Doosan Fuel Cell will supply solid oxide fuel cell (SOFC) stacks worth hundreds of billions of won to Reverion GmbH, a German energy company. With the full-scale launch of the 'stack foundry (contract manufacturing)' business—centered on supplying core components rather than complete power generation systems—the company's entry into the European market is expected to gain momentum.

Largest Since Founding... Sequential Delivery Through Second Half of 2027 According to regulatory filings and other sources on the 5th, Doosan Fuel Cell signed a contract worth approximately 108.7 billion won to supply SOFC stacks to Reverion. This amount represents about 23.9% of Doosan Fuel Cell's consolidated revenue for 2025 and is the largest overseas export contract the company has signed since its founding. Money Today reported that Doosan Fuel Cell signed the supply contract for stacks, a core component, on this day.

The contracted volume will be delivered sequentially through the second half of 2027. Reverion plans to install these stacks in its next-generation fuel cell systems and supply them to eco-friendly power generation facilities in Germany and other European regions.

Newsis reported that this contract marks the first case of Doosan Fuel Cell supplying SOFC stacks produced with its own mass production technology to an overseas market. Reverion is reported to have already completed its own performance verification by introducing Doosan Fuel Cell's stacks prior to the contract. This is evaluated as progressing beyond a simple trial supply to a large-scale commercial contract following performance confirmation.

Equipped with Mid-to-Low Temperature SOFC Operating at 620 Degrees... First Achievement of 'Stack Foundry' The stack is the core device of a fuel cell that produces actual electricity through the electrochemical reaction of fuel and oxygen. According to ET News, the product Doosan Fuel Cell is supplying this time is a mid-to-low temperature SOFC stack, commercialized based on technological cooperation with the UK's Ceres Power. Unlike typical SOFCs that operate at temperatures above 800 degrees, this product is designed to operate at approximately 620 degrees, simultaneously securing power efficiency, durability, and operational stability.

Seoul Economic Daily evaluated this export as the first achievement of the 'Global Stack Foundry' business that Doosan Fuel Cell has been pursuing as a new business. The stack foundry business involves manufacturing and supplying core fuel cell modules tailored to the structure and application of the power generation system developed by the client. Having successfully localized and mass-produced SOFC systems in South Korea in 2025, Doosan Fuel Cell has now expanded its business scope to include overseas supply of core components through this contract.

If the company secures additional system companies in Europe and North America as clients going forward, the revenue structure of the SOFC business is expected to diversify from the existing sale of power generation equipment to component supply. Doosan Fuel Cell stated that it intends to use this export as a springboard to accelerate the acquisition of global clients.

Revenue to Be Reflected Gradually... Profitability Hinges on 'Production Yield' However, the contract amount of 108.7 billion won will not be reflected as performance (revenue) all at once at the time of signing. Since supply will proceed sequentially through the second half of 2027, actual revenue is likely to be recognized gradually based on future production and delivery schedules. Investors will need to comprehensively review factors such as the likelihood of additional orders, production yield, manufacturing costs, and delivery schedules to assess the profitability of the SOFC business.

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