"宁波膜智信息科技有限公司"为势银（TrendBank）唯一工商注册实体及收款账户 月报订阅： 《中国氢能及燃料电池产业月度分析报告》 重要会议： 2025势银绿氢产业大会（8月27-28日，江苏·无锡） 点此报名 保时来BSL-W系列莫特-肖特基催化电极针对"风光电（绿电）波动性导致的电解槽阴极涂层遭受逆 向电流冲击"难点，进行了材料改性与工艺优化，不但适应风光波动性电源及耐电解槽的频繁启停 过程，还表现出出色的催化活性。 在技术创新方面，保时来取得了显著成果，累计申请专利40余项，其中发明专利20余项，实用新型 专利15项。此外，在标准制定方面，保时来牵头编写了国内首个制氢电极相关的团体标准： T/CAPID 010—2024 碱性水电解制氢编织网电极技术规范，并参与了首部绿氢电极测试相关国家标 准：GB/T45092-2024 电解水制氢用电极性能测试与评价。保时来还向势银透露，目前合同额已经 超过1亿元。 今年5月，保时来与上海氢器时代签署了战略合作协议。根据协议，保时来将为上海氢器时代提供 电解水制氢电极，保障其在制氢设备生产中的关键零部件供应。同月，与三一氢能正式签署战略合 作协议，为其开发适配其 ...

Core Viewpoint - The article highlights the launch of a hydrogen-powered zero-carbon freight line by Fuyou Truck, marking a significant step in the integration of hydrogen energy into logistics and transportation [3][6][8]. Group 1: Hydrogen-Powered Freight Line - A fleet of hydrogen-powered heavy trucks, capable of carrying over 300 tons, has commenced its first transport task from Dezhou to Qingdao, officially launching Fuyou Truck's zero-carbon freight line [3][6]. - The freight line spans approximately 450 kilometers, connecting major logistics hubs such as Dezhou Modern Logistics Park and Qingdao Qianwan International Logistics Park [6]. - The initial fleet consists of 18 hydrogen-powered trucks developed jointly by China National Heavy Duty Truck Group and Toyota, featuring a 300KW hydrogen fuel cell power system, emphasizing zero emissions and long-range capabilities [6][8]. Group 2: Strategic Initiatives and Future Plans - The launch of the zero-carbon freight line is part of Fuyou Truck's "Smart + Green Logistics Strategy," aiming to enhance logistics sustainability [8]. - The company plans to open more zero-carbon freight lines as supportive policies for hydrogen-powered trucks are introduced and hydrogen refueling infrastructure is improved [8][9]. - Fuyou Truck aims to collaborate with new energy manufacturers and hydrogen station operators to promote clean energy logistics, focusing on research and innovation in hydrogen-powered trucks and the establishment of a green logistics ecosystem [9].

Core Viewpoint - The article emphasizes the importance of hydrogen energy as a key component of the future national energy system, highlighting the focus on developing renewable energy-based hydrogen production and the economic viability of hydrogen production methods [3]. Group 1: Hydrogen Production Cost Analysis - The levelized cost of hydrogen (LCOH) is a critical metric for evaluating the economic viability of hydrogen production, with lower LCOH indicating better market competitiveness [3]. - The 50MW green hydrogen project by TrendBank utilizes a configuration of 40MW alkaline (ALK) electrolysis and 10MW proton exchange membrane (PEM) electrolysis, resulting in an LCOH of 28 yuan/kg at an electricity price of 0.35 yuan/kWh [3][5]. - If the project does not include PEM systems, the LCOH would be 26.57 yuan/kg, indicating that the inclusion of PEM systems increases costs [3][5]. Group 2: Cost Structure and Sensitivity Analysis - The lifecycle cost of the hydrogen production system is primarily composed of initial investment, operating costs, and taxes, with operating costs accounting for 79% of the total lifecycle cost [7]. - Electricity costs represent approximately 70% of the operating costs, making electricity pricing a significant factor in LCOH [7]. - A sensitivity analysis shows that electricity price has the most substantial impact on LCOH, followed by the energy consumption of the hydrogen production equipment [9]. Group 3: Future Projections and Technological Improvements - If electricity prices decrease to 0.1 yuan/kWh, the hydrogen production cost could approach the cost of gray hydrogen at 15 yuan/kg [7]. - Current energy consumption for ALK and PEM systems is reported to be 5.0-5.5 kWh/Nm³H₂ and 4.8-5.3 kWh/Nm³H₂, respectively, with potential for further reductions [9]. - The International Energy Agency (IEA) aims to reduce the energy consumption of electrolysis to below 4 kWh/Nm³H₂, which could lower LCOH to 25 yuan/kg [9].

