IBK Invests 10 Billion KRW in Hydrogen Energy Company Beomhan Fuel Cell

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[Asia Economy Reporter Haeyoung Kwon] IBK Industrial Bank announced on the 19th that it has selected Beomhan Fuel Cell (CEO Youngsik Jung) as an investee company of the 'IBK-KIP Growth Stepping Stone No.1 Private Equity Fund (PEF)' and invested 10 billion KRW.

IBK Industrial Bank invested 10 billion KRW by acquiring Beomhan Fuel Cell's redeemable convertible preferred shares and existing shares. Beomhan Fuel Cell is a small and medium-sized enterprise engaged in the design and manufacturing of hydrogen fuel cell power generation systems for military and building use, as well as hydrogen charging station construction business. It was spun off from its parent company Beomhan Industry in 2019.

An IBK Industrial Bank official explained, "It is a company with excellent technology in the hydrogen fuel cell power generation system field," and added, "With the government's hydrogen economy activation policy, rapid growth is expected in the future." He continued, "The fuel cell industry is a convergence industry requiring specialized technologies in various fields such as machinery, chemistry, electronics, and materials, making the entry barrier high and creating high added value," and said, "We plan to realize investment returns through an initial public offering (IPO) in the future."

The IBK-KIP Growth Stepping Stone No.1 Private Equity Fund, which provided the funding for this investment, is a private equity fund jointly established with Korea Investment Partners to support small and medium-sized enterprises and mid-sized companies with high growth potential.

An IBK Industrial Bank official said, "President Jongwon Yoon has ordered active supply of venture capital and support at each growth stage to enhance the competitiveness of new growth industries," and added, "We will continue to contribute to the leap of innovative SMEs through investments in companies with high technological capabilities and growth potential."

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