近期在公布2025年上半年业绩之时，氢能企业重塑能源（02570.HK）还宣布了一项战略投资：其子公 司广东探索汽车有限公司（"广东探索汽车"）与恩泽（广东）氢能源科技有限公司（"恩泽氢能"）及恩 泽海河（天津）股权投资基金合伙企业（有限合伙）（"恩泽基金"）签订增资协议，以现金的方式向恩 泽氢能增资1亿元。增资完成后，重塑能源将通过子公司获得恩泽氢能30.30%的股权。恩泽基金以及另 一家独立第三方，分别持有恩泽氢能60.60%、9.10%的股权。 恩泽氢能是何来头？在行业现金流普遍紧张的当下，重塑能源为何战略投资这家公司？ 在公告中，重塑能源给出了官方答案：为进一步拓展制氢市场。 根据公开资料，在本轮增资前，恩泽氢能为恩泽基金全资持有，而后者是由中石化资本作为最大的股权 方。与此同时，重塑能源第二大股东亦是中石化资本。 不可否认的是，在今年7月调整股权并更名的恩泽氢能，的确面临着新的挑战——既要消化引进技术实 现国产化，又要全面融入中石化氢能全产业链布局，开拓竞争日益激烈的制氢装备市场。 但借助中石化资本以及恩泽基金的资本和资源整合优势，作为制氢新兵的恩泽氢能已经异军突起。公开 资料显示，目前恩泽氢能已经 ...

根据公开资料，在本轮增资前，恩泽氢能为恩泽基金全资持有，而后者是由中石化资本作为 最大的股权方。与此同时，重塑能源第二大股东亦是中石化资本。 在行业上下游资源与市场错配、全产业链融通还存在堵点的当下，这场交易意味着氢能行业 协同发展正在走向纵深整合，重塑能源与恩泽氢能或将借助股东方的资本和产业资源加持， 协同发力，强化在制氢装备方面的产品开发与市场拓展实力，加快在氢能"制储运加用"一体 化发展。 制氢黑马异军突起 在全球积极应对气候变化、加速能源转型的大背景下，氢能作为一种清洁、高效、可持续的 二次能源，特别是由可再生能源制取的绿氢，正逐渐成为能源脱碳的焦点。 近期在公布2025年上半年业绩之时，氢能企业重塑能源（02570.HK）还宣布了一项战略投资： 其子公司广东探索汽车有限公司（"广东探索汽车"）与恩泽（广东）氢能源科技有限公司（"恩泽 氢能"）及恩泽海河（天津）股权投资基金合伙企业（有限合伙）（"恩泽基金"）签订增资协议， 以现金的方式向恩泽氢能增资1亿元。增资完成后，重塑能源将通过子公司获得恩泽氢能30.30% 的股权。恩泽基金以及另一家独立第三方，分别持有恩泽氢能60.60%、9.10%的股权。 ...

中科清能科技成立于2022年6月14日，总部位于河南巩义，在深圳、杭州等地设有分支机构，郑 州、西安设有研究院。公司是由中国广核集团携手合肥综合性国家科学中心能源研究院等产业链优 势资源方共同发起设立， 以液氢项目为切入点，致力于液氢装备的研发、生产制造及液氢制备示 范工程的建设和运营服务。 "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 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 近日，河南中科清能科技有限公司（以下简称"中科清能"）获得A轮融资，涉及融资金额亿级人民 币，投资机构为国家级产业资本及战略资源型机构。 添加文末微信，加 绿氢 群 目前，中科清能已完成1吨/天氢液化装备的自主研发并中标我国航天领域首个国产氢液化装备采购 订单。2025年3月12日，由中科清能自主研发的氢液化装备成功为"长征八号"火箭提供了燃料保 障。 2024年12月份，中科清能完成5吨机氢液化设备发布。这套装备将为我国构建高效低成本氢储运体 系，破解氢能大规模长距离储运瓶颈，提供了新技术、新方案、新选择。2024年6月，中科清能完 成Pre-A+轮融资，共 ...

