Daechang Solution Affiliate CriOS "Successful Funding with 90 Billion KRW Valuation"

Specialized Company in Liquefied Hydrogen Tanks
Additional 11 Billion KRW Raised Beyond Initial Expectation
Plans to Pursue KOSDAQ Listing

Daechang Solution, a global small giant company in the cast steel sector, announced on the 5th that its affiliate, Cryos, a specialized liquefied hydrogen tank company, has successfully raised funds from institutional investors with a valuation of 90 billion KRW. The company emphasized that the funding scale was expanded to 11 billion KRW, larger than the initially expected amount, due to the active participation of multiple institutional investors.

Cryos' liquefied hydrogen tank trailer supplied to Hi Changwon. (Provided by KOSDAQ Association)

Daesung Kim, CEO of Cryos, stated, "The 11 billion KRW funding raised through the K&T-Kyobo New Technology Investment Association will be actively used for the construction of a new factory dedicated to liquefied hydrogen tanks to respond to the increasing demand for transportation and storage tanks, which are a key part of the hydrogen economy, and we will embark on full-scale external growth."

The liquefied hydrogen tanks, which Cryos has successfully localized, are expected to establish themselves as a core transportation means in the forthcoming hydrogen economy by offering more than 10 times the transportation efficiency compared to the current main technology of compressed hydrogen and advanced ultra-low temperature cooling technology (-253℃).

Many countries around the world anticipate that hydrogen will play a major role in reducing greenhouse gases and achieving carbon neutrality, and expect the hydrogen industry to become the "next-generation economic paradigm." In fact, the global consulting firm Deloitte projected the global hydrogen market size to reach 2 trillion USD by 2050.

Cryos, acquired by Daechang Solution in 2013, is a leading company in the ultra-low temperature storage tank and transport tank sector, holding the number one market share in the domestic LNG storage tank market. Its main businesses include LNG and special gas tanks for semiconductor and secondary battery fields.

The company succeeded in localizing liquefied hydrogen tanks based on its long-standing ultra-low temperature technology and optimal heat transfer insulation technology accumulated in the special gas fields such as LNG and ammonia. On January 31 of this year, Hi Changwon completed the first liquefied hydrogen production facility in Korea, and Cryos also delivered the first liquefied hydrogen tank trailer for transporting liquefied hydrogen to Hi Changwon.

A company official said, "We are accelerating preparations for listing, having selected KB Securities as the lead manager in the second half of last year," and added, "Through this institutional investor funding, we have met all conditions for national strategic technology (hydrogen transportation sector) and venture finance investment exceeding 10 billion KRW, enabling us to apply the benefits (single valuation) of the revised technology special listing requirements this year, and we will pursue listing on KOSDAQ."

Meanwhile, the parent company Daechang Solution is also improving its performance by successfully diversifying its business from its core ultra-large ship parts based on world-class cast steel technology to nuclear waste containers and offshore wind turbine fixing parts. A simultaneous level-up is expected with the listing of its affiliate Cryos.

This content was produced with the assistance of AI translation services.