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£36M Korea deal for British energy firm

£36M Korea deal for British energy firm

We’ve just helped close a landmark contract between our long-standing clean energy client Ceres Power and South Korean fuel cell giant Doosan - worth at least £36 million to Ceres over the next three years.

We first brokered a partnership for Ceres Power with Doosan Corporation in July 2019. Building on this relationship, the latest suite of collaboration agreements with Doosan Corporation and sister company Doosan Fuel Cell is worth £36 million to Ceres in licences over the next three years, plus a potential further £7 million when performance targets are hit, with more royalties to follow.

It underlines that COVID travel restrictions are posing no barriers to concluding significant deals in Asia.

The agreement will see Doosan, by 2024, build a mass production facility in South Korea for Ceres’ solid oxide fuel cell stacks. The two companies will undertake tech transfer and joint development, and Ceres will receive royalties on fuel cell sales longer term.

Our team in Seoul has been working with Ceres Power for four years and first introduced its technology to Doosan in 2016, going on to broker the initial partnership last year. The team has since focused on extending the commercial relationship, working up to this bigger collaboration deal.

Phil Caldwell, CEO of Ceres Power, says:

South Korea is the leading market for fuel cells and securing this partnership is a strategic milestone for Ceres. Intralink were instrumental in helping us to approach the market, build a long-term relationship with Doosan and secure this deal.

Doosan Corporation was established in 1896 and has been a Forbes Global 2000 company since 2007. The company has led a group-wide pivot to a strategic focus on green energy and South Korea’s ambitious push towards a hydrogen-based economy.

The country aims to deploy 16GW of hydrogen and fuel cell tech by 2040, as part of its broader Green New Deal which commits USD$ 64 billion to tackle climate change, boost industry and break the economy's carbon reliance.

Doosan Fuel Cell – an affiliate of the Doosan Corporation and world-leader in the stationary fuel cell market, with annual sales of nearly USD$ 438 million – is at the forefront of this drive.

Doosan Fuel Cell was established in 2019 and its share price has since skyrocketed. The company will now use Ceres’ SteelCell solid oxide fuel cells to develop high efficiency, cost-competitive products that will play an important part in delivering clean, secure, scalable energy systems.

We’re extremely proud to be helping Ceres play such a significant role in this drive – and to have enabled the UK firm to gain such a strong footing in this important renewable energy market. 

Huge congratulations to Ceres Power and our team in Korea!

To discuss opportunities for your energy business in South Korea, China, Japan or Taiwan, contact Alex Gover on

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