Core Viewpoint - The article discusses the public announcement by the Ministry of Industry and Information Technology regarding the final audit of subsidy funds for the promotion of fuel cell vehicles from 2016 to 2020, highlighting the limited number of vehicles that passed the audit and the total subsidy amount allocated [3][6]. Summary by Sections Subsidy Audit Results - A total of 121 fuel cell vehicles were reported for subsidy from 2016 to 2020, but only 26 vehicles passed the final audit, resulting in a total subsidy amount of 11.1 million yuan [6][7]. - The breakdown of the approved vehicles includes models from Shenchong Bus, Zhongzhi Automobile, and Jiangling Heavy Truck, with specific subsidy amounts allocated to each [7]. Reasons for Non-Approval - Out of the 121 vehicles reported, 95 did not pass the audit due to various reasons, including failure in on-site verification, incorrect vehicle registration information, discrepancies in battery model specifications, and registration dates falling outside the subsidy policy's validity [8].

Core Viewpoint - The article highlights the launch of the new high-performance wind-cooled membrane electrode (model: HPACM-300, referred to as H300) by Qingtong Technology, which significantly enhances performance, environmental adaptability, cost, and lifespan, redefining industry standards and facilitating a transition from "usable" to "highly usable" products [3][22]. Performance Breakthrough - The H300 membrane electrode achieves a power density of 0.7 W/cm², marking a significant improvement in efficiency [3][22]. - The electrode maintains stable performance in high-temperature environments, addressing the common issue of performance degradation due to water loss in traditional membrane electrodes [5][10]. - In rigorous open-circuit testing, the H300 outperforms competitors by achieving 0.683 V at 1.0 A/cm², which is 29 mV higher than competing products [7]. Environmental Adaptability Upgrade - The H300 membrane electrode is designed to operate effectively across a wide temperature range, overcoming the limitations of traditional wind-cooled electrodes that struggle with temperature fluctuations [10][12]. - In temperature sensitivity tests, the H300 maintains performance above competitors by 13-23 mV at 0.7 A/cm² under 65°C conditions [13][14]. Cost Reduction through Domestic Component Replacement - The H300 utilizes domestically sourced materials, replacing imported components, which leads to a reduction in material costs by over 30% per kW while maintaining performance parity with imported systems [18][21]. - The use of self-developed high-performance alloy catalysts further reduces costs, potentially halving the material costs per kW [21]. Durability Enhancement - The H300 features a high-durability catalyst that significantly improves both the durability of the carrier and the catalyst itself, with a theoretical lifespan exceeding 10,000 hours and a conservative estimate of 3,000 hours in wind-cooled environments [22][23]. - Qingtong Technology has developed multiple catalyst and membrane electrode products, holding 142 patents, which positions the company as a leader in the domestic hydrogen energy sector [22][23]. Industry Implications - The mass production of domestically produced membrane electrodes will accelerate the self-sufficiency of key components, reducing reliance on imports [23]. - The performance breakthroughs of wind-cooled membrane electrodes will facilitate the commercialization of hydrogen energy across various applications, driving the industry towards large-scale development [23][24].

Core Insights - The article highlights a significant decline in fuel cell installation and vehicle sales in the first half of 2025, with installation capacity at 253.69 MW, down 5.6% year-on-year and 53.8% quarter-on-quarter, and vehicle sales at 1,967 units, down 22.0% year-on-year and 57.3% quarter-on-quarter [2]. Fuel Cell Installation Overview - In H1 2025, the top five companies in fuel cell installation accounted for a market concentration of 61.1%, with Dongfang Hydrogen Energy leading at 19.7% [2]. - Dongfang Hydrogen Energy focuses on diverse applications including traction vehicles and logistics, with systems primarily in the 112-135 kW range, and some traction vehicles utilizing a new 200 kW high-power system [2]. - Hyundai Hydrogen Technology promotes cold chain logistics vehicles with a power output of 90 kW, having deployed 350 vehicles, primarily in Guangzhou [2]. - Yuntai Hydrogen Energy is involved in specialized vehicles, with power selections between 110-130 kW [2]. Company Profiles Dongfang Hydrogen Energy - Established in 2015, it is a state-owned enterprise producing hydrogen fuel stacks and systems for various applications, including transportation and distributed power generation [5]. - The company has successfully developed multiple demonstration vehicle types and achieved rapid production and delivery of fuel cell systems [6]. Hyundai Hydrogen Technology - HTWO Guangzhou, a subsidiary of Hyundai Motor Group, has established a leading production line for hydrogen fuel cell systems with an annual capacity of 6,500 units [8]. - The company has initiated demonstration operations for logistics vehicles, achieving significant mileage and reliability in complex environments [8]. Yuntai Hydrogen Energy - Founded in May 2022, Yuntai focuses on hydrogen technology product development and has established a comprehensive supply chain from materials to commercial applications [9]. - The company has launched a hydrogen refueling station and committed to competitive pricing for hydrogen fuel over the next several years [12]. Huafeng Fuel Cell - A joint venture between Beijing Yihua Technology and Toyota, established in June 2021, focusing on the production and sales of fuel cell systems [10]. Rongcheng New Energy - Part of Rongcheng Group, it integrates hydrogen energy solutions across the entire industry chain and has deployed 800 hydrogen fuel cell vehicles and 12 refueling stations [13].

