HyAxiom, Inc., a leading developer and manufacturer of fuel cell and electrolyzer solutions, announced today the completion of a private placement of convertible preferred stock in an aggregate amount of approximately $150mn (the “Private Placement”), led by three Korean investment firms – Korea Investment Private Equity, KDB Investment–Hana Securities and KB Asset Management.
The Company 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.
Get the week’s top news delivered directly to your inbox – Sign up for our newsletter
The securities sold and issued in the Private Placement have not been registered under the Securities Act of 1933, as amended, or applicable state securities laws and may not be offered or sold in the United States absent registration with the U.S. Securities and Exchange Commission or an applicable exemption from such registration requirements.
This press release is for informational purposes only and does not constitute an offer to sell, or a solicitation of an offer to buy, any security and does not constitute an offer, solicitation or sale of any security in any jurisdiction in which such offer, solicitation or sale would be unlawful.
Source: PR Newswire
Can’t stop reading? Read more
Ufenau Capital Partners closes €2.1bn fund in four months to back buy-and-build strategy
Ufenau Capital Partners closes €2.1bn fund in four months to back buy-and-build strategy Ufenau...
Pollen Street Capital explores Metro Bank takeover as shares hit two-year high
Pollen Street Capital explores Metro Bank takeover as shares hit two-year high Metro Bank shares...
Triton and Carlyle weigh bids for German industrial group REMA Tip Top
Triton and Carlyle weigh bids for German industrial group REMA Tip Top Triton Partners and Carlyle...