Jung Young-sik, CEO of Bumhan Fuel Cell, held a corporate presentation on the 31st in Yeouido, Seoul, to introduce the company for its KOSDAQ listing. / Photo by Bumhan Fuel Cell
[Asia Economy Reporter Jang Hyowon] “We aim to achieve sales of 400 billion KRW by 2030 through the full-cycle expansion of hydrogen mobility.”
On the 31st, Jung Youngsik, CEO of Beomhan Fuel Cell, held a corporate briefing session in Yeouido, Seoul, for the KOSDAQ listing and announced this plan.
Beomhan Fuel Cell is a company specialized in technologies for submarine fuel cells, hydrogen charging stations, and building fuel cells. It was established at the end of 2019 through the physical division of Beomhan Industry’s hydrogen fuel cell business division. As of the first quarter of this year, sales amounted to 8.5 billion KRW, with 6.8 billion KRW from the fuel cell sector and 1.7 billion KRW from the hydrogen charging station sector.
Recently, the growth of the hydrogen industry has become visible worldwide with the announcement of carbon neutrality policies and hydrogen economy transition strategies. In South Korea, interest in Beomhan Fuel Cell is increasing as the amended Hydrogen Act has passed the National Assembly subcommittee.
Beomhan Fuel Cell possesses polymer electrolyte membrane fuel cell (PEMFC) technology for mobility applications. Among various types of fuel cells, PEMFC is a low-temperature type, easy to miniaturize, and has high responsiveness, making it suitable for mobility use.
CEO Jung explained, “Beomhan Fuel Cell can produce fuel cells that are impact-resistant, high-output and high-density, and strong against water, explosion, and dust. Mobility fuel cells must operate stably in various environments, and since Beomhan Fuel Cell has experience making submarine fuel cells suitable for such conditions, it meets all the requirements for mobility.”
Beomhan Fuel Cell plans to target the large mobility market such as hydrogen ships and hydrogen buses. The company is particularly focusing on supplying fuel cells for ships. According to the International Maritime Organization (IMO), the proportion of zero-carbon ships is expected to increase by 2050 due to the enforcement of carbon reduction regulations.
He said, “By 2030, the proportion of zero-carbon ships will be only 2.4%, but it is expected to rise to 79.5% by 2050. Currently, marine fuel cells are expanding through submarines, but from 2025 to 2030, the spread of zero-carbon ships such as bulk carriers and container ships will expand.”
Additionally, as the hydrogen electric bus market accelerates its growth, the company plans to supply fuel cells domestically and internationally and enter the markets for hydrogen trucks and special vehicles. Alongside this, Beomhan Fuel Cell will participate in a national project for solid oxide fuel cells (SOFC) and aims to complete the development of building and power generation fuel cells by 2025.
The hydrogen charging station business is also one of Beomhan Fuel Cell’s key areas. Among the cost components of hydrogen charging stations, hydrogen compressors account for about 50%. Beomhan Fuel Cell receives large hydrogen compressors from its affiliate Beomhan Industry, enabling it to generate high added value and profit margins. Last year, Beomhan Fuel Cell recorded sales of 17.8 billion KRW in the hydrogen charging station sector. As of the end of the first quarter this year, the order backlog is about 20 billion KRW, indicating steady growth.
Beomhan Fuel Cell plans to raise 68.8 billion KRW based on the lower end of the public offering price. Of this, 26 billion KRW will be used to establish a second factory of approximately 9,917 square meters for entering the power generation and ship fuel cell businesses. The remaining funds will be used for research and development and operating expenses.
Meanwhile, Beomhan Fuel Cell will issue a total of 2,136,000 new shares. The desired public offering price range is 32,200 to 40,000 KRW. Demand forecasting will be conducted on June 2-3, followed by a general subscription on June 8-9. The lead underwriter is NH Investment & Securities, and the joint underwriter is Korea Investment & Securities.
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