News

Doosan Mobility Receives $22 Million Investment to Develop Hydrogen Logistic Drones

By March 29, 2022 3   min read  (475 words)

March 29, 2022 |

Fuel Cells Works, Doosan Mobility Receives $22 Million Investment to Develop Hydrogen Logistic Drones
  • Funds from IDG Capital, Korea Investment Partners, DS Asset Management
  • Recognized for its future value and growth potential…

Doosan Mobility Innovation (DMI), on March 29th, announce that it secured 27 billion won worth of funds from IDG Capital, Korea Investment Partners, and DS Asset Management in recognition of its growth potential in the hydrogen mobility business. The funds will be mainly invested in developing hydrogen logistics cargo drones.

DMI issued 260,383 shares of Redeemable Convertible Preferred Stock (RCPS)* at 103,693 won per share. After the capital increase, Doosan’s stake in DMI will change from 100% to about 86.96%. As a result, DMI will be recognized for its market value of about 210 million won based on a 100% stake.

* Redeemable Convertible Preferred Stock (RCPS): preferred stock that can be repaid in cash or converted into common stock upon maturity

DMI plans to use the investment funds on strengthening its product lineup, enhancing overseas sales capabilities, attracting top talent, and developing water-cooled fuel cells that can be applied to large mobility for transportation such as logistics. Research and development of water-cooled fuel cell is a national task that DMI is actively participating. The task focuses on developing cargo drones and logistics drones with 10-50kg payloads and aims to commercialize them after 2025.

“We were able to attract investments since ultra-light fuel cell market for mobility has been recognized for its future value and growth potential. DMI plans to expand its product line-up, diversify mobility business using fuel cell by actively entering overseas market, and become the leader in the industrial drone industry.”

DMI, a leader the industrial drone market, showed tangible results last year, such as providing hydrogen drones to military troops, developing gas pipe inspection solution, and successfully launching DS30W which is the 2nd generation hydrogen drone with enhanced wind resistance.

DMI’s hydrogen drone can stay airborne for more than 2 hours and less noise and vibration make it suitable for performing missions such as monitoring and reconnaissance. With these strengths, DMI built special task force for defense sector last year to preoccupy the military market, which accounts for the largest portion of the industrial drone market and is striving to develop military solutions by participating in governmental projects in DAPA (Defense Acquisition Program Administration), Ministry of National Defense, and Republic of Korea Army.

In addition, the company also provides various solutions such as gas pipeline monitoring, emergency relief delivery, environmental monitoring, and utility inspection. It also provides a variety of services such as integrated software solutions which enables real-time control of drones and global hydrogen supply network.

The industrial drone market is still dominated by public and military markets, but the private market is also growing in the fields of filming and video surveillance. Global industrial drone market is expected to grow to 100 trillion won by 2030, by cooperating with other industries such as logistics, drone taxis, and safety monitoring.

FuelCellsWorks

Author FuelCellsWorks

More posts by FuelCellsWorks
error: Alert: Content is protected !!