Doosan to acquire US fuel cells firm ClearEdge

Jul 21, 2014 - South Korean diversified holding company Doosan Co Ltd (KRX:000150) said on Monday it will buy US fuel cell maker ClearEdge Power for USD 32.4 million (EUR 24m).

The ClearEdge deal follows Doosan’s takeover of Korean sector player Fuel Cell Power Inc, with 2013 revenues of KRW 17 billion (USD 16.6m/EUR 12.2m). The group said today it is buying ClearEdge to grow its operations in the fuel cells field.

ClearEdge offers power systems from 5 kW to multiple megawatts. The company acquired fellow fuel cells manufacturer UTC Power from US industrial conglomerate United Technologies (NYSE:UTX) in 2013. For the same year, the firm achieved sales of some USD 68 million.

(USD 1.0 = EUR 0.739)

(KRW 100 = USD 0.097/EUR 0.072)

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