质子交换膜龙头科润新材启动 IPO ！

Core Viewpoint - Suzhou Kerun New Materials Co., Ltd. is preparing for an IPO on the Sci-Tech Innovation Board, focusing on the production of proton exchange membranes for various applications in the hydrogen energy and flow battery sectors [4][6]. Company Overview - Founded in April 2019, Kerun New Materials is a leading domestic company in proton exchange membrane materials, specializing in core membrane material industrialization for "flow energy storage + hydrogen energy" [4]. - The company's main products include proton membranes for flow batteries, hydrogen fuel cells, and PEM electrolysis for hydrogen production, with applications in critical areas such as hydrogen fuel cells and all-vanadium flow energy storage [4]. Financial Information - As of August 2, 2024, Kerun New Materials has completed five rounds of financing, raising at least 780 million yuan in total [5]. - The latest financing round (C+ round) on August 2, 2024, raised over 400 million yuan, led by Sinopec Capital, with participation from several notable investment institutions [6]. Investment Landscape - The company has attracted investments from prominent firms, including Sinopec Capital, Sequoia China, and various automotive companies, indicating strong confidence in the hydrogen energy sector [6][7]. - Notably, automotive companies like Yutong and BAIC have invested in Kerun, reflecting their interest in the hydrogen energy market and the need for supporting technologies and products [7][8]. Market Position - Kerun New Materials ranks among the top producers of perfluorosulfonic acid proton membranes in China, with only two companies capable of fully autonomous production across the entire industry chain [4]. - The company’s latest valuation is approximately 3 billion yuan, highlighting its significant market presence and growth potential in the hydrogen energy sector [6]. Industry Context - The hydrogen energy industry is still in its developmental stage, with various supporting technologies and products yet to be fully established, creating opportunities for companies like Kerun to grow [8][9]. - The hydrogen energy supply chain includes upstream hydrogen production, midstream storage and transportation, and downstream applications, with Kerun positioned in the component manufacturing segment [9].