US-based HyAxiom, Inc. has announced the raise of around $150m from the private placement of convertible preferred stock, led by three Korean investment firms.
Led by Korea Investment Private Equity, KDB Investment-Hana Securities and KB Asset Management, the funding is intended for capital expenditure, research and development, as well as for working capital and general corporate purposes as it focuses on its US and global business expansion.
The company is also planning on expanding the production and continued R&D of its PEM electrolyser system which it launched earlier this year (2023).
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