18 hours Ago By itaizul0011
Doosan merges Mobility Inno with Fuel Cell Power to boost hydrogen business Doosan Corporation announced on the 20th that it has decided to acquire the business of Doosan Fuel Cell Power, which manufactures hydrogen fuel cells for buildings, from Doosan Mobility Innovation (DMI), a hydrogen drone manufacturer. This measure aims to improve the financial structure of DMI, which has fallen into complete capital erosion, and to strengthen the competitiveness of the hydrogen business. DMI has decided to conduct a capital increase of 134 billion won to secure operating funds for this acquisition and plans to close the transaction by the end of February 2025.
official noted, Doosan Fuel Cell Power is a business division of Doosan Corporation, established in 2003. It manufactures hydrogen fuel cells that generate electricity from hydrogen for buildings and dwellings. It holds the number one market share in the domestic market and is recognized for its technological prowess, having developed high-efficiency pure hydrogen model ‘H2 PEMFC’ systems last year.
Although Doosan Corporation does not disclose the performance of Doosan Fuel Cell Power, it is known to generate annual sales of 50 billion won and operating profits of hundreds of millions of won. DMI was founded in 2017 to manufacture small hydrogen fuel cells for drones. Recently, it has also internalized technologies to reduce and control the size of PEMFCs.
Last year, DMI commercialized the world’s first industrial drone powered by a hydrogen fuel cell. The hydrogen drone can fly for more than two hours, with a short charging time. It has garnered attention due to its high utility.
However, despite being established in 2016, DMI’s sales are only in the 3 billion won range after eight years. Hydrogen drones are dozens of times more expensive than battery drones, resulting in lower demand. DMI has recorded annual operating losses of about 10 billion won and is currently in a state of complete capital erosion.
With this business restructuring, DMI will be able to improve its financial condition. It will also secure core technologies, including source technology for PEMFCs, and can expand its research and development workforce. DMI plans to gain competitiveness in the hydrogen fuel cell and hydrogen drone sectors while expanding its business into the medium mobility sector, such as construction machinery and mobile charging equipment.
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