Doosan Mobility Secures 27 Bn Won Investment to Develop Hydrogen Fuel-based Logistics Cargo Drones

Doosan Mobility Innovation (DMI) has announced on March 29^th that it had secured approximately 27 billion won worth of investment from IDG Capital, Korea Investment Partners, and DS Asset Management in recognition of its growth potential in the hydrogen mobility business.

The funds will be mainly invested in developing logistics cargo drones with hydrogen fuel cell technology.

DMI has issued 260,383 shares of Redeemable Convertible Preferred Stock (RCPS) at 103,693 won per share. After the increase in capital, Doosan Corporation-the parent company-'s stake in DMI is expected to decrease from 100% to about 86.96%. In the end, DMI will be recognized for its market value of about 210 million assuming a 100% stake.

By securing the investment, DMI has proved its technology in the hydrogen fuel cell mobility sector and its future growth potential.

DMI plans to spend the acquired funds on strengthening its product line-ups, enhancing global capabilities, attracting top talent, and developing the next generation water-cooled fuel cells crucial for larger and heavier mobility such as logistics drone.

Already, DMI is participating in the national project to develop the logistics and cargo drone with 10 to 50kg payload. The project aims to complete the commercialization after 2025, which is the general period when logistics drones are expected to be on full-scale.

"The success of this investment implies that ultra-light fuel cell market possesses high growth potential and future value. DMI will expand its product line-up through the development of its original technology, diversify the fuel cell mobility business by actively venturing into global market and lead the field of industrial drones." Said Doosoon Lee, the CEO of Doosan Mobility Innovation.