Fudan-founded Shine-Hydrogen lands second raise in six months for cheaper green hydrogen
What's the deal? Shine-HydrogenDealroom has a profile for this one. Try Dealroom →, a Shanghai startup making core materials for proton exchange membrane (PEM) electrolysers, has raised tens of millions of yuan in an angel round led by Zhongying Venture CapitalDealroom has a profile for this one. Try Dealroom →. It is the company's second such round in six months, following an earlier investment from Zhongke ChuangxingDealroom has a profile for this one. Try Dealroom →.
Why now? The raise comes weeks after Shine-Hydrogen opened a new Shanghai production base in September 2026, where an automated membrane electrode line gives it gigawatt-scale capacity. Proceeds will fund that capacity ramp, catalyst and slurry production, and expansion at home and abroad.
What's the endgame? The company, founded in 2023 by Fudan University professor Zhang Bo, makes catalysts, slurries, and membrane electrodes — the costliest part of PEM systems, which use precious-metal catalysts such as iridium. Cutting iridium loading while keeping efficiency is central to lowering green hydrogen costs.
Zhang's team says it has hit the US Department of Energy's 2026 targets, including operating below 1.8V at 3A/cm² current density and iridium loading of 0.5mg/cm². By its own estimate, hydrogen production costs can fall below US$1.79/kg under certain electricity and system conditions.
What's the traction? Shine-Hydrogen offers three membrane electrode lines and says it has served more than 100 customers, including electrolyser makers and energy groups. It lists business ties or product validation with Shanghai ElectricDealroom has a profile for this one. Try Dealroom →, Dongfang ElectricDealroom has a profile for this one. Try Dealroom →, and BoschDealroom has a profile for this one. Try Dealroom →; a 500-cubic-metre electrolyser project with Shanghai Electric has reached the manufacturing stage.
What could go wrong? Funding alone does not prove the low-cost route works commercially. Domestic electrolyser capacity already far exceeds actual tender volumes, and PEM gear remains pricier than mature alkaline systems. The test is whether the line can scale, deliver reliably, and win verifiable orders.
The signal: A quick re-raise shows investors still back domestic production of green hydrogen's core gear, especially PEM, which suits the power swings of wind and solar. But the market is moving from demonstration projects to larger tenders, and the metric worth watching is not the cheque size — it is whether Shine-Hydrogen can mass-produce its membrane electrodes at lower cost and land orders to match.
Read more: 36kr.com
Image credit: Generated with Gemini