Core Viewpoint - The article highlights the recent developments in green hydrogen projects in Inner Mongolia, emphasizing the region's position as a national demonstration area for green hydrogen production [3][5][6]. Group 1: Project Developments - Three green hydrogen projects in Inner Mongolia have made significant progress, reinforcing the region's status in the green hydrogen sector [3]. - The first project, the Chayouqi Wind-Solar Hydrogen Integration Project, involves the procurement of complete hydrogen production equipment, utilizing 50MW wind power to produce hydrogen with a rated output of 9000Nm³/h and a maximum output of 10800Nm³/h [4]. - The Baotou Hydrogen Yijing Electric Green Power Hydrogen Production Project has received approval, with a total investment of 3 billion yuan, focusing on the construction of a green power electrolysis hydrogen production facility [5]. - The Baotou Damao Mengfa Guofu Green Power Hydrogen Production Project has also been approved, with a total investment of 200 million yuan, planning to establish a hydrogen production line with a capacity of 120,000Nm³/h [6]. Group 2: Company Information - TrendBank is identified as a leading industry research and data company in China, providing data, research, consulting, and conference services to support decision-making and business development [11].

Core Insights - The article highlights the establishment of a specialized intelligent production line for alkaline electrolyzer composite membranes by Huashang Xiangeng Hydrogen Energy Technology Co., Ltd. (Huashang Hydrogen Energy), marking a significant technological breakthrough in the core materials for green hydrogen equipment [3][6]. Group 1: Company Overview - Huashang Hydrogen Energy was established in 2021 as a joint venture between China Merchants Industry Holdings and Jiageng Innovation Laboratory, focusing on the research and development of efficient electrodes and membranes for water electrolysis hydrogen production [6]. - The company has developed and launched 1000 standard cubic meter and 1500 standard cubic meter alkaline water electrolysis hydrogen production systems, along with a 12MW testing base for water electrolysis hydrogen production [6]. Group 2: Technological Advancements - The newly built 2.2-meter wide intelligent production line aims to achieve large-scale and intelligent production of high-performance composite membranes for alkaline electrolyzers [3][7]. - The composite membrane features a new polymer substrate and nano-coating technology, providing significant advantages such as: 1. Enhanced safety with gas barrier performance improved by 50 times compared to traditional PPS membranes, with a hydrogen-oxygen cross-permeation rate of ≤0.7% [6]. 2. Improved energy efficiency with ion migration efficiency increased by 40%, reducing the direct current consumption to below 4.0 kWh/Nm³ for each standard cubic meter of hydrogen [6]. 3. Increased durability with a lifespan extension of over 30% in high-temperature and strong alkaline environments [6]. Group 3: Industry Impact - The performance of composite membranes is crucial for the operational efficiency of alkaline electrolyzers, and the establishment of the intelligent production line represents a major breakthrough in the capacity for mass delivery of these membranes [7]. - This development supports Huashang Hydrogen Energy in forming a new growth pattern characterized by alkaline hydrogen production equipment as the core, with membrane and electrode technologies as complementary components [7].

