China’s fuel cell tech developer Fenergy closes Series B, B+ financing rounds

Shanghai (Gasgoo)- Fenergy Xinchuang Technology (Beijing) Co., Ltd. ("Fenergy"), a Chinese hydrogen fuel cell developer and producer, has successfully completed Series B and B+ financing rounds, with a total amount of nearly 100 million yuan raised, according to a post on the company's WeChat account.

Of the aforesaid rounds, the Series B financing was led by Cornerstone Ventures.

Previously, in December 2021, Fenergy completed an A-round financing with over 100 million yuan bagged, drawing investment from such entities as Flyfot Ventures.

Photo credit: Fenergy

Founded in 2017 and headquartered in Beijing, Fenergy is a Chinese domestic company that specializes in the R&D, production, and sales of hydrogen fuel cells and relevant core components, including stacks, membrane electrodes, bipolar plates, and catalysts. It is a national-level high-tech enterprise that provides hydrogen energy solutions for platforms such as automobiles, power plants, and ships.

In 2018, the company completed the construction of a R&D and production base spanning tens of thousands of square meters in Pinghu city, Zhejiang province. Up to now, it has established more than 10 service points in China and gradually expanded overseas.

Fenergy said through long-term technological research and breakthroughs, it has obtained 150 invention patents and achieved mass production of "three-tier self-reliant" fuel cell products. The "four major components"—stacks, membrane electrodes, bipolar plates, and catalysts—have achieved localization and independent production capabilities.

Currently, Fenergy has actively expanded its presence in Beijing city, Zhejiang province, Henan province, and the Sichuan-Chongqing region. Its products cover various vehicle scenarios such as buses, logistics, insulation vehicles, and heavy-duty trucks, as well as hydrogen power generation scenarios.