South Korea’s Doosan Group is set to make its foray into the commercial hydrogen fuel cell vehicle market with its innovative hydrogen power drive system.
The move comes as part of the company’s strategic plan to create a new growth engine for the future clean energy era.
The global hydrogen fuel cell market is experiencing consistent growth, projected to reach a value of $2 trillion by 2050. South Korean technology companies, recognizing the immense potential, have invested over 50 trillion won in this sector. Doosan Group, in particular, established Doosan Fuel Cell in 2019, focusing on the development of hydrogen fuel cell-based systems and infrastructure. The company has already demonstrated its expertise by creating hydrogen-based power systems for drones and heavy-duty equipment.
Despite divesting its core subsidiaries, including Doosan Infracore, in 2020 due to market circumstances, Doosan Group retained Doosan Fuel Cell as a key asset. In early 2022, the company rebranded its American branch, previously known as Doosan Fuel Cell America, as Hiaxiom, aiming to enhance brand recognition in the United States.
Recently, Doosan Group engaged in discussions with its American fuel cell subsidiary, Hiaxiom, regarding the mass production of commercial fuel cell vehicles. According to a Doosan official, both the parent company and Hiaxiom are gearing up to commence vehicle mass production in 2023.
Doosan’s commercial vehicles will be based on the hydrogen energy technology developed by Doosan Fuel Cell, combined with the heavy-duty equipment expertise of Doosan Bobcat. In line with the South Korean government’s ambitious plans, which include the adoption of 40,000 fuel-cell buses, 30,000 fuel-cell trucks, and the establishment of 1,200 hydrogen charging stations nationwide, Doosan aims to contribute to the promotion of clean energy and the establishment of a hydrogen-based economic ecosystem.
