HyAxiom, Inc., a leading developer and manufacturer of fuel cell and electrolyzer solutions, announced the completion of a private placement of convertible preferred stock in an aggregate amount of approximately $150 MM, 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.