HyAxiom Completes $150M Private Placement

HyAxiom, an East Hartford, CT-based developer and manufacturer of fuel cell and electrolyzer solutions, raised $150M in a private placement.

The round was led by Korea Investment Private Equity, KDB Investment–Hana Securities and KB Asset Management.

The company intends to use the funds for capital expenditure, research and development, as well as for working capital and general corporate purposes, as they focus 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.

Led by CEO Jeff Hyungrak Chung, HyAxiom develops, manufactures, installs and services 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 stationary fuel cell power plant (50 MW) running on direct hydrogen, which entered commercial service in 2020 in Korea, is empowered by a hydrogen-fueled variant of HyAxiom’s flagship product, the PureCell^Ⓡ M400.

In the U.S., HyAxiom has deployed around 50MW of total generation capacity between 2010 and 2022, amounting to more than 117 PureCell^Ⓡ M400 units. IHyAxiom is continuing to expand its presence in the U.S. by working with a variety of customers and partners in the Microgrid, Utility, and C&I (Consumer and Industrial) sectors, including by participating in port authority projects and government sponsored regional clean energy generation initiatives such as Connecticut’sShared Clean Energy Facility (SCEF) projects, one of which was recently awarded to HyAxiom.

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. In 2022, the company rebranded as HyAxiom.

FinSMEs

17/07/2023