Securities registration filed for offering of up to 24.2 billion won
Destin Power, a global power conversion specialist led by CEO Oh Sung-jin, said on October 29 that it had filed a securities registration statement on October 28 for a KOSDAQ listing and formally begun its public offering process.
Destin Power plans to offer 2,200,000 shares at an indicative price of 8,000 to 11,000 won per share. Total proceeds are expected to range from 17.6 billion to 24.2 billion won. Korea Investment & Securities is the listing's lead manager.
Founded in 2012, Destin Power specializes in power conversion solutions for fuel cells, which generate electricity by converting the chemical energy of fuel, and energy storage systems (ESS). Its main products are fuel cell inverters and ESS power conversion systems (PCS). Fuel cell inverters convert and control the direct-current electricity produced during generation into alternating current, while ESS PCS handle bidirectional power conversion between batteries and the grid.
In fuel cell inverters, the company supplies products optimized for power generation systems through joint development with Doosan Fuel Cell. Design technology integrated into customer systems and accumulated operating data have created high barriers to switching suppliers, helping the company establish a leading position in South Korea's fuel cell inverter market. In ESS, it developed South Korea's first 4 MW-class, high-capacity immersion-cooled PCS with SK On to address fire risks and thermal management challenges. The product substantially improves fire safety by directly immersing major heat-generating components in electrically insulating cooling oil, improving cooling performance and power density compared with conventional air cooling.
Destin Power's core competitive strength is its ability to provide integrated designs tailored to customers. It has brought key design technologies, including control circuits, cooling and thermal management, in-house and used them to establish a design platform applicable across various power conversion products. It has also established capabilities to meet global certification requirements, supported by technical expertise spanning design, testing and validation, as well as its own test facilities.
Through these capabilities, it has proactively secured major international certifications, including North American UL and European CE certification, from the early stages of its business. Its test facilities combine South Korea's largest power conversion equipment testing capacity with the country's first validation technology for fuel cell electrical control systems. These capabilities have also developed into a separate business model through a subsidiary supplying test equipment to external organizations. Since starting mass production, the company has supplied a cumulative 552 MW of fuel cell inverters and more than 600 MW of ESS PCS.
Starting this year, Destin Power is stepping up its efforts in the U.S. market, with fuel cell inverters and ESS PCS as its two principal growth businesses. Its strategy is to accelerate entry into related markets as the expansion of AI data centers and delays in grid construction increase demand for on-site generation, in which generating equipment is installed directly at the point of consumption. Working with major fuel cell manufacturers including Doosan Fuel Cell, it plans to expand inverter supplies for U.S. AI data centers and accelerate entry into global ESS markets, including the United States and Taiwan, with high-capacity, immersion-cooled PCS.
Destin Power also presented revenue growth targets, taking this year, when it is stepping up its U.S. expansion, as the starting point. Following revenue of 28.9 billion won in 2025, it expects approximately 32.5 billion won this year and targets more than 80 billion won in 2027, approximately three times the 2025 level.
The company plans to use IPO proceeds to expand production infrastructure and global business. It intends to increase production capacity for fuel cell inverters and ESS PCS and expand testing and validation infrastructure, including test facilities, to meet global customer demand. Building on its record of supplying four rectifiers to a domestic water electrolysis demonstration project, it also plans to expand participation in large-scale water electrolysis projects and diversify its product portfolio into fuel cell inverters for power generation and marine applications.
CEO Oh said, “Destin Power has established its position in the fuel cell inverter and ESS PCS markets based on accumulated power conversion technology and supply references. Through this KOSDAQ listing, we will strengthen production capabilities and expand into global power conversion markets, including U.S. AI data centers, to sustain growth.”
Original Korean article: Electric Times
English brief by Korea Wind Intelligence, koreawindintel.com
