Doosan Group, a major South Korean power equipment conglomerate, said Thursday that it has strengthened ties with US counterparts to expand its presence in the world's largest market.
Doosan Heavy Industries Co., South Korea's top power equipment maker, signed a memorandum of understanding in the United States on Wednesday (local time) to buy ACT, a Houston-based gas and steam turbine repair service provider, for an undisclosed amount.
Should the deal go smoothly, Doosan Heavy will be able to secure a foothold in the US' 16GW gas turbine market.
Doosan Corp., a holding company for the group, also signed a strategic alliance with Wells Fargo to expand its fuel cell business.
Doosan completed the construction of a fuel cell plant in South Korea earlier this year.
The plant in Iksan, some 250 kilometers south of Seoul, will produce fuel cells worth 63 megawatts annually, the nation's largest capacity. The company already operates a fuel cell plant in the United States.
Earlier, the group pledged 73 billion won in the field to build the plant and expand its factory in the US
Doosan ventured into the fuel cell business in 2014 after it took over U.S-based leading fuel cell provider ClearEdge Power and local battery maker Fuel Cell Power Co. (Yonhap)