‘TerraLIX’, a company specializing in hydrogen fuel cells, recently secured 3 billion won in Series A. SJ Investment Partners and Wonik Investment Partners joined forces. The raised funds will be intensively invested in R&D of ‘power module’, a key component of hydrogen fuel cells.
TerraLIX recently finished the Series A round. The secured fund is 30 billion won. Two venture capital firms have acquired redeemable convertible preferred stock (RCPS) and common stock issued by TerraLIX.
SJ Investment Partners provided 1.5 billion won through the ‘Jeonbuk-SJ First Mover Venture Fund’. Wonik Investment Partners also bet the same amount with the ‘Wonik 2019 Startup Partnership Investment Association’.
CEO Kim said, “Utilizing venture capital investment, we will do our best to develop a hydrogen fuel cell power pack with excellent performance even in extreme environments.”
Jinwoo Ok, managing director of SJ Investment Partners, who reviewed the deal, said, “The strategy for TerraLIX to enter the industrial drone market based on its hydrogen fuel cell power pack design capability is very realistic. There is a clear possibility of expanding the scope of application, so the investment decision was made,” he said.