Energy solutions manufacturer HyAxiom has announced the completion of private placement of convertible preferred stock in an aggregate amount of around $150m.
Led by three Korean investment firms – Korea Investment Private Equity, KDB Investment-Hana Securities and KB Asset Management – the net proceeds of the private placement will go towards capital expenditure, R&D and capital and general corporate purposes.
It will also be used by the company to boost its US and global business in addition to developing new products such as its PEM electrolyser (PEMEC) system, which was launched this year.
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