International Bank of Korea invests $8.28 million in the acquisition of Bumhan Fuel Cell

In South Korea, FuelCellWorks reported that the International Bank of Korea (IBK) announced a 10 billion won ($8.28M) investment in fuel cells via its “IBK-KIP Growth Stepping Stone First Private Equity Fund.” The investment was made to acquire Bumhan Fuel Cell, which was engaged in the design and manufacture of hydrogen fuel cell power generation for buildings, the military, as well as the construction of hydrogen refueling stations. IBK explained their investment by stating that 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.” 

Category: Market News