The fuel cell business in Doosan will be split and launched as independent companies. In addition, material businesses in Doosan, such as organic light-emitting diode (OLED), will also form companies and become independent entities.
Doosan held a board of directors’ meeting on April 15 and decided to split the two business divisions -- the fuel cell and material business. The two new companies that will be established through the division are Doosan Fuel Cell (tentative name) and Doosan Solus (tentative name).
They will have their own management system and will be listed on the stock market respectively. Doosan plans to split the two companies on Oct. 1 after obtaining approval for the plan at an extraordinary shareholders' meeting on Aug. 13.
"Because fuel cells and materials businesses are expected to grow rapidly, we need to take the upper hand in the market through aggressive management," a company official said. "We will quickly cope with internal and external business environment and strengthen our expertise by establishing our own management system."
Doosan Fuel Cell's business area is the fuel cell business for power generation. Fuel cells have the smallest installed area among renewable energy generation facilities and can provide stable power supply that is unrelated to climate.
The domestic power generation fuel cell business is forecast to grow at an annual average of more than 20 percent by 2040, in line with the government's roadmap to revitalize the hydrogen economy.
Doosan Fuel Cell surpassed 1 trillion won in orders for the first time last year, three years after entering the market, and the company expects to win around 1.36 trillion won this year.
A Doosan official said, “The two highly-growth business sectors will be properly valued if they become separate listed companies. It is also expected to help secure investment funds as well. Based on this, Doosan is planning to actively expand its plant and business areas.”