SEOUL, Oct. 19 (Korea Bizwire) – South Korean fuel cell maker Doosan Fuel Cell Co. said Monday that it will invest 72.4 billion won (US$63.4 million) to build a cutting-edge fuel cell plant.
Doosan Fuel Cell, a unit of cash-strapped Doosan Group, aims to churn out solid oxide fuel cells (SOFCs), energy conversion devices generating electricity, from 2024 at the plant.
Doosan Fuel Cell has signed a deal with British SOFC maker Ceres Power to develop SOFCs, the company said in a separate statement.
The company also plans to expand the production line at hydrogen fuel cell plant in Iksan, 250 kilometers south of Seoul, to 260 megawatts from the current 63 megawatts.
Doosan Fuel Cell revised up its sales target to 1.5 trillion won in 2023 from 1 trillion won.