Korea's Doosan Fuel Cell has signed a 108.7 billion won ($76.3 million) contract to supply solid oxide fuel cell (SOFC) stacks to Germany's Reverion, its largest-ever export deal and the first overseas order for the Ceres Power-licensed stacks Doosan began mass-producing in 2025.
First step into a global stack foundry
The stacks will ship in phases through the second half of 2027 from Doosan Fuel Cell's new 50 MW Korean facility. Reverion, a 2022 spin-off of the Technical University of Munich, will drop them into next-generation containerized power plants it deploys across Germany and the wider European clean-power market. The order is equivalent to about 24% of Doosan Fuel Cell's 454.8 billion won 2025 consolidated revenue.
Reversible chemistry, 80% efficient
Reverion's SOFC systems run at a mid-to-low 620°C, versus 800°C+ for conventional SOFCs, and hit round-trip electrical efficiencies of up to 80% — roughly double a typical combined-heat-and-power engine. They can also flip into electrolyzer mode when surplus renewable power is available and capture CO2 at high purity, making them attractive for biogas, hydrogen and data-center microgrids.
Ceres licensing model finally has a Korean champion
The stacks Doosan is exporting are built under a technology license from UK-listed Ceres Power, whose Steel Cell platform has been rolled out via Weichai, Bosch and now Doosan. The Reverion order validates the Ceres royalty model at export scale and slots into a broader Doosan push in physical power infrastructure alongside the recent NVIDIA-Doosan physical AI pact and the NuScale, Doosan and Samsung C&T Korean SMR deal. Doosan Fuel Cell executive vice president Yoon Jae-dong said further North American and European customers are already in the pipeline.
Reporting based on coverage from Seoul Economic Daily, Fuel Cells Works, gasworld and Investing.com.