A hydrogen fuel cell company that has been established for 20 years is preparing to launch an assault on industrialization and commercialization.
On December 14, Shangran Power held its 20th anniversary celebration and unveiled its fourth-generation product: the “Surpass-Shenzhou 200” high-power fuel cell engine. The company also launched China’s first third-party certified 70MPa pressure reducing valve and formed strategic partnerships with real estate cogeneration, hydrogen-powered ships, multi-city logistics and trucks, and green transportation for steel companies, including joint development of “China’s first hydrogen fuel cell yacht.”
Shangran Power is now owned by Weishi Energy. Taking this opportunity, Weishi Energy announced the completion of its first commercial financing, with a financing amount of 900 million yuan. The financing was jointly led by Guotou Zhongshang and PICC Capital, with participation from several well-known investment institutions. The post-investment valuation was 4 billion yuan, breaking the record for the A-round financing amount and post-investment valuation of fuel cell companies in China.
With capital, technology, products, and partners working together, as the vanguard of China’s hydrogen fuel cell industry, Weishi Energy and Shangran Power have sounded the charge for industrialization and commercialization.
Surpass-Shenzhou 200: Lifespan Over 15,000 Hours
The “Surpass-Shenzhou 200” engine developed by Shangran Power has a rated power of 200 kW, a power-to-weight ratio of 760 W/kg, and a maximum efficiency of up to 60%. Its lifespan of over 15,000 hours can meet the needs of the transportation industry in terms of fuel cell power level, environmental adaptability, and durability, reaching the leading level in China.
In the hydrogen control system, the technical team has designed an innovative “hybrid” hydrogen circulation structure (HHM-Hybrid Hydrogen Module) for injectors, which can achieve unrestricted regulation of full power from 1% to 100% compared to single-pump solutions, greatly reducing hydrogen consumption and achieving a 10% increase in cruising range.
The engine has been modularized, lightweighted, and integrated overall in design. Its electronic control system adopts a 9-in-one functional integration, doubles the power output, and uses big data AI algorithms to intelligently predict and adjust output, reducing overall vehicle power consumption.The engine also adopts the industry-leading fuel cell intelligent detection technology-“NODS Cloud Doctor”, which can achieve intelligent diagnosis of system health status, self-regulation, and repair function, and has market competitiveness advantages such as high power, long life, and weather resistance through deep integration with AI detection technology. It is more suitable for long-distance and heavy-duty application areas and can realize full coverage of different working conditions. It is worth mentioning that this engine is a platform product that can achieve different power matching from 150kW to 300kW according to customer needs.
At the press conference, Upower Power also launched the first domestically developed 70MPa multifunctional integrated pressure reducing valve group “Yanzhu” series product. This pressure reducing valve weighs only 650 grams and uses coaxial multistage pressure reducing technology. The stable output pressure reaches 0.5MPa-2MPa, and the full-life export pressure fluctuation is less than ±20%. Compared with mainstream products in the international market, the pressure reducing ratio is wider and the stability is higher. The pressure reducing valve has also been optimized for hydrogen safety design, integrating traditional one-way valves and multiple components into the pressure reducing valve to minimize the connection points of components and reduce the possibility of hydrogen leakage. The hydrogen leakage test value of the entire valve body during the entire life cycle is less than 2.8*10-4, and has passed strict third-party certification.
Develop hydrogen fuel cell yacht and other scenario products
Thanks to its strong strength, Upower Power has attracted the attention of partners in the entire field of hydrogen utilization, and in the future, fuel cell technology will not only be limited to commercial vehicles but also expected to carry out deep cooperation in multiple fields such as ships and buildings.
On the day of the event, Upower signed strategic cooperation agreements with several well-known companies in the real estate, logistics, steel, and shipbuilding industries, including joining hands with Aiqing Real Estate to create the first cogeneration and supply community, and cooperating with Meijin Energy, Ant Logistics, and Hydrogen Vehicle Routes to explore a zero-carbon logistics transportation system. Collaborate with Wuxi Lihu Group and Dalian Maritime University to jointly develop the “first hydrogen fuel cell yacht in China”, demonstrating the broad and beautiful commercial prospects of hydrogen utilization.
