Skip to content
3 min read

£8M deal for Ceres Power to pioneer fuel cell power in Korea

£8M deal for Ceres Power to pioneer fuel cell power in Korea

We’re proud to have enabled British clean energy specialist Ceres Power to sign a major partnership this week — with South Korean fuel cell energy giant Doosan Corporation.

Pictured: Hyun Soo Dong, Vice Chairman of Doosan Corporation (left) with Phil Caldwell, CEO of Ceres Power

The partnership is worth £8 million to Ceres Power over the next two years. It means Doosan Corporation — owner of one of the world’s largest fuel cell businesses — will work with the British firm to develop solid oxide fuel cell (SOFC) power systems for Korea’s commercial building market.

Doosan will also use Ceres Power’s SteelCell technology to add SOFC products to its portfolio and develop a low-carbon 5-20kW stationary power system.

Doosan Corporation is a South Korean industrial group that was established in 1896 and has ranked as a Fortune Global 2000 company since 2007. It produces fuel cells for commercial and industrial uses and is a world leader in stationary fuel cells, taking around US$850 million of orders in 2018.

We were originally appointed by Ceres Power, because of our expertise in East Asia’s renewable energy sector, to help the company enter Korea’s fast-emerging fuel cell market.

Our team in Seoul has worked hard to demonstrate to Doosan that Ceres Power has the best SOFC technology to add to its fuel cell portfolio, and to broker the partnership.

With the collaboration agreement now signed, we’ll help manage the joint development programme while driving further business development for Ceres Power across East Asia.

Phil Caldwell, CEO of Ceres Power, says: “South Korea is a vital market for us, given its ambition to be a world leader in hydrogen and fuel cells. Doosan are clearly the ideal partner as the leader in this sector, and the Intralink team have done an amazing job in making this partnership possible. I’ve particularly valued their commercial acumen and their understanding of how to do business in Korea. We’ve worked closely together for four years now and are looking forward to continuing into the future.”

Joseph Lenox, Head of our Industrial Group, comments:: “You can’t overstate the significance of this partnership. Fuel cells and hydrogen power are a central plank of South Korea’s energy transformation programme, providing a stable, flexible power supply to supplement fluctuations in solar and wind energy. I’m thrilled our team in Seoul has managed to broker such an important deal — one which I know will create waves throughout Asia’s energy industry and the fuel cell sector globally.

To discuss whether we could help your energy business expand in East Asia, contact Alex Gover on

We use cookies to give you the best experience of using this website. By continuing to use this site, you accept our use of cookies. Please read our Cookie Policy for more information.