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Doosan Heavy Industries & Construction was chosen as the lead business for a national project to develop hydrogen fuel cells.
Fuel cells are a green energy source that produce electricity from oxygen and hydrogen. The fuel cell market is expected to grow to U$17.3 billion by 2022 and the Korean government is nurturing the technology by designating it a top 10 new growth engine for the economy.
Doosan Heavy Industries said Monday that it was selected as the main developer in the state-funded project to develop fuel cells that can generate 300kW of power.
Doosan's partners in the project will be the Korea Institute of Science and Technology (KIST), the Korea Institute of Energy Research and Korea Midland Power Co. The project is supported by the Ministry of Commerce, Industry and Energy.
The project is being funded to the tune of W51 billion (US$1=W916) -- W16 billion from the government, W16 billion from Doosan Heavy Industries and the remaining W19 billion from other private sector investors.
The aim is to commercialize fuel cells that use home-grown technology by 2012. Doosan Heavy Industries plans to build a development facility by the first half of 2008, then develop a prototype fuel cell by 2010.
(englishnews@chosun.com )
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