Doosan cancels three hydrogen fuel cell supply contracts worth a combined $560M in three days: reports
Multiple reports have both South Korean firm Doosan and American company Air Products backing out of a number of nine-figure hydrogen fuel cell deals, with more than $1 billion across five contracts canceled in the past few weeks alone.
The company’s fuel cell division, Doosan Fuel Cell, cancelled two contracts Wednesday and a third Monday, though everyone involved insists there will be no financial impact on the company as the contract did not involve any advance payments or deposits and had not been reflected in any of the firm’s order backlogs or financial statements.
Among the cancellations are plans to terminate a 110 MW hydrogen fuel cell supply contract signed between Doosan and Korea Hydro & Nuclear Power Engineering, Kumho Technology, and LS Electric, allegedly due to prolonged delays in receiving the necessary permits to proceed.
“As time passed after the contract, there were industry changes such as the emergence of the Clean Hydrogen Power Generation Obligation System (CHPS) bidding market, which influenced this decision,” a Doosan official reportedly said. The company extended the disclosure deferral period until the end of March after the project had not progressed since 2022.
The cancelations follow a joint statement by French and German economists calling for European governments to prioritize electric vehicle infrastructure over hydrogen, and a number of increasingly outspoken industry executives speaking out against its practicality.
Other Korean companies, meanwhile, are continuing to invest in both hydrogen semi trucks and fueling stations for both commercial and military applications. It remains to be seen if Korea’s investment will ever pay off.
>> In Other News: Carbon Capture Could Become Practical with Scalable, Affordable Materials
Mahle hydrogen fuel cell; via Mahle.
Doosan isn’t alone. Another $500 million “green” hydrogen project is being canceled in New York. Air Products had intended to build a facility in Massena, New York, to produce green hydrogen using hydroelectricity. The company not only canceled that project in February, but also pulled out of a second such project in California.
No word yet on the fate of other high-profile HFC projects like Nikola-owned HYLA or Hyvia – but, like, it doesn’t look good for any hydrogen business right now.
Follow the money flow of climate, technology, and energy investments to uncover new opportunities and jobs.
Inside This Issue 💰 Gevo Sells Carbon Credits from North Dakota Asset ⚡ US Companies CPS Energy, Modern Hydrogen Agree to Work on Clean Power Generation Project ✈️ ESAF Takes Flight: Power-to-Liqu...
Inside This Issue 💰 Gevo Transforms Carbon Waste Into Market Gold 🛫 CADO and 4AIR Harmonize SAF Registries for Commercial and Business Aviation 🌊 Vortex Energy Receives Government Approval for Amb...
Inside This Issue 🌎 US Carbon Capture Race: $77B Industry Shifts Global Balance 🛠️ NETL Releases Tool To Calculate Costs of Geologic Carbon Storage Projects in the Gulf of America ✈️ Avia Solution...
FuelCell Energy and CGN Reach 10 MW Repowering Agreement, Signaling Market Momentum
DANBURY, Conn., July 30, 2025 - FuelCell Energy, Inc. (Nasdaq: FCEL) and CGN-Yulchon Generation Co., Ltd. (CGN), a leading Independent Power Producer (IPP) in South Korea, have signed an agreement ...
SLB Awarded Carbon Storage Contract for Northern Endurance Partnership Project in UK
Global energy technology company SLB (NYSE: SLB) has been awarded a technologies and services contract for carbon storage site development in the North Sea by the Northern Endurance Partnership (NE...
SANTA MONICA, Calif. & HOUSTON—Carbon Ridge, a leading developer of onboard carbon capture and storage solutions for the maritime industry, has achieved a shipping industry first with the succe...
Decarbontek Launches Commercial Production and Sale of Breakthrough Low-Cost MOF for Carbon Capture
BOSTON--Decarbontek, Inc., a leader in carbon capture and removal technologies, today announced the commercial availability of DCF-1 (De-Carbon Framework -1), a groundbreaking, low-cost, high-perfo...
Follow the money flow of climate, technology, and energy investments to uncover new opportunities and jobs.