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HyAxiom, Inc. Announces Completion of $150 Million Private Placement

📅 Date:

🔖 Topics: Funding Event

🏢 Organizations: HyAxiom

HyAxiom, Inc., a leading developer and manufacturer of fuel cell and electrolyzer solutions (“HyAxiom” or the “Company”), announced today the completion of a private placement of convertible preferred stock in an aggregate amount of approximately $150 million (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.

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