势银调研 | 氢启能源：聚焦AEM制氢与固态储氢双轨布局

Core Viewpoint - The article discusses the development and market strategies of Hydrogen Qi Energy Technology (Chengdu) Co., Ltd., focusing on solid-state hydrogen storage and AEM (Anion Exchange Membrane) electrolysis technology as key areas for growth and innovation in the hydrogen energy sector [2][15]. Group 1: Company Overview - Hydrogen Qi Energy was established in October 2023, located in Chengdu, with a founding team possessing over 20 years of experience in hydrogen production and storage [2]. - The company has a dual development strategy focusing on solid-state hydrogen storage and AEM electrolysis technology [2]. Group 2: Solid-State Hydrogen Storage - Solid-state hydrogen storage is a core business area, with products categorized into three types: - Gram-level hydrogen bottles for micro-transportation, with 10,000 units sold this year, primarily in domestic markets but also expanding to Europe and South America [3]. - Kilogram-level hydrogen modules for industrial applications, with over 20 units sold this year [3]. - Ton-level containerized hydrogen systems currently in project follow-up and business negotiations for green hydrogen applications [3]. - The company has established a small-scale production line in Chengdu to support initial commercialization needs, focusing on AB2 alloy as the primary material for solid-state hydrogen storage [5]. Group 3: AEM Electrolysis Technology - Hydrogen Qi Energy has developed key technologies for AEM electrolysis, including non-precious metal catalysts and membrane structures, with products in the 2.5 kW and 10 kW range already in small-scale commercial orders [9]. - The company has sold over ten units of the 2.5 kW product and signed contracts for two 10 kW systems, with larger 100-250 kW products designed and ready for delivery this year [9]. - A megawatt-level AEM system design has been completed, with applications in research laboratories and small-scale hydrogen production [11]. Group 4: Industry Challenges and Future Outlook - The company identifies three main challenges in solid-state hydrogen storage: optimizing material formulations for different applications, enhancing thermal conductivity and hydrogen absorption/desorption performance, and lightweight design for system integration with fuel cells [12]. - Cost reduction opportunities exist for both materials and devices, with different material systems suited for specific applications [12]. - The company emphasizes the need for a more integrated "hydrogen production and usage" model to reduce transportation costs and advocates for government support in hydrogen policies, particularly in distributed hydrogen production [15].