[Edaily Reporter Shin Ha-yeon ] Doosan Fuel Cell(336260)is trading strongly in early trading as its growth potential has come into focus following a large-scale fuel cell order for U.S. artificial intelligence (AI) data centers, coupled with upward revisions to investment ratings and target prices by securities firms.

According to MP Doctor on the 7th, as of 9:07 a.m., Doosan Fuel Cell is trading at 49,350 won, up 12.54% from the previous trading day. During the session, the stock rose as high as 49,500 won.

Doosan Fuel Cell announced on the 2nd that it had signed a 501.4 billion won contract with HyAxiom, a U.S. subsidiary of DOOSAN, to supply phosphoric acid fuel cells (PAFCs). The products will be delivered in phases from the second half of this year through the first half of 2028 and are scheduled to be supplied to AI data centers in the U.S. This contract marks Doosan Fuel Cell’s first entry into the U.S. power market.

The contract value amounts to 110.25% of last year’s consolidated revenue of 454.8 billion won. Amid worsening grid bottlenecks in the U.S. due to surging power demand from AI data centers, the growing demand for fuel cells—which feature relatively short installation times and the ability to generate power on-site—is also gaining attention.

The securities industry is also offering positive assessments. NH INVESTMENT & SECURITIES upgraded its investment rating for Doosan Fuel Cell from “Hold” to “Buy” today to reflect this order and raised its target price by 70.6%, from 34,000 won to 58,000 won.

Jeong Yeon-seung, an analyst at NH INVESTMENT & SECURITIES, stated, “Considering the scale of the supply, we believe the fuel cells being supplied this time are likely to be used as the primary power source for data centers rather than as a backup power source,” adding, “This order confirms that even PAFCs, which have relatively low power generation efficiency, can enter the data center market based on strong on-site power generation demand in the U.S.”

NH INVESTMENT & SECURITIES estimated the size of this order at approximately 140 MW, significantly exceeding the initially projected 50 MW. Reflecting this, the firm raised its 2027 revenue forecast by 31.9% from 668.9 billion won to 882.1 billion won and projected that operating profit for that year would turn positive, reaching 40.4 billion won.

Analyst Jeong said, “As power demand from data centers in the U.S. is growing rapidly, supply capacity and installation speed are becoming more important than the specific characteristics of fuel cell technologies,” adding, “We expect additional orders for U.S. data centers in the future.”