Fuel cell developer Hydrogen Craft closes Series A institutional round

Shanghai (Gasgoo)- Hydrogen Craft Corporation (“Hydrogen Craft”), a Chinese hydrogen fuel cell technology developer based in Zhejiang province, closed its Series A institutional round on May 5 with tens of millions of yuan raised, according to a post on the company's WeChat account.

The fresh round was led by Welight Capital. Hydrogen Craft said the proceeds would be used to step up R&D businesses, and build a R&D center and automated volume production lines for fuel cells.

Photo credit: Hydrogen Craft

The company added it would launch new financing rounds later this year, in a bid to raise money for large-scale promotion and applications of its products.

Founded in November 2017, Hydrogen Craft is dedicated to the R&D, production and innovative application of lightweight fuel cells and power management system. Its products are applied to propel aircrafts, robots, motorcycles, ships and vehicles.

Regarding the applications in vehicles, Hydrogen Craft focuses on developing the hydrogen tank swapping model in two-wheelers, small-sized logistics vehicles, etc., as the company thought the scale application in these segments would outpace that of other larger-sized vehicles.

Earlier this year, Hydrogen Craft formed strategic partnerships with companies like JinHong Gas to build a massive and low-cost hydrogen supply network for future hydrogen fuel applications.