HyAxiom Inc. announced it has raised about $150 million from private investors in a move the company said will help it accelerate growth.
The East Hartford-based fuel cell developer and manufacturer said this week that three Korean investment firms — Korea Investment Private Equity, KDB Investment–Hana Securities and KB Asset Management — led a private placement of convertible preferred stock in an aggregate amount of approximately $150 million.
HyAxiom said it plans to use the new funds for “capital expenditure, research and development, as well as for working capital and general corporate purposes.”
The company said it plans to expand its U.S. and global business and develop new products.
HyAxiom is an affiliate of South Korea-based fuel cell company Doosan Corp., and was formerly known as Doosan Fuel Cell America Inc. In February, HyAxiom laid off about 19% of its workforce, 57 employees, driven by an “adverse global economic situation coupled with impacts to the industry,” CEO Jeff Hyungrak Chung said at the time.
The company’s manufacturing facility in South Windsor still remains open following the layoffs, but is no longer used for producing molded components.
Earlier this year, the company launched its PEM electrolyzer system.
