BDI Completes 10.1 Billion Funding... "Expecting Benefits from Fuel Cell and Renewable Energy Businesses under Government New Deal Policy"

[Asia Economy Reporter Yoo Hyun-seok] VIDI has completed the procurement of operating funds to be used for its core business centered on plants and renewable energy, and is expected to continue its steady business momentum. Recently, as the Moon Jae-in administration decided to invest 160 trillion won over five years through the Korean New Deal policy, benefits are also expected for VIDI's core business focusing on fuel cells and renewable energy sectors.

VIDI announced on the 16th that the payment for the 10.1 billion won worth of newly issued bonds with warrants (BW), disclosed in May for the purpose of operating funds to be used in core business project orders, has been completed. All procured funds will be used as operating capital for core business-related projects, such as purchasing raw materials.

VIDI's core business recorded sales of 128.6 billion won last year, achieving the highest sales since its establishment. The fuel cell business sector already achieved sales of 50 billion won in the first half of the year, and the renewable energy and plant sectors are also showing steady growth.

In particular, as the government announced plans to invest about 9.2 trillion won in renewable energy transition support projects by 2025, VIDI, which is expanding its business portfolio into renewable energy sectors such as ▲solar power ▲wind power ▲fuel cells, is expected to gain momentum in its business plans.

In May, VIDI signed a contract for the installation of solar power generation facilities worth 102 billion won with 'Imgae Solar Park.' The Imgae Solar Park project involves constructing a 60MW-class solar power plant on approximately 320,000 pyeong in the Imgae-myeon area of Jeongseon, Gangwon Province. VIDI plans to provide solar modules, inverters, structures, and electrical construction services by the end of 2022.

A VIDI official said, "Through this fund procurement, the company's core business can gain further momentum," adding, "The volume of related orders has surged just three years after entering the renewable energy market, and we plan to further strengthen our core business in line with the government's 'Green New Deal' policy." He also added, "Along with strengthening the core business, the bio business, which will be a future growth engine, will also proceed without delay."

On the 4th, VIDI signed a contract to acquire 51% of the shares of Allison, a U.S. pharmaceutical company developing anticancer drugs, through a new share subscription method, and has completed the payment of a deposit equivalent to 10% of the acquisition price, starting the full acquisition process.