China’s electrolyzer manufacturers raised over $100mn in 1H2023

China’s electrolyzer manufacturers are busy expanding their capacity this year. Industry survey shows that electrolyzer and key parts manufacturers has raise over 700mn Rmb ($100mn) capital in 1H2023.

Six companies, including 3 electrolyzer producers and 3 key parts manufacturers, raised fund to expand their capacity. The biggest one is from Longi, a world leading supplier of solar solutions which also dedicated to becoming a leader in electrolyzer sector, raised 460mn Rmb in April. Sungrow and Tianjin Mainland, another two major electrolyzer producers, also raised 28mn and 100mn Rmb respectively.

Image: Sungrow’s PEM electrolyzer

Key parts producers became big winners in 2023, three PEM innovators got over 100mn Rmb equity, demonstrating capital market has noticed the opportunity of supply chain localization. This trend will result in additional cost reduction and leveraging China’s cost competitiveness.