---
endpoint: analytics
pattern: Capital Goods
status: done
latency_ms: 192530
conversation_id: 18656a3b-52a8-43f5-888e-59ecf61c471e
citations: 12
created: 2026-05-31 21:39:22Z
---

# Who are the key customers and suppliers of Doosan Enerbility?

# Doosan Enerbility (034020 KS) — Key Customers & Suppliers

Based on CLSA's internal research coverage (most recent: 27 May 2025 O-PF note + 1 May 2025 1Q25 HC O-PF note + Korea nuclear teach-in May 2025), Doosan Enerbility's business model is an **equipment OEM / EPC contractor** in nuclear, gas turbines and SMRs — meaning its customer base is dominated by utilities, reactor designers and engineering consortium leads, while it sits at the top of the supply chain itself (foundry / large forging capability), with subsidiaries and minority equity stakes filling out a vertically integrated structure.

---

## 1. Key Customers (by business segment)

### A. Conventional Nuclear Power (the core upside driver)

| Customer | Project / Role | Status |
|---|---|---|
| **KHNP (Korea Hydro & Nuclear Power)** | Domestic primary contracting authority; channels the Czech Republic award down to Doosan Enerbility as equipment + EPC supplier; awarded the ₩1.9tn Shinhanwool 3&4 order in Dec-2023 | Main domestic customer; Czech contract expected 2H25, ₩3.8tn order to follow [3][11] |
| **Westinghouse (US)** | Partner-cum-customer on Czech project (work-sharing on key equipment) and historical UAE 2008 measurement & control; potential order pipeline from Westinghouse for US and Europe (Poland/Bulgaria) | Active partnership after 17-Jan-2025 IP settlement; "talks with Westinghouse in the USA" ongoing [3][4][6][11] |
| **Czech Republic (via ČEZ/KHNP team)** | ₩24tn project to build two reactors — Team Korea selected as preferred bidder Jul-2024 | Doosan-side order guided at ₩3.8tn (key equipment + EPC) for 2025 [3][11] |
| **UAE** | Prior Barakah nuclear program supplier; new project negotiations beginning 2025 with prior pricing already discussed | Mid-term order target unchanged [3][6] |
| **Saudi Arabia** | Conventional nuclear order target alongside CCPP EPC; also expecting two Saudi combined-cycle EPC projects in 2025 | One of the named order catalysts [3][6] |
| **Romania (via NuScale)** | Long lead materials already supplied for 12 SMR modules; main equipment orders pending | Active order book [6] |
| **Candu Energy (Canada)** | Preferred-vendor agreement signed 29-Apr-2025 — nuclear reactor maker (CANDU heavy-water reactors) | New customer relationship [9] |
| **Vietnam** | Korea–Vietnam MOU on nuclear cooperation signed 15-Apr-2025 | Forward pipeline [9] |
| **Korea SMR (domestic consortium)** | Mid-term order target | Pending [6][7] |

Forward customer catalyst: CLSA frames the upside as "new order confirmations from conventional nuclear power plants (Czech Republic, Saudi Arabia, UAE and potentially from Westinghouse)" [1].

### B. Small Modular Reactor (SMR) — Doosan Enerbility positioned as the "global SMR foundry" [2]

| Customer | Relationship |
|---|---|
| **NuScale Power (SMR US)** | Most advanced relationship — NuScale's CEO Ramsey Hamady described NPM as a "tech JV between NuScale and Doosan"; Doosan supplies the NuScale Power Modules (NPMs) seen in production at Changwon. Doosan holds 1.8% equity stake (3.9m shares) [5][12]. Romanian project: 6 modules + US projects targeting up to 12 modules per site [8]. Doosan already received order for long-lead materials for 12 SMR modules [6]. |
| **X-Energy** | A$5.0m equity investment + key-equipment supply agreement since Jan-2023; initial contract for core equipment [1][2][11] |
| **TerraPower** | Feasibility contract signed 19-Dec-2024 to manufacture SMR components; initial contract for core SMR equipment [2][9][11] |
| **"Other SMR players"** | CLSA notes additional approaches: "Other SMR players have approached Doosan for core equipment for their SMR projects" [2] |