Core Viewpoint - SANY Hydrogen Energy has successfully completed a multi-hundred million RMB Series A financing round, led by Qiming Venture Partners, with participation from Yonghua Investment and Guangzhou Fund's Emerging Fund, showcasing strong recognition in the venture capital field for its core equipment strength and market position [1] Group 1: Financing and Investment - The financing round will accelerate SANY Hydrogen Energy's innovation and manufacturing upgrades in green hydrogen equipment, reinforcing its commitment to a "quality-first" strategy [1] - The company aims to lead the global scale application development of green hydrogen equipment through this funding [1] Group 2: Company Background and Strategy - Established in August 2022, SANY Hydrogen Energy is a strategic platform for hydrogen energy under SANY Group, focusing on achieving carbon neutrality goals [1] - The chairman of SANY Hydrogen Energy, Yuan Dan, highlighted the industry's shift from demonstration to large-scale application, driven by technological advancements and cost reductions [1] Group 3: Operational Efficiency and Market Position - SANY Hydrogen Energy has successfully integrated SANY Group's large-scale manufacturing capabilities and quality management into the hydrogen energy sector, achieving 100% online production planning and quality data, and a 30% reduction in delivery cycles [1] - The company has secured a total of 123 MW in benchmark project bids from central state-owned enterprises from January to July 2025, maintaining a leading position in the industry [1]

Core Viewpoint - The article highlights the recent A-round financing of SANY Hydrogen Energy, emphasizing the recognition of its core equipment strength and market position, which will accelerate its innovation and manufacturing upgrades in green hydrogen equipment [2][3][14]. Company Overview - SANY Hydrogen Energy, established in August 2022, is a strategic platform for hydrogen energy under SANY Group, leveraging over 30 years of experience in engineering machinery and energy equipment [2][3]. - The company has quickly become a leading player in the green hydrogen equipment sector, maintaining a top-tier position in the industry after three years of development [2][5]. Financing Details - SANY Hydrogen Energy completed a financing round of several hundred million RMB, led by Qiming Venture Partners, with participation from Yonghua Investment and Guangzhou Fund's Emerging Fund, with Huaxing Capital as the exclusive financial advisor [2][14]. - This financing is expected to enhance the company's R&D, manufacturing, and service capabilities, facilitating product iteration and application in key domestic and international green hydrogen projects [3][14]. Product Matrix and Technological Advancements - The company has developed a "3+1" product matrix, including circular tanks, square tanks, PEM tanks, and BOP, covering a hydrogen production capacity range from 200 Nm³/h to 3000 Nm³/h [5][12]. - SANY Hydrogen Energy has implemented a comprehensive quality assurance system throughout the product lifecycle, achieving 100% online production planning and quality data, and a 30% reduction in delivery cycles [7][12]. Market Position and Application Scenarios - The company has secured a total of 123 MW in benchmark projects from central state-owned enterprises from January to July 2025, positioning itself as a leader in the industry [9][10]. - SANY Hydrogen Energy's projects span major domestic enterprises and have expanded internationally to markets such as Australia, the Middle East, and Europe, establishing a delivery system that transitions from domestic demonstration to global coverage [10][14]. Strategic Focus - The company is committed to a "quality-first" strategy, addressing the core demands of safety, stability, and economy in large-scale green hydrogen applications, while identifying and tackling six major industry challenges [12][14]. - SANY Hydrogen Energy aims to redefine the green hydrogen equipment sector by becoming a core supplier of global hydrogen infrastructure, leveraging its comprehensive advantages in equipment manufacturing and supply chain integration [14][15].

