[조선 밸류체인 줌인]범한퓨얼셀, '잠수함 연료전지' 국산화 수혜 본게임

Bum Han Fuel Cell has established a near-monopoly in South Korea's submarine fuel cell market as the only domestic supplier with advanced MEA and separator technology, creating recurring revenue from the upcoming replacement cycle of Changbogo-II submarines and new naval programs. The company's potential participation in Canada's CPSP submarine procurement project represents a critical inflection point for international expansion and could unlock export markets in hydrogen fuel cell systems beyond military applications. This positions Bum Han as a key beneficiary of the global maritime industry's transition toward hydrogen-based propulsion.