### C. Gas Turbines (emerging export business)

| Customer | Notes |
|---|---|
| **US gas turbine customers** | Multiple discussions ongoing; Doosan is confident in first US gas turbine order in 2025 — 2026 capacity already fully booked, reservation fees being collected; orders include not just gas turbines but also steam turbines and HRSGs (heat recovery steam generators) [1][8] |
| **Saudi Arabia (2 CCPP projects) + Qatar (1 CCPP project)** | CCPP EPC executed through consortium where Doosan provides equipment supply + installation, local contractors handle civil works [3][10] |
| **Domestic Korean utilities** | E.g. Kimpo CHP — gas turbine entering commercial operation Oct-2025; underpins reference plant for US export pitches [10] |

---

## 2. Suppliers & In-house Supply Chain

Doosan Enerbility is itself the upstream supplier in most relationships (large forgings, reactor pressure vessels, steam turbines, gas turbines). Its supply chain is anchored by **wholly-owned operations and consolidated subsidiaries** rather than external vendors:

| Entity | Role / Stake | Function |
|---|---|---|
| **Doosan Enerbility (Changwon plant)** | Parent | Largest forging / nuclear equipment manufacturing complex in Korea; capacity for 12 SMR modules currently, expandable to 20 [8]; can manufacture up to 5 conventional nuclear units per single year [4] |
| **Doosan Škoda Power (Czech subsidiary)** | Subsidiary; Prague IPO announced 16-Jan-2025 | Steam turbines — key equipment supplier into Doosan's nuclear and CCPP projects in Europe [9][11] |
| **Doosan Cuvex** | 100% (book value ₩358bn in CLSA SOTP) | Casting & forging support for the parent [12] |
| **Doosan Fuel Cell** | 34.78% (listed) | Hydrogen / fuel-cell equipment to feed the Gas & Hydrogen segment [12] |
| **Doosan Bobcat** | 46.06% (listed) — to be retained after the cancelled 2024 restructuring | Non-core financial investment; not a supplier to the energy business [12] |
| **NuScale Power LLC** | 1.8% equity (3.9m shares) | Equity-aligned customer relationship — Doosan supplies modules and shares technology development [12] |

### Korean EPC consortium partners (named as peers / fellow contractors in the same projects):

- **Hyundai E&C (000720 KS)** — civil & EPC partner in Korean and Czech nuclear consortium [7]
- **Samsung C&T (028260 KS)** — EPC/civil consortium partner [7]
- **Korea SMR (N-R)** — domestic SMR consortium [7]
- **Daewoo E&C (047040 KS)** — Korean EPC peer also bidding alongside / against the Team Korea consortium

### Structural notes on the supplier role

- For **conventional nuclear projects**: Doosan's key components represent <20% of total project value; bulk goes to EPC and civil; Doosan keeps reactor pressure vessels, steam turbines, pumps [2][4].
- For **SMR projects**: key-component share rises to >40% as EPC scope is small — making SMR demand a higher-margin pull-through for Doosan's foundry [4].
- For **CCPP EPC abroad**: Doosan operates inside a consortium where **local contractors handle civil works** — Doosan's scope is equipment supply + installation only, with low-teens gross margin [10].
- Doosan has historically supplied "nuclear reactors, steam turbines, pressure vessels, etc." — these are the product families it offers across all customer relationships [4].

---

## Summary table — top counterparties

| Tier | Customers | Suppliers / In-house |
|---|---|---|
| **Anchor / strategic** | KHNP, NuScale, Westinghouse | Doosan Škoda Power (steam turbines), Doosan Cuvex (forging) |
| **Active near-term** | Czech (ČEZ/KHNP), Saudi Arabia, UAE, TerraPower, X-Energy, US gas-turbine customers | Hyundai E&C, Samsung C&T (consortium partners); local civil contractors for overseas CCPP |
| **Emerging / forward** | Candu Energy (Canada), Vietnam, Korea SMR, additional unnamed SMR developers, Westinghouse-led Poland/Bulgaria | Doosan Fuel Cell (hydrogen subsystem); capacity expansion to support 20-unit SMR build-out |

The forward investment thesis hinges almost entirely on the **customer side** (Czech order finalization, NuScale Romanian/US contract conversion, first US gas-turbine order, Saudi/UAE wins) — Doosan is itself the bottleneck supplier in most of these value chains [1][2][6].

