Following its acquisition of ClearEdge Power, Doosan Corporation, a $21-billion Korea-based industrial company that employees 43,000 worldwide, has formed Doosan Fuel Cell America, Inc. (Doosan FC). This follows Doosan’s merger with another fuel cell company, Korea-based Fuel Cell Power, and the formation of the Doosan Fuel Cell Group. According to Group CEO Jeff Chung, Doosan FC plans to add hundreds of employees to its Connecticut-based operation, and is positioned to become the number one global fuel cell provider within the next ten years.
Fuel cell technology has been deployed in buildings, utility grids, cell towers, forklifts and passenger vehicles but is only now realizing significant growth. Doosan FC will focus on the $1.7-billion stationary fuel cell market that provides energy for residential and commercial building applications and is growing at a rate of thirty percent or more per year.
“Fuel cells are the future of distributed energy and we view this still-burgeoning industry as a catalyst for growth throughout Doosan Corporation,” said Chung, a Harvard grad and former McKinsey & Company consultant who headed corporate strategy with Doosan Heavy Industries prior to assuming the role as head of the fuel cell group. “The technology we’ve added with the acquisition of ClearEdge (Power) and formation of Doosan FC has been refined over 50 years of continued research and development and represents the most dependable fuel cell technology in the market.”
The new subsidiary, situated in South Windsor, just outside of Hartford, will focus primarily on the 400-kilowatt stationary fuel cell offerings that ClearEdge Power acquired from UTC Power in spring 2013. Chung will drive the Doosan fuel cell operations in the U.S. and Korea from the Connecticut facility.
“Our customers and suppliers can be confident their relationship with Doosan Fuel Cell America, Inc. is backed by one of the oldest and largest industrial corporations in Korea,” said Kent McCord, director of market strategy for Doosan FC. “This unparalleled breadth of experience and technological know-how will form the foundation for working with our current clients as well as for our expansion throughout the next decade.”