- Ceres and Doosan will work together to develop a Solid Oxide Fuel Cell (SOFC) power system, for the commercial building market
- Agreement worth £8 million to Ceres over two years
- South Korea is one of the world’s leading fuel cell markets, and Doosan is already one of the world’s largest developers of fuel cell power systems
Seoul, South Korea and Horsham UK.—South Korea’s Doosan and UK fuel cell technology specialist, Ceres Power, have signed a collaboration agreement to jointly develop highly efficient fuel cell power systems.
Doosan, already a world leader in the stationary fuel cell market, is now adding solid oxide fuel cell (SOFC) technology to its fuel cell portfolio through a system license for Ceres Power’s world leading SteelCell SOFC technology. Both parties have agreed to jointly develop a 5-20 kW low carbon power system for use in the commercial stationary power market.
Doosan and Ceres intend to explore an expansion of the collaboration to access broader applications within South Korea and internationally as well as the potential to broaden the collaboration to include manufacturing.
Both fuel cells and hydrogen have become a central part in South Korea’s energy transformation as they provide a stable and flexible power supply that helps balance an increase in the intermittent energy production from solar and wind power. The South Korean government is targeting fuel cell power generation to reach 15 GW by 2040 and has recently announced several initiatives to promote increased use of both renewable power generation and hydrogen technology.
Doosan’s existing fuel cell business designs, engineers and manufactures fuel cells for both commercial and industrial applications. They are a world leader in stationary fuel cells and surpassed 1 trillion won (c. US$850 million) in orders for the first time in 2018, three years after they first entered the market. Doosan announced in April 2019 that it intends to separately list its fuel cell business in order to better capitalise on the anticipated growth in the fuel cell sector.
Ceres Power is a world leader in low cost, next generation fuel cell technology for use in distributed power products that reduce operating costs, produce lower emissions, increase efficiency and improve energy security. Ceres offers its partners the opportunity to both develop power systems and products using its unique technology and know-how and to supply the SteelCell® in volume as manufacturing partners.
Commenting on the agreement, JH Seo Executive Vice President of Technology Strategy at Doosan Corporation said: “Doosan continues to invest and expand on our leading position in the fuel cell sector. We are delighted to partner with Ceres Power to jointly develop world-leading SOFC systems.”
Tony Cochrane, Chief Commercial Officer at Ceres Power added: “Doosan’s pedigree in the fuel cell sector is second to none and we are honoured to be part of the future generation of Doosan’s products. South Korea has set ambitious growth targets for fuel cell energy production and Doosan is the ideal partner for us to address this huge opportunity.”