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 🧠 From Mars to AI: Fuel Cells Power $28B Boom 🏆 Svante Technologies Wins Global Award for Breakthrough Carbon Capture Innovation 🚧 California Resources Corporation Breaks Ground ...
Inside This Issue 💰 Where the $6.5 Trillion Goes: Carbon Tech Fights for Funding 🔋 Douglas PUD Commission Cuts Ribbon At Renewable Hydrogen Production Facility 🍁 Quinbrook Acquires First Canadian ...
Inside This Issue 🌎 Are U.S. Setbacks Fueling a Global Push for Decarbonization? 🛢️ “Grand Bargain” Would Result In More Oils ands Emissions, Not Less 🤝 MOU Signed With JGC Group 🧪 IonQ Quantum Co...
Sustainable Jet Fuel Developer Moves Priority From SD to ND Amid Summit Pipeline Delays
Gevo Inc. Plans Sustainable Aviation Fuel Shift From South Dakota To North Dakota Amid Summit Carbon Pipeline Delays Gevo Inc., a Colorado-based developer of sustainable aviation fuel (SAF), annou...
CapturePoint’s CENLA Hub Project Advances On Louisiana’s Short List For Carbon Storage Permitting
CapturePoint Solutions LLC’s CENLA Hub Project Advances On Louisiana Department of Conservation and Energy (C&E) Short List For Carbon Storage Permitting ALLEN, Texas, Oct. 15, 2025 (GLOBE NEW...
Pacific Harbor Line Expands Sustainability Efforts With Remora Partnership
Anacostia Rail Holdings (ARH) is pleased to announce that its Pacific Harbor Line (PHL) subsidiary has entered into a development agreement with Remora, a Michigan-based climate technology startup ...
CATACARB® Wins Carbon Remover Award At Carbon Capture Canada 2025
CATACARB is proud to announce it has been awarded the Carbon Remover Award at Carbon Capture Canada (Canada's National Carbon Capture and Storage Event) held in Edmonton. The Carbon Remover Award r...
Follow the money flow of climate, technology, and energy investments to uncover new opportunities and jobs.