Fuel cell company Doosan experiences a steep decline following the cancellation of a $270 million contract
Tuesday Market Update: Doosan Fuel Cell Shares Down Amid Cancellation Rumours, Hanwha Group Shares Surge
In today's market, Doosan Fuel Cell's shares took a hit, plunging 2.44% to 13,570 won as of 10:52 a.m., following reports of a cancelled supply deal worth approximately $272 million. However, it's important to note that as of July 2025, there is no publicly available information indicating a major supply deal termination by Doosan Fuel Cell that has impacted the hydrogen market.
Recent reports, on the contrary, suggest that Doosan Fuel Cell has begun mass production of solid oxide fuel cell systems, targeting fast-growing markets such as AI/data centers, commercial power, and marine auxiliary power. This positive development positions Doosan as an active participant in the expanding hydrogen/fuel cell industry.
The hydrogen fuel cell market continues to show strong growth, projected to reach $18.16 billion by 2030 with a compound annual growth rate (CAGR) of 26.3%. Demand drivers include integration of hydrogen fuel cells with renewable energy and growing applications in maritime and stationary power. Doosan remains listed as a market leader among fuel cell companies.
Meanwhile, Hanwha Group affiliates saw their shares surge on Tuesday following Chairman Kim Seung-youn transferring part of his stake in Hanwha Corp. to his three sons. Hanwha shares were trading at 44,100 won as of 10:56 a.m., up 7.69% from the previous session. Hanwha Aerospace climbed 4.94% higher to 658,000 won, Hanwha Ocean shares jumped 3.28% to 69,300 won, and Hanwha Solutions shares rose 3.8% to 19,110 won.
In a separate development, Dentium's shares surged more than 9% after activist fund Align Partners acquired a 7.17% stake in the company. Dentium shares closed at 79,000 won. Align Partners, the fund that made the investment, has reported that it was for "general investment purposes," suggesting it may engage in active shareholder activities short of seeking control.
Other notable movements in the market include Samsung Electronics shares soaring 2.16 percent to 59,200 won as of 11:05 a.m., and SK hynix Inc. shares jumping 2.15 percent to 194,800 won.
In the semiconductor sector, NAND flash prices have risen for a third consecutive month in March 2025, with the average fixed price of 128Gb 16Gx8 MLC NAND for memory cards and USB drives increasing by 9.61% to $2.51. The price recovery is due to production cuts in high-capacity TLC and QLC NAND.
Demand for enterprise SSDs and HDDs used in data centers is expected to recover in the second quarter of 2025, thanks to growth in the artificial intelligence sector.
It's worth mentioning that SK Securities raised its price target for Hanwha from 44,000 won to 54,000 won following the news of the stake transfer within the Hanwha Group.
As always, it's crucial to stay informed and make decisions based on accurate and up-to-date market information.
The ongoing growth and expanding market opportunities in the hydrogen/fuel cell industry make it an attractive space for businesses, with companies like Doosan Fuel Cell positioning themselves as active participants by starting mass production of solid oxide fuel cell systems.
Meanwhile, movements in the finance sector include fluctuations in the share prices of various industrious entities, such as Hanwha Group affiliates, due to factors like ownership transfers or strategic investments from activist funds.
