Doosan Mobility Innovation raises $22.5 million

Hydrogen-powered drone developed by Doosan Mobility Innovation [DOOSAN MOBILITY INNOVATION]

Doosan Mobility Innovation (DMI), a wholly-owned subsidiary of Doosan Corporation that develops hydrogen-powered drones, raised 27 billion won ($22.5 million) from a group of investors, the company said Tuesday.

IDG Capital, Korea Investment Partners and DS Asset Management participated in the funding.

Doosan Corporation's stake in DMI went from 100 percent to 86.96 percent following the transaction.

The Korean drone company plans to use the newly-raised funds to fortify its drone lineup and overseas business and invest in further research and development into fuel cell systems.

"The latest investment shows that lightweight fuel-cell systems for mobility have great potential in the future," said Lee Doo-soon, CEO of the company in a release.

"The company will take the lead in the commercial drone industry by strengthening its lineup and aggressively advancing into overseas markets."

DMI specializes in hydrogen-powered drones for logistics, cargo and military purposes.

It is currently participating in a state-run project developing cargo drones that can carry 10-to-50-kilogram payloads. It expects to begin marketing this type of drone after 2025.

BY JIN EUN-SOO [jin.eunsoo@joongang.co.kr]