To Stress Its Focus on New Businesses
Doosan Heavy Industries & Construction (DHIC) has completed its trademark and domain applications under the new name of Doosanenerbility.
"Enerbility" in the company's new name is a combination of energy and possibility. The company explained that the new name shows its ambition to explore and develop eco-friendly development businesses such as hydrogen energy and increase its competitiveness through digital innovation.
DHIC aims to raise the share of its four major growth drivers (gas turbines, hydrogen, renewable energy and nuclear power plants) in sales from the current 36 percent to 52 percent in the 2023-2026 period. In particular, the company plans to foster its new gas turbine, which was developed for the fifth time in the world, as a new growth engine. It is also focusing on commercializing small modular reactors (SMRs). It is in a strategic alliance with NuScale Power, a U.S. nuclear power generation company. DHIC invested US$60 million in July last year in addition to US$44 million placed in 2019. It will supply components to SMRs to be built by its U.S. partner.
In the hydrogen sector, DHIC plans to undertake a hydrogen power generation demonstration project based on a hydrogen turbine and ammonia mixing, and is also promoting the hydrogen fuel cell and hydrogen liquefaction plant businesses. The company’s new and renewable energy business unit will also expand the large-scale offshore wind power business in Korea, while promoting the engineering, procurement and construction (EPC) business for solar power generation at sea and on land and the energy storage system (ESS) business in Australia, and the United States.
DHIC showed positive business performances recently. The company succeeded in turning to a surplus for the first time in seven years, posting 890.8 billion won in consolidated operating profits in 2021. Its sales rose 22.5 percent on year to 11,807.7 billion won. Its net profit hit 645.8 billion won, switching to a surplus for the first time in eight years.