Doosan Fuel Cell has secured its largest overseas contract to date, signing a KRW 108.7 billion (approximately US$78 million) agreement to supply solid oxide fuel cell (SOFC) stacks to Germany's clean energy company Reverion GmbH, marking a significant step in the company's expansion into the global fuel cell components market.
The company announced Wednesday that the contract covers the supply of SOFC stacks through the second half of 2027. The deal represents approximately 23.9% of Doosan Fuel Cell's consolidated revenue for 2025, making it the largest export order in the company's history.
The stacks will be integrated into Reverion's next-generation fuel cell systems, which are scheduled to be deployed in environmentally friendly power generation projects across Germany and other European markets.
The agreement also marks the commercial launch of Doosan Fuel Cell's stack foundry business, a new growth initiative aimed at supplying core fuel cell components to global manufacturers.
Fuel cell stacks are widely regarded as the heart of SOFC systems, determining both power output and efficiency. Reverion previously completed performance verification tests using Doosan Fuel Cell's stacks before moving forward with the large-scale purchase.
The products are based on intermediate-temperature SOFC technology jointly commercialized with UK-based Ceres Power. Unlike conventional SOFC systems that typically operate above 800 degrees Celsius, Doosan's stacks run at around 620 degrees Celsius, improving durability, operational stability, and manufacturing flexibility while maintaining high electrical efficiency.
Lower operating temperatures also reduce thermal stress on components, potentially extending system lifespan and lowering maintenance costs.
Reverion specializes in reversible power generation systems capable of both producing electricity from fuel and switching to electrolysis mode when surplus electricity is available. Its technology also captures carbon dioxide generated during operation at high purity instead of releasing it into the atmosphere, supporting industrial decarbonization efforts.
According to the company, Reverion's fuel cell system achieved an electrical efficiency of approximately 74% last year, significantly exceeding the roughly 60% efficiency commonly associated with conventional SOFC systems.
"Intermediate-temperature SOFC technology is a key element of our next-generation high-efficiency fuel cell platform," said Stephan Herrmann, Chief Executive Officer of Reverion. "We have already validated its commercial potential, and we expect demand for highly efficient on-site power generation systems in Europe to accelerate."
Yoon Jae-dong, Executive Vice President of Doosan Fuel Cell, said the agreement represents "the first tangible achievement of our global stack foundry business."
"We will use this contract as a foundation to expand our customer base across Europe, North America, and other overseas markets," he said.
Industry analysts view the deal as more than a single export contract, saying it demonstrates growing international confidence in South Korea's fuel cell technology. As Europe accelerates investment in carbon-neutral energy infrastructure and distributed power generation, demand for high-efficiency SOFC systems is expected to increase, creating additional opportunities for Doosan Fuel Cell.
The company said it is currently in discussions with several domestic and international customers regarding additional SOFC stack supply agreements and expects its overseas stack business to continue expanding over the medium to long term.
