HydroXpand announced that it has completed its Pre-A investment round. Korea Investment Accelerator, Company K Partners, and IBK Capital participated as new shareholders in this investment round.
HydroXpand plans to use the investment raised this time to advance the development of anion exchange membrane electrolysis stacks. In particular, it plans to proceed with plans to scale up the 2kW single stack unit module currently under development to 30kW.
The company is a company that possesses anion exchange membrane electrolysis technology, and is developing all of the core materials of the electrolysis stack, the anode, cathode, and exchange membrane, on its own. Anion exchange membrane electrolysis technology is a next-generation technology that combines the advantages of the existing first-generation alkaline electrolysis technology and the second-generation cation exchange membrane electrolysis technology.
CEO Hyun Jong-hyun stated, “Electrification technology is the core technology with the greatest growth potential in the hydrogen economy,” and “I decided to start a business with the goal of creating a domestic electrolysis company that can compete in the global market after seeing startups in the U.S. and Europe receive large-scale funding and grow rapidly into unicorns.” He continued, “I will prove that Korea’s electrolysis technology can work on the global stage through the technological prowess and execution power of Korean engineers.”
“In order to realize Net Zero and the hydrogen economy, qualitative and quantitative growth in green hydrogen production technology and mass production capabilities are essential,” said Sanghoon Byun, an appraiser at Korea Investment Accelerator, the largest investor in this Pre-A round. “Hydroxpand possesses the world’s best anion exchange membrane electrolysis stack technology, and has the potential and ripple effect to transform the existing gray hydrogen system into an eco-friendly green hydrogen system, which is why we decided to invest.”
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