core component foundry business has led to tangible results in overseas markets.
He added,
Using this as a springboard, we will further accelerate securing global customers, including in North America and Europe.
Doosan Fuel Cell is currently in discussions with potential domestic and overseas customers regarding additional SOFC stack sales, and expects the scale of stack exports to gradually expand over the mid- to long-term.
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Doosan Fuel Cell Makes First Export of Core Fuel Cell Component ‘Stack’, source
