势银调研 | 氢枫：以镁基固态储氢撬动全球氢能贸易

Core Viewpoint - Hydrogen energy is becoming a crucial part of international energy strategies as the global energy structure shifts towards green and low-carbon solutions. Solid-state hydrogen storage technology, particularly magnesium-based materials, shows significant potential for safe, efficient, and economical hydrogen storage and transportation, facilitating the establishment of large-scale hydrogen supply chains [2][8]. Group 1: Company Overview - Founded in 2016, Hydrogen Maple is a pioneer in the hydrogen energy sector, focusing on the entire hydrogen value chain, including production, storage, transportation, and application [3][9]. - The company has developed a comprehensive technology system that includes advanced technologies for hydrogen separation, purification, magnesium-based solid-state hydrogen storage, and refueling [3][8]. Group 2: Technological Advancements - Hydrogen Maple has made significant breakthroughs in magnesium-based solid-state hydrogen storage, addressing challenges such as material powdering and poor kinetics, achieving a cycle life of up to 20 years [3][4]. - The company successfully launched the world's first ton-level magnesium-based solid-state hydrogen storage tank in April 2023, with a hydrogen storage capacity of 1 ton, which is three times that of traditional high-pressure gas trailers [4][6]. Group 3: Market Expansion - In November 2024, Hydrogen Maple's products were exported to Malaysia, marking the beginning of its international market expansion [4][7]. - By August 2025, the company completed a green hydrogen filling operation in Malaysia, utilizing its magnesium-based solid-state hydrogen storage tank, which is set to export hydrogen to Singapore [7][8]. Group 4: Standardization and Collaboration - Hydrogen Maple has actively participated in the formulation of national standards for hydrogen storage systems, contributing to a complete standard system covering materials, equipment, and system integration [6][8]. - The company has established strategic partnerships to promote the application of magnesium-based hydrogen storage technology in various sectors, including green hydrogen and chemicals [6][9]. Group 5: Future Outlook - Looking ahead, Hydrogen Maple aims to explore the coupling of solid-state hydrogen storage products with downstream applications and continue to enhance product iterations [8][9]. - The company is committed to building a green hydrogen ecosystem in collaboration with industry partners, positioning solid-state hydrogen storage as a "green bridge" connecting hydrogen production and consumption in the context of global energy transition [8][9].