HyAxiom, Inc., a developer and manufacturer of fuel cell and electrolyzer solutions, has completed a private placement of convertible preferred stock in an aggregate amount of approximately $150m, led by three Korean investment firms – Korea Investment Private Equity, KDB Investment–Hana Securities and KB Asset Management.
The East Hartford-based company said Monday it intends to use the net proceeds of the private placement for capital expenditure, research and development, as well as for working capital and general corporate purposes, as HyAxiom focuses on expanding its U.S. and global business as well as developing and launching new products, including the expansion of production and continued research and development of its PEM electrolyzer (PEMEC) system, which was launched this year.
“This investment comes at a critical juncture, as we finalize the development of new clean energy solutions and move towards commercializing these offerings, including our first electrolyzer system. The funds will help expedite our growth and take full advantage of the impetus provided by the Inflation Reduction Act and the recently announced ‘U.S. National Clean Hydrogen Strategy and Roadmap’,” said CEO Jeff Hyungrak Chung.
HyAxiom develops, manufactures, installs and services reliable and innovative energy solutions, including stationary fuel cells and electrolyzers, for utility, industrial and commercial customers who seek cleaner and more sustainable sources of energy. The world’s first and largest stationary fuel cell power plant (50 MW) running on direct hydrogen, which entered commercial service in 2020 in Korea, is powered by a hydrogen-fueled variant of HyAxiom’s flagship product, the PureCellⓇ M400.
Formerly known as Doosan Fuel Cell America, Inc. (DFCA), the Company was established in 2014 by uniting two industry powerhouses, UTC Power, a division of United Technologies Corporation, and Doosan Group. Known for technological innovation, UTC Power developed and supplied the fuel cells used aboard the Apollo spacecrafts in the late 1960s. With a history dating back to 1896, Doosan Group is the oldest and one of the most prominent conglomerates in Korea, with a focus on power generation, desalination, infrastructure development and compact construction equipment manufacturing (including Bobcat, the U.S.-based leader in the compact construction equipment space). In 2022, the Company rebranded as HyAxiom, a portmanteau signifying the axiomatic role that hydrogen-based energy systems are expected to play in meeting the ever-growing demand for cleaner energy.
