Woori Technology Raises $27.5M Convertible Bond to Accelerate Nuclear and Offshore Wind Projects

Woori Technology, a South Korean provider of nuclear plant instrumentation and control systems (MMIS), has raised KRW 40 billion ($27.5 million) through a private convertible bond offering, the company disclosed on August 6.

Woori Technology issued its twentieth series of unsecured, convertible private bonds. The round was underwritten by KB Securities, NH Investment & Securities, IBK기업은행, Shinhan Securities, Samsung Securities, MIRAE ASSET SECURITIES, and KOREA INVESTMENT & SECURITIES, among other financial institutions.

The entire proceeds will be allocated to operating capital. Specific spending priorities include materials and subcontracting costs for the Shin Hanul Units 3 & 4 MMIS project, materials and outsourcing for the multipurpose research reactor MMIS, development expenses for innovative small modular reactors (i-SMR), acquisition of offshore wind turbine installation vessels, and operating costs for the company’s integrated waste recycling business. Woori Technology plans to deploy the funds sequentially: KRW 21 billion in 2026, KRW 15 billion in 2027, and KRW 4 billion from 2028 onward.

Woori Technology is also allocating a portion of the capital to offshore wind and resource-recycling projects. The company intends to complete payment for Nuribaram 1, the sole domestic offshore wind foundation installation vessel acquired earlier this year, and to purchase equipment and facilities for its resource-recycling operations. Woori Technology’s subsidiary Wave Jeongeup recently signed a refined petroleum supply agreement with global commodity trading firm Trafigura and has completed shipment of its first consignment.