OREANDA-NEWS. June 16, 2015. Doosan Corporation announced that it will deliver equipment for the combined cycle power plant to be constructed in Bundang, just south of Seoul. The company was selected by Korea South-East Power Co. (KOSEP) in an open tender worth 28 billion won (about \\$25 million).

“Doosan Corporation was selected for the high ratings it received in operations and reliability of output,” said a Doosan spokesperson.

Doosan Corporation also expects to sign a 40 billion won (\\$36 million) long-term service agreement (LTSA) for the operation of the fuel cells.

The fuel cells have a combined capacity of 5.6 megawatts and are the world’s first double-layer structure type, meaning the fuel cell takes up only half the space of previous fuel cells, making it a useful alternative in busy urban areas.

Many energy experts predict major growth for the fuel cell market for power generation. In Korea, the Act on the Promotion of the Development, Use and Diffusion of New and Renewable Energy requires utilities companies that generate more than 500 megawatts to source a certain amount of energy production from renewable sources. This target started at 2 percent in 2012 and will gradually increase to 10 percent by 2024.

“This is the first big milestone reached since we expanded into the fuel cell business last year, not to mention being the world’s first double-layer fuel cell,” said a Doosan Corporation spokesperson. “On the strength of this recent success, we will continue developing new technologies, expanding customer services and identifying new customers to solidify our position in the fuel cell market globally.”

Fuel cells are a new and renewable energy technology that generates electricity by a chemical reaction involving hydrogen. According to industry observers, fuel cell markets are expected reach \\$16 billion by 2023 for commercial buildings, \\$3 billion for power generation and \\$15 billion for residential usage. Doosan Corporation has a full lineup of proprietary fuel cell technologies for all three applications.