Doosan Enerbility Co., Ltd.

Renamed from Doosan Heavy Industries in 2022, Doosan Enerbility builds the heavy machinery that sits inside power plants. From its base in Changwon, South Korea, it manufactures turbines, generators, boilers and reactor components, and acts as an engineering and construction contractor that builds entire plants: coal, gas, nuclear and, increasingly, renewables. The company is South Korea's main supplier of nuclear power equipment, which places it at the center of the country's plans to build reactors at home and export them abroad.

That gives it a long, lumpy order book tied to national energy policy and big multi-year projects rather than steady demand. The push into gas turbines, offshore wind and small modular reactors is meant to replace the fading market for coal plants. Its fortunes rise and fall with government decisions on energy and the timing of a handful of very large contracts.

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