Doosan Fuel Cell signs 109 billion won SOFC stack contract

Doosan Fuel Cell has signed a 109 billion won agreement to supply SOFC stacks to Reverion GmbH for delivery in Germany, a deal equal to 23.9 percent of its latest annual revenue.

The SOFC stack supply agreement, disclosed in Doosan Fuel Cell's regulatory filing on Aug. 5, is valued at 76 million dollars, according to the company.

The supply period begins on Aug. 4 and ends on Dec. 31, 2027, under terms disclosed by Doosan Fuel Cell in the filing.

Payment terms call for a 20 percent advance payment, with the remaining 80 percent to be paid as the final contract balance under the agreement.

The filing stated that the won conversion used a reference exchange rate of 1,429.9 won per dollar for the agreement's stated value.

The company reported 455 billion won in 2025 consolidated revenue, the revenue base used for the contract comparison. It supplies equipment for power-generation fuel cells and provides long-term maintenance services for power plants across its core business operations. Equipment supplies represented 79 percent of its 2025 revenue, while long-term maintenance services provided the remaining 21 percent, the company said.

In the second quarter, Doosan Fuel Cell reported consolidated revenue of 44.3 billion won, an operating loss of 50.9 billion won and a net loss of 55.6 billion won.

Second-quarter equipment revenue was 21.5 billion won, while service revenue reached 22.8 billion won, based on the company's separate financial statements. The company said lower equipment revenue reflected the postponement of projects that had been scheduled for delivery in the second quarter into the latter half of 2026.

It said the operating loss widened as operations ran below capacity during a temporary order gap following SOFC Hi-Changwon deliveries, while costs of replacing PAFC CSA rose.

More than 300 billion won in main-equipment deliveries are scheduled for the second half of 2026, the company said.

For 2026, Doosan Fuel Cell expects orders to substantially exceed the 72 megawatts recorded a year earlier, the company said. Secured domestic volumes and overseas orders are expected to provide additional growth drivers for the company in 2026, it said.

The company is pursuing entry into the United States market through an affiliate while separately pursuing sales of its stacks overseas.

The company said it maintained more than 60 percent of the domestic market for three consecutive years after South Korea's general hydrogen auction market opened in 2023. It expects the market's 2026 purchase volume to decrease to 125 megawatts, about 70 percent of the previous year's level.