Core Viewpoint - Green hydrogen is at a critical window transitioning from policy demonstration to market explosion, with companies capable of large-scale, low-cost, and high-reliability delivery poised to lead the market [9]. Company Overview - SANY Hydrogen Energy Co., Ltd. recently completed a multi-hundred million RMB Series A financing round, led by Qiming Venture Partners, with participation from Yonghua Investment and Guangzhou Fund's Emerging Fund, and Huaxing Capital as the exclusive financial advisor [3]. - Established in August 2022, SANY Hydrogen Energy is a strategic platform for hydrogen energy under SANY Group, leveraging over 30 years of experience in engineering machinery and energy equipment [3][5]. - The company has rapidly become a leading player in the green hydrogen equipment sector, maintaining a position in the top tier of the industry within three years of development [3]. Product and Technology - SANY Hydrogen Energy focuses on the research, manufacturing, and delivery of water electrolysis hydrogen production equipment, supported by core technologies in structure, electrical control, simulation, materials, and electrochemistry [5]. - The product matrix includes circular tanks, square tanks, PEM tanks, and BOP "3+1" products, covering a range of electrolysis capacities from 200 Nm³/h to 3000 Nm³/h, catering to diverse downstream applications [5]. - The company has successfully integrated large-scale manufacturing capabilities and quality management into the hydrogen energy sector, achieving 100% online production planning and quality data, with a 30% reduction in delivery time [5]. Market Position and Achievements - SANY Hydrogen Energy has secured a total of 123 MW in benchmark projects from central state-owned enterprises from January to July 2025, maintaining a leading position in the industry [7]. - The company has established projects with major domestic enterprises such as State Power Investment Corporation, China Coal Group, and China Energy Construction Group, and is expanding its international footprint into markets like Australia, the Middle East, and Europe [7]. Future Outlook - The chairman of SANY Hydrogen Energy, Yuan Dan, emphasized the acceleration of the hydrogen industry from demonstration to large-scale application, with significant technological advancements and cost reductions [9]. - The recent financing round will enhance the company's R&D, manufacturing, and service capabilities, facilitating product iteration and application in key domestic and international green hydrogen projects [9]. - Investors believe that SANY Hydrogen Energy, backed by SANY Group's comprehensive advantages, is well-positioned to become a core supplier of global green hydrogen infrastructure as the market matures [9].

Group 1 - Sany Hydrogen has completed a multi-hundred million yuan Series A financing round, led by Qiming Venture Partners, with participation from Yonghua Investment and Guangzhou Fund's Emerging Fund, and Huaxing Capital as the exclusive financial advisor [1] - The financing will enhance Sany Hydrogen's R&D, manufacturing, and service capabilities, accelerating product iteration and contributing to the development of green hydrogen applications domestically and internationally [1][2] - Sany Hydrogen is positioned to become a core supplier of global green hydrogen infrastructure, leveraging Sany Group's 30 years of experience in equipment manufacturing and supply chain integration [1][2] Group 2 - Established in August 2022, Sany Hydrogen serves as Sany Group's hydrogen energy strategic platform aimed at achieving carbon neutrality [2] - The company has developed a product matrix that includes circular and square electrolyzers, covering a range from 200Nm/h to 3000Nm/h, catering to various downstream applications [2] - Sany Hydrogen has secured a total of 123MW in benchmark project bids from state-owned enterprises from January to July 2025, indicating a strong market position [2][3] Group 3 - Following the financing, Sany Hydrogen's registered capital increased from 100 million yuan to 108 million yuan, with new shareholders acquiring specific ownership percentages [3] - The hydrogen production and consumption scale in China is the largest in the world, exceeding 36.5 million tons last year, with positive progress in various pilot demonstrations [3] - The National Energy Administration has initiated hydrogen energy pilot projects to promote innovative management models and explore diversified development paths for the hydrogen industry [3]

Group 1 - Ningbo Membrane Intelligence Information Technology Co., Ltd. is the only registered entity and payment account for TrendBank [1] - The 2025 TrendBank Green Hydrogen Industry Conference will be held on August 27-28 in Wuxi, Jiangsu [1] - A countdown of 3 days is announced for the upcoming product launch of Liyuan Technology's third-generation PPS composite membrane and square electrolyzer [2] Group 2 - The product launch event for Liyuan Technology is set to begin on August 27, 2025, with more exciting content available in the TrendBank Energy Chain live broadcast [4] - The article is sourced from TrendBank, featuring various companies such as Kunhua Technology, Zhongding Hengsheng, and others [5] - Subscription is available for the "Monthly Analysis Report on China's Hydrogen Energy and Fuel Cell Industry" as part of TrendBank's research services [9]

