SEOUL, Jul. 26 (Korea Bizwire) — Doosan Heavy Industries & Construction Co., South Korea’s top power equipment maker, said Wednesday that it has taken over a U.S. gas turbine service provider in a bid to boost its presence in the U.S. market.
In June, Doosan Heavy said it signed a preliminary deal to buy ACT Independent Turbo Services, a Houston-based gas and steam turbine repair service provider, for an undisclosed amount.
With the acquisition Doosan Heavy will be able to secure a foothold in the U.S.’ 16GW gas turbine market.
Doosan Corp., a holding company for the business group, that includes the power equipment manufacturer, also signed a strategic alliance with Wells Fargo to expand its fuel cell business.
Doosan completed the construction of a fuel cell plant in South Korea earlier this year. The plant in Iksan, some 250 kilometers south of Seoul, will produce fuel cells worth 63 megawatts annually, the nation’s largest capacity. The company already operates a fuel cell plant in the United States.
Earlier, the group pledged 73 billion won to build the plant and expand its factory in the U.S.
Doosan ventured into the fuel cell business in 2014 after it took over U.S-based leading fuel cell provider ClearEdge Power and local battery maker Fuel Cell Power Co.