East Hartford-based developer and manufacturer of fuel cell and electrolyzer solutions, HyAxiom, has successfully raised $150 million in a private placement.
The funding round was led by prominent Korean investment firms, Korea Investment Private Equity, KDB Investment–Hana Securities, and KB Asset Management.
The investment will fuel HyAxiom’s capital expenditure, research and development efforts and support their ongoing expansion in the United States and global markets. The funds will be utilized as working capital and general corporate purposes.
Expanding U.S. and Global Business, Unveiling New Products
HyAxiom, under the leadership of CEO Jeff Hyungrak Chung, is focused on developing, manufacturing, installing, and servicing innovative fuel cell solutions.
The company’s offerings, including stationary fuel cells and electrolyzers, cater to utility, industrial, and commercial customers seeking cleaner and more sustainable energy sources.
HyAxiom’s notable product, the PureCell M400, a phosphoric acid fuel cell (PAFC), has significantly established the company’s strong foothold in the fuel cell solutions industry.
The recently secured funding will be instrumental in supporting HyAxiom’s key objectives. The company aims to expand its U.S. and global business operations while developing and launching new products.
One of their primary focuses is expanding production and continued research and development of their PEM electrolyzer (PEMEC) system, which was introduced earlier this year.
This system holds significant potential for various hydrogen applications, offering unique advantages for deployment across diverse sectors.
HyAxiom’s Impressive Track Record and Market Presence
With a legacy that traces back to the 1960s, when its fuel cells powered and provided water to the Apollo spacecraft during the first moon landing, HyAxiom brings a wealth of experience and technical expertise to the industry.
The company, formerly known as Doosan Fuel Cell America, Inc. (DFCA), was established in 2014 through the merger of two industry powerhouses, UTC Power and Doosan Group.
In the United States, HyAxiom has already deployed over 50MW of total generation capacity, equivalent to more than 117 PureCell M400 units, between 2010 and 2022.
The company continues strengthening its presence in the U.S. market by collaborating with various customers and partners in the Microgrid, Utility, and C&I (Consumer and Industrial) sectors.
HyAxiom has actively participated in port authority projects and government-sponsored regional clean energy generation initiatives, such as Connecticut’s Shared Clean Energy Facility (SCEF) projects, further solidifying its position as a leading energy solutions provider.
Leveraging Opportunities and Embracing Clean Hydrogen Strategies
HyAxiom views the latest funding round as a critical step in its growth journey, particularly as the company finalizes the development of new clean energy solutions and progresses toward commercialization.
The investment will help expedite their expansion plans and enable them to take full advantage of the opportunities presented by the Inflation Reduction Act and the recently announced U.S. National Clean Hydrogen Strategy and Roadmap.
As the global demand for cleaner energy rises, hydrogen-based energy systems will play an axiomatic role in meeting these needs.
With a strong track record, a diverse product portfolio, and a commitment to clean energy solutions, HyAxiom will play a pivotal role in meeting the growing demand for sustainable energy sources.