SPIC Hydrogen Energy

About SPIC Hydrogen Energy

SPIC Hydrogen Energy Co., Ltd. (SPIC Hydrogen Energy), established in May 2017, operates as a key technology-focused subsidiary of the State Power Investment Corporation (SPIC), one of China's five major power generation groups. Headquartered in the Future Science City of Changping District, Beijing, the company was strategically formed to spearhead advancements within the hydrogen energy sector, leveraging the extensive industrial resources and innovation capabilities of its parent company. SPIC Hydrogen Energy is focused on the entire hydrogen value chain, from research and development to high-end manufacturing.

The company's business is centered on the development and production of hydrogen fuel cell technologies and Proton Exchange Membrane (PEM) electrolysis equipment. Its product portfolio includes fuel cell stacks, power systems, and key components like catalysts, proton exchange membranes, and bipolar plates, for which it has achieved independent R&D and manufacturing capabilities. This vertical integration allows the company to control the quality and cost of its products, a significant factor in the scaling of the hydrogen industry. The firm serves various markets by providing hydrogen power system solutions for vehicles, ships, and backup power sources, having collaborated with automotive companies like BAIC Foton and Yutong Bus to develop hydrogen-powered buses. One notable achievement was the deployment of buses equipped with its "Hydrogen Teng" FCS80 fuel cell systems for the 2022 Beijing Winter Olympics.

SPIC Hydrogen Energy's financial position has been solidified through significant fundraising activities. In December 2022, the company completed a Series B funding round, raising approximately $645 million from a consortium of investors including CDBC, Hony Capital, and the National Green Development Fund. This capital injection supports the company's ambitious plans for production line expansion, research and development of key components, and new base construction. The company has established a substantial operational footprint with industrial bases and research centers in several cities, including Ningbo, and internationally in Japan and Canada, to integrate global resources and talent.