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Doosan Enerbility Establishes New Carbon-Free Energy Subsidiary “Doosan GeoSolution”

2023. 11. 16

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- New subsidiary to handle overall process from business development to operation of carbon- free energy business, such as offshore wind power, hydrogen energy and fuel cells
- Name portrays the company’s aim to “expand the eco-friendly, carbon-free energy business to create a sustainable Earth”

Doosan Enerbility announced on November 16th that it had held a board of directors meeting at which the resolution was reached to establish a new subsidiary “Doosan GeoSolution,” a company that will specialize in the development of carbon-free energy.  The name “GeoSolution” was coined by combining the words “geo” meaning “earth” and “solution” to convey the company’s mission to create a sustainable planet by pursuing expansion of the eco-friendly carbon-free energy business.

Doosan GeoSolution will be acting as a developer that oversees all the various stages of carbon-free energy projects like offshore wind, hydrogen energy and fuel cell projects, by handling the steps such as identifying projects to develop, investing in projects and managing the operation & maintenance. Through establishment of the new subsidiary, Doosan aims to make the early move of securing business licenses for the carbon-free energy business to ultimately strengthen its business profitability, and also secure a stable source of revenue based on the sale of electricity and dividend payouts.

”With carbon-free energy emerging as a practical solution for achieving carbon neutrality and energy security, we decided to establish this new subsidiary to effectively secure business opportunities in this field,” said Bongjun Kim, Doosan Enerbility’s Vice President of Plant EPC Planning, who has been leading the efforts for the subsidiary.  He added, “As we own competitive homegrown carbon-free technology, such as offshore wind power, hydrogen energy and fuel cell technology, by combining this with our swift decision-making capabilities and strong expertise, we aim to step up our efforts to achieve business growth.”

Doosan GeoSolution will be collaborating with its local and global partners in the power plant machinery and construction sectors to develop business opportunities in the carbon-free energy field. To further promote the business, the company will also actively seek out local and global investors in line with the company’s ESG initiative and will be working together with other Doosan entities such as Doosan Fuel Cell to achieve greater business synergy.