Hyundai Heavy to release IPO to raise Green Tech investment
On Tuesday, South Korean shipbuilder Hyundai Heavy Industries Co Ltd said it is preparing an initial public offering (IPO) to raise funds for a 1 trillion won ($905 million) investment in green technology over five years.
Within the year, Hyundai Heavy will issue a stake in new shares of about 20 percent, the shipbuilder said in a statement.
The money will go to the production and construction of green ships and installations, to the advancement of technologies such as dual-fuel propulsion and autonomous sailing ships, and to investments in fuel cell technology companies, it said.
Maritime Business World