Doosan Bobcat to Jointly Promote Hydrogen Forklift Pilot Project with SK E&S and US Plug Joint Venture

Doosan Provides Vehicle and Market Information
SK and Plug Develop Fuel Cells and Supply Charging Stations

Ministry of Trade, Industry and Energy Supports Pilot Project with 14 Billion Won

Kim Sang-young, Executive Vice President of Global Strategy at Doosan Bobcat (left), and Lee Ji-young, Vice President of SK E&S, participated in the signing ceremony of the "Memorandum of Understanding for Mutual Cooperation in Hydrogen Forklift Development" held on the 26th at Doosan Tower in Bundang, Seongnam-si, Gyeonggi-do, posing for a commemorative photo. (Photo by Doosan Bobcat)

[Asia Economy Reporter Moon Chaeseok] Doosan Bobcat announced on the 26th that it has signed a memorandum of understanding (MOU) for mutual cooperation in developing hydrogen forklifts with the joint venture of SK E&S and the U.S. company Plug (formerly Plug Power).

Under the agreement, Doosan Bobcat will provide hydrogen forklift vehicles and market information. The SK E&S-Plug joint venture will be responsible for developing fuel cells for hydrogen forklifts and installing and supplying hydrogen charging stations. They will participate in the pilot project "Development of Reliability Verification Technology Based on Demonstration for Commercialization of Hydrogen Forklifts," supported by the Ministry of Trade, Industry and Energy with approximately 14 billion KRW in R&D funding, jointly promoting the development, marketing, and sales of hydrogen fuel cell forklifts.

Concept design of a hydrogen forklift that Doosan Bobcat can develop together with SK E&S and the US-based Plug joint venture. (Photo by Doosan Bobcat)

Commercial vehicles such as forklifts, buses, and trucks require high output and long-distance driving capabilities, making it difficult to switch to electric vehicles, so hydrogen is emerging as an alternative. According to Doosan Bobcat, using hydrogen as fuel allows forklifts to be charged within 3 minutes and reduces battery weight, making it advantageous for long-distance driving and heavy cargo transport. Hydrogen forklifts are already commercialized in countries like the U.S., with over 52,000 units operated mainly by companies such as Amazon and Walmart.

Kim Sang-young, Executive Vice President of Global Strategy at Doosan Bobcat, said, "We are pleased to take the first step toward developing hydrogen fuel cell equipment together with SK E&S and Plug. We expect synergy between Doosan's product competitiveness, which firmly holds the number one market share in the domestic forklift market, and the hydrogen fuel cell technology of SK E&S and Plug, who lead the global mobile fuel cell sector." Lee Ji-young, Vice President of SK E&S Hydrogen Global Group, stated, "The joint venture established by SK E&S and Plug, the world's number one hydrogen company, plans to develop and supply fuel cells applicable to various hydrogen commercial vehicles, contribute to the growth of the domestic hydrogen supply chain, and expand cooperation with Doosan Bobcat in global markets such as China through localization of hydrogen commercial vehicles. With government support like this pilot project, we believe we can secure a leading position in the global hydrogen market, which will expand centered on hydrogen commercial vehicles."

Doosan Bobcat is accelerating the development of eco-friendly equipment. It is selling 1-ton electric excavators in the North American and European markets and is considering domestic introduction. A new 3-ton model will also be launched this year. The company developed the world's first fully electric construction equipment 'T7X,' which removes all hydraulic components, and unveiled it at CES 2022, the world's largest IT and electronics exhibition. A Doosan Bobcat official said, "Along with electrification efforts underway in major overseas markets, we have officially started developing hydrogen equipment domestically and will actively contribute to the government's 2050 carbon neutrality policy."