---
**Sources**
[1] Doosan Enerbility — HC O-PF (Bound to grow; upgrade to HC O-PF) — CLSA, 4 Mar 2025 — 607952142LinqAlpha.PDF (chunk 12)
[2] Doosan Enerbility — HC O-PF (Bound to grow) — CLSA, 4 Mar 2025 — 607952142LinqAlpha.PDF (chunk 49)
[3] Doosan Enerbility — HC O-PF (Bound to grow) — CLSA, 4 Mar 2025 — 607952142LinqAlpha.PDF (chunk 65)
[4] Doosan Enerbility — O-PF (₩36tn backlog in 2029) — CLSA, 17 Feb 2025 — 607950904LinqAlpha.PDF (chunk 54)
[5] Korea nuclear energy (Korea leg quick takeaways) — CLSA, 20 May 2025 — 607959940LinqAlpha.PDF (chunk 8) — NuScale "tech JV with Doosan"
[6] Doosan Enerbility — O-PF (Half nuclear half amazing) — CLSA, 27 May 2025 — 607960659LinqAlpha.PDF (chunk 11)
[7] Doosan Enerbility — O-PF (Half nuclear half amazing) — CLSA, 27 May 2025 — 607960659LinqAlpha.PDF (chunk 67) — Companies mentioned
[8] Doosan Enerbility — HC O-PF (One step back for two steps forward) — CLSA, 1 May 2025 — 607957818LinqAlpha.PDF (chunk 62) — NuScale modules / Czech / gas turbines
[9] Doosan Enerbility — HC O-PF (One step back) — CLSA, 1 May 2025 — 607957818LinqAlpha.PDF (chunk 45) — Timeline: TerraPower, Candu, Vietnam
[10] Doosan Enerbility — HC O-PF (One step back) — CLSA, 1 May 2025 — 607957818LinqAlpha.PDF (chunk 61) — CCPP EPC consortium structure
[11] Doosan Enerbility — HC O-PF (Sanity check) — CLSA, 7 Apr 2025 — 607955198LinqAlpha.PDF (chunk 41) — Timeline
[12] Doosan Enerbility — O-PF (Half nuclear half amazing) — CLSA, 27 May 2025 — 607960659LinqAlpha.PDF (chunk 32) — SOTP / subsidiary stakes

## Citations

- [1] **607952142LinqAlpha.PDF** · clsa — <s3://ext-linq-rms-clsa/2025/03/607952142LinqAlpha.PDF>
- [2] **607952142LinqAlpha.PDF** · clsa — <s3://ext-linq-rms-clsa/2025/03/607952142LinqAlpha.PDF>
- [3] **607952142LinqAlpha.PDF** · clsa — <s3://ext-linq-rms-clsa/2025/03/607952142LinqAlpha.PDF>
- [4] **607950904LinqAlpha.PDF** · clsa — <s3://ext-linq-rms-clsa/2025/02/607950904LinqAlpha.PDF>
- [5] **607959940LinqAlpha.PDF** · clsa — <s3://ext-linq-rms-clsa/2025/05/607959940LinqAlpha.PDF>
- [6] **607960659LinqAlpha.PDF** · clsa — <s3://ext-linq-rms-clsa/2025/05/607960659LinqAlpha.PDF>
- [7] **607960659LinqAlpha.PDF** · clsa — <s3://ext-linq-rms-clsa/2025/05/607960659LinqAlpha.PDF>
- [8] **607957818LinqAlpha.PDF** · clsa — <s3://ext-linq-rms-clsa/2025/05/607957818LinqAlpha.PDF>
- [9] **607957818LinqAlpha.PDF** · clsa — <s3://ext-linq-rms-clsa/2025/05/607957818LinqAlpha.PDF>
- [10] **607957818LinqAlpha.PDF** · clsa — <s3://ext-linq-rms-clsa/2025/05/607957818LinqAlpha.PDF>
- [11] **607955198LinqAlpha.PDF** · clsa — <s3://ext-linq-rms-clsa/2025/04/607955198LinqAlpha.PDF>
- [12] **607960659LinqAlpha.PDF** · clsa — <s3://ext-linq-rms-clsa/2025/05/607960659LinqAlpha.PDF>