Core Viewpoint - The hydrogen energy industry, particularly in the storage and transportation segment, is crucial for connecting production and application, with liquid hydrogen storage gaining significant attention due to its technical advantages [3][4]. Summary by Sections Advantages of Liquid Hydrogen Storage - High transportation efficiency with low sensitivity to distance in transportation costs - Wide application scenarios, catering to high-end fields like semiconductors and aerospace, as well as long-distance transport for heavy trucks and ships - Potential for large-scale application, showcasing large storage capacity, fast filling speed, and small footprint when utilized on a large scale [3]. Challenges in Industrialization - Technical challenges include insufficient domestic production rates of core equipment, such as the need for improved adiabatic efficiency in turbine expanders and the current status of vehicle-mounted liquid hydrogen tanks being in the engineering prototype stage - High investment costs for liquid hydrogen plants, with electricity costs accounting for about 70% of total liquefaction costs, limiting expansion into the civilian market - Incomplete standard systems, with existing national standards for liquid hydrogen but lacking comprehensive testing bases and certification systems [4]. Recent Developments in Liquid Hydrogen Sector 1. **Panzhihua Liquid Hydrogen Demonstration Project**: The main equipment for this project, led by the Aerospace Science and Technology Group, has been successfully transported, marking a new era for liquid hydrogen's full industrial chain demonstration in the Sichuan-Chongqing region [4]. 2. **Jiuquan Steel's Special Steel for Liquid Hydrogen Storage**: The S31603 (JLH) austenitic stainless steel plate has passed technical evaluations, suitable for extreme low-temperature environments [5]. 3. **CNOOC Engineering's Low-Temperature Liquid Hydrogen Tank**: This tank has received AIP certification, featuring advanced insulation structures and achieving industry-leading evaporation rates [6]. 4. **20m³ Liquid Hydrogen Tank by Aerospace Six Academy**: Successfully developed with advanced vacuum insulation technology, ensuring safety and efficiency [7]. 5. **Jiangsu Heng Hydrogen's Large-Scale Liquid Hydrogen Storage Project**: This project, with a total investment of 500 million yuan, aims to produce 100 sets of large-scale liquid hydrogen storage and transportation equipment annually [8]. 6. **First Domestic Liquid Hydrogen Production and Storage Demonstration Project**: This project aims to establish a comprehensive solution for liquid hydrogen, enhancing commercialization efforts [9][12]. 7. **Liquid Hydrogen Technology Alliance Formation**: This alliance aims to develop technical specifications and address key challenges in liquid hydrogen technology [13][14]. 8. **Successful Test Flight of a Ton-Class Liquid Hydrogen Drone**: This marks a significant breakthrough in liquid hydrogen applications, validating the feasibility of the liquid hydrogen supply system [15].

Core Viewpoint - The hydrogen energy industry is experiencing a significant increase in investment activity, particularly in July 2025, with multiple companies securing funding, indicating strong market confidence and technological advancements in the sector [3][4]. Investment Activity - In the first half of 2025, 22 hydrogen companies completed 23 financing rounds, averaging 3-4 companies per month. However, in July, this pace accelerated significantly, with 9 companies securing funding [3][4]. - Key factors driving this surge include supportive national and local policies, maturity of critical technologies, and collaboration between international energy giants and domestic capital [4]. Notable Financing Events - **Heide Hydrogen**: On July 1, China Petroleum Capital invested in Heide Hydrogen, marking a second round of investment following a previous one in June 2024. Heide Hydrogen is collaborating with major global energy firms [5]. - **Xie Hydrogen New Energy**: On July 2, Super Power Group completed a strategic investment in Xie Hydrogen New Energy, aiming to develop the world's largest wind-cooled hydrogen fuel cell production base [7]. - **Carbon Technology**: On July 7, Carbon Technology announced a Pre-B round financing of several million, led by CICC Capital, to enhance its energy storage battery product line [8]. - **Pandu Electric**: On July 11, Pandu Electric successfully completed a Pre-A round financing, focusing on fuel cell power electronics [10]. - **Kexin Hydrogen Materials**: On July 17, Kexin Hydrogen Materials completed a round of equity financing to develop alkaline electrolysis membranes [12]. - **Alcohol Hydrogen Technology**: On July 20, Alcohol Hydrogen Technology raised over $200 million in its third round of financing to advance its product technology [14]. - **Proton Motors**: On July 21, Proton Motors completed a B round financing, which is crucial for its sales and IPO strategy [16]. - **Hydrogen Energy**: On July 24, Hydrogen Energy secured several million in its second round of financing to enhance R&D and product development [18]. - **Carbon Rich Hydrogen Energy**: On July 24, Carbon Rich Hydrogen Energy announced an A round financing to support technology development and production capacity [20].