Especially noteworthy is that in the steel industry with high carbon emissions and energy consumption, Upower Power has also achieved breakthroughs, joining hands with Rongcheng Steel to launch a deep decarbonization campaign in the North China region of the steel industry, and is committed to zero-carbon green transportation in the steel industry. Chairman Zhang Ronghua specially presented Upower Power with a 20th-anniversary commemorative gift-copper galloping horse, indicating the success of cooperation between the two parties in the hydrogen economy field.
After 20 years of development, the market is opening up
Upower Power is 20 years old this year.In 2001, Shanghai Re-Fire Fuel Cell Automobile Power System Co., Ltd., jointly funded by Shanghai Tongji Enterprise Management Center, the 21st Institute of the Ministry of Information Industry, and individuals, including Wan Gang, the current Vice Chairman of the National Committee of the Chinese People’s Political Consultative Conference and former Minister of Science and Technology, was established to achieve the localization and commercialization of electric vehicles under the National 863 Electric Vehicle Major Project.
After its establishment, Re-Fire Power successfully developed the surpass series fuel cell cars in 2001, paving the way for China’s fuel cell automobile industry. Re-Fire Power worked with mainstream automakers and participated in major events such as the Beijing Olympic Games and the Shanghai World Expo, accumulating rich experience in the field.
In 2018, Great Wall Holdings included Re-Fire Power, and in 2019, Re-Fire Power was injected into Unisplendour Corporation Limited. With Re-Fire Power as the core, Unisplendour has rapidly constructed a “hydrogen chimaera technology” system and created “hydrogen electric platform,” “stack platform,” and “hydrogen storage platform.” Before the launch of new products, they have developed commercial-grade engines for the commercial and passenger vehicle markets, and made substantial breakthroughs in key technologies such as fuel cell systems, stacks, membrane electrodes, air compressors, hydrogen circulation systems, hydrogen storage systems, and core components. The performance indicators have reached international advanced levels, and they also possess 100% intellectual property rights, with a domestic parts localization rate of 100%.
It can be said that Re-Fire Power is the undisputed leader in China’s hydrogen fuel engine industry. The maturity of its products also means that China’s hydrogen fuel cell industry is ready for commercialization in terms of technology and products.
At the same time, the hydrogen fuel cell industry has ushered in the best policy environment in history.
Since 2020, the utilization of hydrogen energy has continuously received policy support from the Chinese government. So far, the central government has approved the first batch of demonstration cities for hydrogen fuel cell in Beijing-Tianjin-Hebei, Shanghai, and Guangdong. Chengdu-Chongqing, Wuhan, and other places are also actively preparing for the second batch of demonstration groups.
Against this backdrop, Guan Yong, academician of the Chinese Academy of Engineering, predicts that China’s hydrogen gas consumption will reach 160 million tons by 2050. Yu Zhuoping, chairman of the China Hydrogen Energy Alliance Expert Committee and director of Shanghai Intelligent New Energy Automotive Innovation Platform Co., Ltd., predicts that by 2035, the inventory of commercial fuel cell vehicles in China will reach 1.2 million, and there will be 10,000 hydrogen refueling stations, with the market share of medium and heavy-duty fuel cell commercial vehicles reaching 65% and fuel cell passenger vehicles accounting for 15% by 2060.
In the next few decades, the hydrogen economy will be the most predictable investment opportunity in China and the world.
Capital has the most sensitive sense of smell. According to Unisplendour, the A round of financing has received investment intentions from more than 140 investment institutions, and eventually accepted strategic investment from 7 of them. Unisplendour also announced the formal start of the B round of financing and is synchronously advancing compliance work before IPO.
Hydrogen fuel cells and lithium-ion batteries are the two wheels driving the technological revolution of new energy vehicles. In 2021, lithium batteries enjoyed a wave of success in the capital market and CATL emerged as the industry leader, with the entire lithium battery industry chain experiencing a collective boom in the stock market. With the continuous construction of hydrogen refueling stations, the space for hydrogen energy in industrial, transportation, construction, and civilian markets is constantly expanding. Will the concept of hydrogen fuel cells become a super nova in the capital market in 2022? We wait and see.
This article is a translation by ChatGPT of a Chinese report from 42HOW. If you have any questions about it, please email bd@42how.com.