Doosan Mobility Innovation takes its first step into the logistics drone market by attracting 27 bil. won investment
YONGIN, South Korea, April 4, 2022 /PRNewswire/ — Doosan Mobility Innovation (DMI) has announced on March 29th 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.
* Redeemable Convertible Preferred Stock (RCPS): preferred stock that can be repaid in cash or converted into common stock upon maturity
By securing the investment, DMI has proved its technology in the hydrogen fuel cell…