South Korea’s Doosan Co. acquired U.S.-based fuel cell maker ClearEdge Power Inc. for $32.4 million in a bid to expand into the renewable energy market, the company said Monday.

The holding company of Doosan Group said in a regulatory filing that the move to acquire ClearEdge was aimed at establishing a U.S. subsidiary to tap into new businesses and develop a new growth engine.

ClearEdge Power manufactures stationary fuel cells that use natural gas to produce energy. In 2013, it reported a revenue of about $68 billion.

Earlier this month, Doosan also acquired Fuel Cell Power, a South Korean fuel cell maker for residential use, to reorganize its energy sector. Fuel Cell Power posted 17 billion won ($16.5 million) in sales last year.

(jyseo@heraldcorp.com)