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Recently, based on the “new energy strategy” layout and combined with its own and industry resource endowments, Shanghai Shenkai Energy Technology Co., Ltd. (hereinafter referred to as “Shenkai Energy Technology”), a wholly-owned subsidiary of Shanghai Shenkai Petroleum & Chemical Equipment Co., Ltd. signed an equity transfer agreement with Shanghai Haojun Venture Capital Partnership (Limited Partnership) (hereinafter referred to as “Haojun Venture Capital”) and Hanhydrogen Power (Zhuhai) Technology Co., Ltd. (hereinafter referred to as “Hanhydrogen Power”, “target company”),and Shenkai Energy Technology invested 9.46 million yuan to acquire 3.7847% of the equity held by Haojun Venture Capital of the target company. At this point, Shenkai has completed its equity investment in Hanhydrogen Power, marking its official entry into the hydrogen energy race.
Established in 2016, Hanhydrogen Power is committed to providing advanced and reliable system and core component solutions for high-end fluid control, and serving the fields of hydrogen energy, low-altitude economy, commercial aerospace, etc. by relying on the development and experience of aerospace grade products.The company has reached international advanced levels in terms of product performance and quality through continuous positive development iteration. It is a high-tech enterprise that integrates whole-process comprehensive services including R&D, testing, production, service, etc.
The business scope of Hanhydrogen Power mainly covers two major fields: hydrogen energy and commercial aerospace:
(1) Hydrogen Energy
Hanhydrogen Power is a private enterprise that entered the hydrogen energy field at an earlier time. Its hydrogen products mainly include vehicle-mounted hydrogen supply systems, UAV hydrogen supply systems, hydrogen refueling equipment, etc. It has a competitive advantage in high product reliability, integration, and cost-effectiveness, and has accumulated rich and high-quality customer resources. As early as 2017, Hanhydrogen Power had successfully developed the UAV hydrogen supply system. As the first product of Hanhydrogen Power, it was widely used in the industrial fields, including pipeline inspection, high-altitude cargo transportation, etc. The weight of product is 50% lighter than that of foreign products, but the energy utilization rate was increased by 40%, setting a world record of 273 minutes of endurance. In 2019, it set a world record of 332 minutes of endurance. At the same time, Hanhydrogen Power has participated in the formulation of the “Technical Specifications for Fuel Cell Systems of Unmanned Aerial Vehicles (UAVs)”, making it hold a stable market position in the field of UAV hydrogen supply systems.
In 2018, Hanhydrogen Power developed a 35MPa highly-integrated vehicle-mounted hydrogen supply system, which was delivered and installed in small batches in 2019. Currently, its domestic market share is close to 10%. In 2020, Hanhydrogen Power completed the key technical R&D of the 70Mpa vehicle-mounted hydrogen system, completed its installation and operation in 2021, and launched the 70Mpa vehicle-mounted hydrogen supply system in 2023. As of now, hundreds of Hanhydrogen Power vehicle-mounted hydrogen supply system products have been installed, with a total mileage of over 4 million km.
(2) Commercial Aerospace
Hanhydrogen Power provides corresponding products and solutions for commercial satellite companies and national research institutes in the fields of commercial aerospace power system, attitude control system, ultra-high pressure flow control system, etc. Among them, the cold air propulsion system has entered important customer supply systems at an earlier time, including Changguang satellites, and strategic cooperation has been formed. There are more than 130 supporting in-orbit satellites, with a market share of over 10%, and continuous benefits can be made from the high-speed development of the commercial aerospace industry in the future.
Shenkai has taken Shenkai Energy Technology as a professional investment and financing platform for new track and format layout, with a focus on the new energy technology and related industries of new quality productivity under Hanhydrogen Power.Since hydrogen energy was first included in China’s government work report in 2019, the central and local governments have closely introduced a series of support policies for the hydrogen energy industry, and nearly 1/3 of state-owned energy enterprises have included hydrogen energy in their strategic development plans. Among its main customers, PetroChina, Sinopec, and CNOOC are actively investing in the construction of various links in the hydrogen energy industry chain. The whole industrial chain of hydrogen energy “production, storage, transportation, and application” has provided a broad market space for the company to find new profit growth points.
Shenkai has always paid close attention to the development opportunities in the hydrogen energy field, closely followed the transformation pace of large energy companies including PetroChina, Sinopec, and CNOOC, steadily carried out strategic investment and cooperation in the hydrogen energy field based on its own development stage and financial planning situation, and gradually optimized the existing industrial layout, providing new momentum for the high-quality development of the company.
This investment in Hanhydrogen Power is an important measure of Shenkai to promote the implementation of the “new energy strategy”, which will provide more business data and experience support for the later large-scale entry into the hydrogen energy industry. It is of great significance in accelerating the company’s green and low-carbon development, has dual economic and social benefits, and is in line with the company’s long-term development strategy and the interests of all shareholders.
Shenkai firmly believes that Hanhydrogen Power has huge development opportunities of hydrogen energy, low-altitude economy, and commercial aerospace, and highly recognizes Hanhydrogen Power’s corporate nature and development potential. In the future, it may further increase its shareholding through equity transfer or private placement, and get involved in Hanhydrogen Power’s corporate governance by appointing directors, and export the management experience of listed companies to assist it in improving and enhancing the corporate governance level.
In addition, Shenkai plans to provide comprehensive support for Hanhydrogen Power in collaborative R&D, process optimization, channel expansion, etc., in order to facilitate it to grow and expand rapidly to contribute to China’s hydrogen energy and commercial aerospace industry.
