SEOUL, Sept. 8 (Korea Bizwire) — South Korea’s conglomerate Doosan Group said Wednesday it will boost its presence in the hydrogen market by further nurturing its related affiliates.
Doosan’s three affiliates — Doosan Corp., Doosan Heavy Industries & Construction Co. and Doosan Fuel Cell Co. — have been involved in the sector.
Hydrogen is an environmentally friendly alternative to fossil fuels, as vehicles and ships propelled by the resource only create water in the process of generating power.
Doosan Fuel Cell, the group’s fuel cell maker, aims for 1.5 trillion won (US$1.3 billion) in sales in 2023, the group said.
The fuel cell maker posted 1 trillion won in new orders for a third straight year since 2018, it said.
Doosan Fuel Cell has been mainly producing phosphoric acid fuel cells (PAFCs) and developing solid oxide fuel cells (SOFCs), energy conversion devices generating electricity, joining hands with British SOFC maker Ceres Power.
The company plans to churn out SOFCs starting in 2024.
Apart from SOFCs for generating electricity, Doosan Fuel Cell Power, a business unit of Doosan, the holding company of the group, plans to mass produce 10 kilowatt SOFCs for buildings and houses from 2022, the group said.
Doosan Heavy Industries & Construction has been constructing a hydrogen liquefaction plant in Changwon, 398 kilometers southeast of Seoul, which is scheduled for completion in 2022.
The plant will produce blue hydrogen, which is derived from fossil fuel resources such as natural gas.
In relation with the group’s hydrogen-related business, “the group will aggressively strengthen its core competencies in the areas of green hydrogen and hydrogen liquefaction plants,” Doosan Group Chairman Park Jeong-won said in a Korea H2 Business Summit held in Goyang, about 30 kilometers northwest of Seoul, earlier in the day.
The summit attended by heads of 14 conglomerates, including Doosan, Hyundai Motor, SK, POSCO, Lotte and Hanwha, was held to encourage corporate investments and expand the hydrogen industry’s value chain ranging from production, transport, storage and uses.
Green hydrogen refers to hydrogen produced by splitting water through electrolysis, using renewable energy sources, such as wind power, without emitting carbon dioxide.