In acknowledgment of its development potential in the hydrogen transportation market, Doosan Mobility Innovation (DMI) has received a 27 billion won investment from IDG Capital, Korea Investment Partners, and DS Asset Management. The funding will mostly be used to create logistics freight drones powered by hydrogen fuel cells.

The parent business Corporation’s share in DMI is likely to drop from 100 percent to around 86.96 percent. In the end, DMI will be valued at around 210 million dollars, assuming a 100 percent share.

DMI has proven its technology in the hydrogen fuel cell transportation industry, as well as its future development potential, by winning the funding.

DMI intends to use the cash to improve its product lines, expand its worldwide capabilities, recruit top personnel, and create next-generation water-cooled fuel cells, which are critical for bigger and heavier mobility such as logistics drones. DMI is already a participant in a national effort to build a logistics and freight drone with a payload of 10 to 50 kg. The project’s goal is to complete commercialization by 2025, which is when logistics drones are projected to be fully operational.

“The success of this investment suggests that the ultra-light fuel cell business has a lot of potential for development and future value. DMI plans to broaden its product line by developing its own technology, diversify the fuel cell mobility industry by actively entering the worldwide market, and lead the area of industrial drones.” Doosan Mobility Innovation CEO Doosoon Lee said.