Led · Equity · Jul 2023

HyAxiom develops, manufactures, installs and services stationary fuel cells and electrolyzers for utility, industrial and commercial customers. Its flagship product family includes the PureCellⓇ M400 and this year it launched a PEM electrolyzer (PEMEC) system. The company has deployed around 50 MW of total generation capacity in the U.S. between 2010 and 2022 (more than 117 PureCellⓇ M400 units) and operates a 50 MW hydrogen-fueled stationary fuel cell power plant that entered commercial service in Korea in 2020. HyAxiom plans to expand production, continue R&D on its PEMEC system, and develop and launch new products while growing its U.S. and global business. It works with customers and partners in Microgrid, Utility, and C&I sectors and participates in projects such as Connecticut’s Shared Clean Energy Facility (SCEF). The company is led by CEO Jeff Hyungrak Chung and is based in East Hartford, CT.