Airute, Hydrogen Power Generation Business in Full Swing... "Securing New Growth Engine Centered on Renewable Energy Business"

[Asia Economy Reporter Hyunseok Yoo] A-root, a company specializing in industrial printers, is set to accelerate its hydrogen power generation business based on capital expanded through recent convertible bond (CB) conversions.

A-root announced on the 9th that it has completed the feasibility review of the hydrogen power generation business, a new venture, and will now fully launch the project. The business is expected to show visible results as early as this year.

Following the large-scale exercise of conversion rights for the 7th and 9th to 16th series of CBs, A-root has expanded its capital by a total of 57.9 billion KRW through stock conversion. Based on the secured funds, A-root has been promoting the power solutions business following its bio business.

The hydrogen power generation business was considered in light of synergies with the power solutions business. Its affiliate, Woojin Gijeon, is seeing active orders in the renewable energy solutions sector, including floating solar and offshore wind power, and discussions are underway with Toshiba Energy and Systems and Solutions regarding the introduction of hydrogen fuel cells, making related businesses increasingly visible and expected to generate significant synergy.

Since the feasibility review of the business has been completed, A-root expects to begin active discussions with major institutions, investors, and related companies, aiming to achieve tangible results as early as this year.

An A-root official stated, “In line with the government’s Green New Deal policy, we have decided to strengthen our energy business and make additional investments in the hydrogen power generation business to create synergy with Woojin Gijeon, a power solutions company. We will maximize the company’s future value through proactive investment in new businesses.”

In May, A-root made a strategic investment in Virocure, a company specializing in anticancer viruses, to advance its bio business. In June, it incorporated Woojin Gijeon, a company specializing in industrial power equipment distribution and solutions, as an affiliate.

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