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Exclusive: Korean fuel cell and electrolyzer maker open to external financing options

The fuel cell and electrolyzer subsidiary is engaging with projects in Texas and Oregon and looking for options to participate on a broader scale.

HyAxiom, the fuel cell manufacturing wing of South Korea’s Doosan (formerly Doosan Fuel Cell), is open to external financing options to scale its capabilities and take equity in new hydrogen projects across the US and Canada, an executive with the company told ReSource.

The Connecticut-based company is involved with two 100+ MW electrolyzer projects in Texas and Oregon, and is talking to developers in other states, Canada and the UAE.

The cost of the projects varies from $25m to $200m, the executive said. HyAxiom is open to taking project equity stakes alongside equipment and EPC provision.

HyAxiom completed a $150m private stock placement in July 2023 with three Korean investment firms: Korea Investment Private Equity, KDB Investment–Hana Securities and KB Asset Management.

At the time of the placement, company officials said they were focused on expanding its US and global businesses and would use the proceeds for capex, R&D, working capital and general corporate purposes.

HyAxiom supplied Bobcat Company with 14 stationary, natural gas-powered fuel cells for projects in North Dakota this month. The company also participated in the Series A round for Versogen, an electrolyzer startup.

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