VINSSEN, Proving Technological Prowess by Attracting 20 Billion Won in Investment. > news

A view of the new building located in Samho, Yeongam, VINSSEN.
[Gas Newspaper = Reporter Sangwon Han] VINSSEN attracted a total of 20 billion won in investment, achieving its initial target in the Series C stage that began in December of last year.

This investment is significant in that it acknowledges VINSSEN’s technological prowess and vision even as investment sentiment is dampened by growing uncertainty across industries. 

VINSSEN started in 2017 at the Jeonnam Techno Park Shipbuilding Industry Support Center. In 2021, it established a 4,300㎡ factory in the Daebul National Industrial Complex and is focusing on the development and production of fuel cell systems for ships and propulsion systems for eco-friendly (electric and hydrogen hybrid) ships.

In particular, the marine battery system has proven its outstanding technological prowess by simultaneously receiving type approval from the Korea Maritime Safety Authority (KOMSA) and the Korean Register of Shipping (KR). In addition, VINSSEN’s fuel cell module has received AIP certification from the Korean Register of Shipping (KR) for two models of 100kW and 250kW, and is expected to be applied to eco-friendly ships after going through the type approval process. 

VINSSEN's technology has already been successfully commercialized. Last year, the 'Garden Dream', the first domestic pure electric propulsion passenger ship delivered to the '2023 Suncheon Bay International Garden Expo', successfully operated and achieved stable performance by applying VINSSEN's ship electric propulsion system. As a result, it is operating stably after passing KOMSA's safety inspection this year. In addition, a project to apply hydrogen fuel cell systems to ships has been successfully carried out with global energy companies and partners based in Singapore.

With this Series C investment, VINSSEN plans to expand related facilities and invest in R&D to advance hydrogen fuel cell technology for ships. Through this, it plans to expand its business beyond the domestic market and pursue the IPO process with the goal of listing in 2026.

VINSSEN CEO Lee Chil-hwan said, “I am delighted to have successfully completed the Series C investment that we had targeted. This investment will also serve as a great lever for VINSSEN’s eco-friendly ship technology development and market expansion,” adding, “We will continue to work hard to solidify our position as a leading company in the eco-friendly marine mobility industry.”

Meanwhile, VINSSEN will participate in 'Gastech 2024' held at the George R. Brown Convention Center in Houston, USA from the 17th to the 20th. At this exhibition, it plans to promote eco-friendly marine propulsion systems that are carbon-free and replace fossil fuels in maritime transportation.