The global hydrogen fuel cell-related market is growing consistently to reach $2 trillion by 2050 and South Korean technology companies are investing a total of more than 50 trillion won. Doosan Group founded Doosan Fuel Cell specializing in hydrogen fuel cell-based systems and infrastructure in 2019. The fuel cell technology company developed and demonstrated hydrogen-based power systems for drones and heavy-duty equipment.
While Doosan sold its core subsidiaries including Doosan Infracore in 2020 due to excess liquidation of assets in the market, the company kept Doosan Fuel Cell. Doosan Group changed the name of Doosan Fuel Cell America, the American branch of the fuel cell company, to Hiaxiom in early 2022 to increase brand recognition in the United States.
According to Doosan Group, the company recently engaged in a discussion with its American fuel cell subsidiary Hiaxiom over the mass production of commercial fuel cell vehicles. A Doosan official told Aju Business Daily that the parent company and Hiaxiom are preparing to start the mass production of vehicles in 2023.
Doosan's commercial vehicles will be based on Doosan Fuel Cell's hydrogen energy technology and Doosan Bobcat's heavy-duty equipment know-how. The South Korean government previously released plans to adopt 40,000 fuel-cell buses and 30,000 fuel-cell trucks and build 1,200 hydrogen charging stations across the country to promote clean energy and establish a hydrogen-based economic ecosystem.
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