Core Viewpoint - Longi Green Energy Technology Co., Ltd. reported a revenue of 32.8 billion yuan for the first half of 2025, a decrease from 38.53 billion yuan in the same period last year, indicating challenges in the photovoltaic industry due to falling product prices [1] Financial Performance - Revenue for H1 2025: 32.8 billion yuan, down from 38.53 billion yuan year-on-year [1] - Government subsidies accounted for 465 million yuan in H1 2025 [1] - Net loss for H1 2025: 2.569 billion yuan, improved from a net loss of 5.23 billion yuan in the same period last year [1] - Non-recurring net loss for H1 2025: 3.3 billion yuan, compared to 5.264 billion yuan in H1 2024 [1] - Asset-liability ratio: 60.72% [1] - Interest-bearing debt ratio: 21.45% [1] Business Operations - Longi Green Energy's product segments include monocrystalline silicon wafers, battery modules, distributed photovoltaic solutions, global green photovoltaic building solutions, ground photovoltaic solutions, and green hydrogen equipment [1] - Silicon wafer shipment volume for H1 2025: 52.08 GW (of which 24.72 GW for external sales) [1] - Battery module shipment volume for H1 2025: 41.85 GW (with 39.57 GW for modules) [1] Shareholding Structure - As of June 30, 2025, major shareholders include: - Li Zhenguo: 14.08% - Hong Kong Central Clearing Limited: 5.62% - Hillhouse Capital's HHLR Management Limited: 5.43% [1] - The shareholding structure remained relatively stable compared to March 31, 2025 [1] Hillhouse Capital's Actions - Hillhouse Capital reduced its stake in Longi Green Energy to below 5% by selling 37,557,175 shares at an average price between 14.88 yuan and 16.62 yuan per share, realizing 583 million yuan in cash [5] - The reduction in shareholding allows Hillhouse more flexibility for future divestments [5] - Despite the reduction, Hillhouse's investment in Longi Green Energy has resulted in a significant unrealized loss of at least 8 billion yuan [6]

Core Viewpoint - The article emphasizes the importance of high reliability in electrolyzers for hydrogen production, highlighting the critical roles of the power supply, membrane, and electrodes in ensuring stable and efficient operation [3][12]. Group 1: Electrolyzer Components - The electrolyzer is the core device for water electrolysis to produce hydrogen, where its reliability directly impacts the stability, economy, and safety of the hydrogen production system [3]. - The power supply acts as the "heart" of the electrolyzer, providing stable direct current and ensuring the electrolyzer operates efficiently under varying power conditions [4][12]. - The membrane serves as a "precise barrier," balancing the isolation of gases and the conduction of ions, which is crucial for preventing safety hazards and maintaining efficiency [5][9]. - The electrodes are the "catalytic core" of the electrolysis reaction, where their activity and stability are vital for the efficiency and lifespan of the electrolyzer [8][10]. Group 2: Technical Challenges - Renewable energy hydrogen production faces unique challenges, such as high power requirements and the periodic fluctuations of wind and solar energy, necessitating a stable power supply for the electrolyzer [4]. - The membrane must meet three core requirements: excellent chemical stability, precise selective permeability, and sufficient mechanical strength to ensure long-term reliability [9][10]. Group 3: Collaborative Reliability - The reliability of the electrolyzer is a result of the collaborative performance of its core components, where any weakness in one part can compromise the overall system [12]. - The upcoming 2025 TrendBank Green Hydrogen Industry Conference will focus on discussions related to electrolyzer materials and hydrogen power supply, featuring various industry leaders [12][13].