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Industrial Bank of Korea (IBK) Invests in Hydrogen Fuel Cells

By February 28, 2020 2   min read  (206 words)

February 28, 2020 |

IBK Invests in Fuel Cells

On the 19th of February IBK announced that it has invested 10 billion won ($8.28M) into fuel cells through its ‘IBK-KIP Growth Stepping Stone First Private Equity Fund’. 

The first private equity fund is a private equity fund established jointly with Korea Investment Partners to support SMEs with high growth potential.

The investment is in the form of an acquisition of the preferred shares and the acquisition of Bumhan Fuel Cell a small to medium-sized business that is engaged in the design and manufacture of hydrogen fuel cell power generation system for military, buildings, and the construction of hydrogen charging station. It was founded in 2019 by its parent company Panhan Industries.

An IBK official said, “It is a company with excellent technology in the field of hydrogen fuel cell power generation system.” “The fuel cell industry is a convergence industry that requires specialized technologies in various fields such as machinery, chemicals, electronics, and materials. It is an industry with high entry barriers and high value-added.”

He continued, “By President Jong-Won Yoon ordered to actively participate in supplying risk capital and supporting growth stages to enhance the competitiveness of the new growth industry,” he said. “We will continue to invest in companies with high technology and growth potential.”

 

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