Press Release

Doosan Group signed two contracts to grow its power business in the U.S. and global markets during Doosan Group Chairman Jeongwon Park’s visit to the United States as part of a business delegation accompanying President Moon Jae-in on his first state visit. Doosan Heavy Industries & Construction America (DHIA), the U.S. entity of Doosan Heavy Industries & Construction, signed a memorandum of understanding (MOU) on June 28 (local time) in Washington, D.C., to acquire ACT Independent Turbo Services (ACT), a Texas-based gas turbine provider. ACT, headquartered in Houston, Texas, is a leading provider of gas turbine services technology and repair services for core gas turbine components such as combustors, turbines and rotors. Through the acquisition, Doosan Heavy Industries & Construction will be able to secure not only facilities but also a highly-skilled workforce whose track record and know-how in the gas turbine services sector will enable the company to gain a foothold in the U.S.’s 16-gigawatt gas turbine services market and lay the foundation to expand to the global gas turbine services market, which is expected to grow to 210 gigawatts by 2030. The capabilities and expertise that ACT has accumulated in the gas turbine services sector will also help Doosan Heavy Industries & Construction advance the technology development process for a government-led gas turbine development project in which the company is participating. The project is scheduled to be completed by 2019. Meanwhile, Doosan Fuel Cell America, Doosan Corporation’s fuel cell organization in America, has established a strategic alliance with U.S.-based Wells Fargo to facilitate the growth of its fuel cell business. Through the new alliance, the fuel cells manufactured by Doosan Corporation will be delivered to electricity sellers who sell electricity to power consumers under a power purchase agreement (PPA)*. In this process, Wells Fargo will purchase fuel cells from Doosan Corporation and lease them to the electricity sellers. “Through the deal, we can now provide our fuel cell power solutions to PPA contractors without the need to make an initial investment,” said an official of Doosan Corporation. “Going forward, we expect to widen our sales channels in the U.S.” “Based on our solid relationship with Doosan, we have established a program through which we can satisfy the mutual needs of both parties and grow our business together,” said an official of Wells Fargo. “We hope that we can build a stronger relationship with Doosan.” * PPA: A long-term power purchase agreement under which an independent power producer directly supplies electric power to users. Doosan Group Chairman Jeongwon Park (middle) and William Mayer, president of Wells Fargo’s Equipment Finance Group (second from right), shake hands after signing a strategic alliance agreement on June 28 at the Park Hyatt Washington in Washington, D.C.Doosan Group Chairman Jeongwon Park (middle) and William Mayer, president of Wells Fargo’s Equipment Finance Group (second from right), shake hands after signing a strategic alliance agreement on June 28 at the Park Hyatt Washington in Washington, D.C.