VINSSEN, a South Korea-based company specializing in eco-friendly marine mobility solutions, has successfully completed its Series C funding round, raising KRW 20 billion (approximately USD 15 million) since its launch in December last year.

Following an earlier investment from GS Ventures, the corporate venture capital arm of GS Group, VINSSEN secured an additional KRW 3.5 billion (approximately USD 2.6 million) from new investor Kyobo Securities, bringing the total to KRW 20 billion.

Founded in 2017 at Jeonnam Technopark’s Shipbuilding Industry Support Center, VINSSEN established a 4,300-square-meter factory in the Daebul National Industrial Complex in 2021. The company focuses on developing and producing marine fuel cell systems and eco-friendly propulsion systems (electric and hydrogen hybrid) for ships.

VINSSEN’s marine battery systems have proven their technological excellence, earning simultaneous type approval from the Korea Maritime Transportation Safety Authority (KOMSA) and the Korean Register (KR). Additionally, VINSSEN’s fuel cell modules, available in 100 kW and 250 kW models, have received Approval in Principle (AIP) from KR and are expected to be integrated into eco-friendly vessels after type approval.

Last year, VINSSEN delivered Korea’s first fully electric passenger ship, “Garden Dream,” for the 2023 Suncheon Bay International Garden Expo, which successfully operated with VINSSEN’s electric propulsion system. The vessel continues to operate smoothly this year after passing KOMSA’s safety inspections. VINSSEN also completed a successful “Hydrogen as Marine Fuel Project” in collaboration with global energy companies and partners in Singapore, applying hydrogen fuel cell systems to ships.

VINSSEN plans to use the Series C funds to expand its facilities and invest in R&D to further advance its marine hydrogen fuel cell technology. These efforts aim to support its global market expansion and drive the company’s planned IPO by 2026.

“We’re pleased to have successfully closed our Series C funding round,” said VINSSEN CEO Lee Chil-hwan. “This investment will be a key driver in advancing VINSSEN’s eco-friendly ship technology and expanding our market presence. We will continue to solidify our position as a leading company in the eco-friendly marine mobility industry.”