Morning Star | SANY Hydrogen Raises Hundreds of Millions of RMB in Series A Funding Led by Qiming Venture Partners
SANY Hydrogen is the hydrogen energy strategic platform built by SANY Heavy Industry, a global leader in equipment manufacturing, to advance China's "dual carbon" goals.
Recently, SANY Hydrogen Energy Co., Ltd. ("SANY Hydrogen") completed a Series A funding round of several hundred million RMB, led by Qiming Venture Partners. This financing fully demonstrates the venture capital community's strong recognition of SANY Hydrogen's core equipment capabilities, leading market position, and broad growth prospects. Building on this milestone, SANY Hydrogen will accelerate innovation in green hydrogen equipment R&D and manufacturing upgrades, resolutely implement its "quality leadership" strategy, and commit to spearheading the large-scale application of green hydrogen equipment globally.
Founded in August 2022, SANY Hydrogen is the hydrogen energy strategic platform created by global equipment manufacturing leader SANY Heavy Industry to advance China's "dual carbon" goals. Leveraging SANY Group's 30-plus years of technical expertise, supply chain systems, and global distribution networks in construction machinery and energy equipment, SANY Hydrogen has transferred "lighthouse factory"-grade large-scale manufacturing capabilities, global delivery experience, and lean quality management systems into the water electrolysis hydrogen production sector. Through three years of rapid development, it has emerged as a top-tier green hydrogen equipment enterprise, firmly positioned in the industry's first echelon.
Yuan Dan, Chairman of SANY Hydrogen, stated: "In recent years, as global green transformation accelerates, the hydrogen energy industry is moving from demonstration projects toward large-scale application, with technological progress and cost reduction picking up markedly. Backed by SANY Group's comprehensive empowerment in large-scale equipment manufacturing, lean quality management, and global delivery networks, SANY Hydrogen has developed a '3+1' product matrix covering circular cells, square cells, PEM cells, and BOP systems, achieving deliveries across three major scenarios: chemicals, metallurgy, and transportation. We are grateful to this round's investors for their recognition and support. This funding will further strengthen our R&D, manufacturing, and service advantages, accelerate product iteration, and continue deploying applications in key green hydrogen projects at home and abroad—contributing more 'SANY solutions,' creating 'SANY benchmarks,' and demonstrating 'SANY speed' for industry cost reduction and efficiency gains, as well as the large-scale development of green hydrogen applications."
01
"3+1" Product Matrix
Covering Diversified Scenario Demands
Since its establishment, SANY Hydrogen has focused on the R&D, manufacturing, and integrated solution delivery of water electrolysis hydrogen production equipment. Supported by core technologies in structural engineering, electronic controls, simulation, materials, and electrochemistry, it has now formed a "3+1" product matrix of circular cells, square cells, PEM cells, and BOP systems, with single-unit electrolyzer specifications ranging from 200 Nm³/h to 3,000 Nm³/h, fully meeting the diverse scenario demands of downstream customers for large-scale wind/solar-coupled hydrogen production, hydrogen chemicals, hydrogen metallurgy, hydrogen transportation, and natural gas hydrogen blending.
02
"Equipment Manufacturing" DNA
Grasping the Core of Green Hydrogen Equipment Development
SANY Hydrogen has successfully transferred the Group's large-scale equipment manufacturing capabilities, lean quality management, and global delivery experience to the hydrogen energy industry, achieving 100% online production planning and quality data, 100% process execution compliance, and a 30% reduction in delivery cycles.
SANY Hydrogen has built a proprietary 24 MW integrated testing platform with cumulative testing exceeding 9,000 hours. In terms of experimental capabilities, it has established a comprehensive component performance testing database with over 2,000 test groups, cumulative testing exceeding 140,000 hours, and single-component testing reaching 10,000 hours. Its products have been among the first to obtain international authoritative certifications including CE and ASME, with its square cell receiving the world's first pressurized certification.
03
Building "Three Major" Scenario Demonstrations
Commercialization Running at "SANY Speed"
Closely following industry development trends, SANY Hydrogen has taken the lead in breaking through three key application scenarios, accelerating the creation of benchmark projects and driving industrial green upgrading. From January to July 2025, the company secured 123 MW in total bids for central SOE and state-owned enterprise benchmark projects, ranking among the industry leaders.
Hydrogen chemicals: Providing large-scale green power-to-hydrogen integrated solutions for clients including State Power Investment Corporation, China Coal Energy Group, and Shenzhen Energy Group, driving the transition of traditional chemicals to green energy;
Hydrogen metallurgy: Partnering with Hunan Lianyuan Steel to build a hydrogen-based low-carbon metallurgy demonstration project, helping the steel industry achieve carbon reduction targets;
Hydrogen transportation: Completing and commissioning the nation's largest "hydrogen production and refueling integrated station," creating the first batch of low-carbon hydrogen demonstration application scenarios in Hunan Province's industrial sector.
Currently, SANY Hydrogen's projects have covered leading domestic enterprises including State Power Investment Corporation, China Coal Energy Group, Shenzhen Energy Group, and PowerChina, and have achieved overseas breakthroughs. In terms of international expansion, leveraging the Group's global resources and delivery capabilities, project footprints are extending from domestic markets to overseas markets including Australia, the Middle East, and Europe, forming a delivery system of "domestic demonstration—overseas replication—global coverage."
04
Firm "Quality Leadership" Strategy
Redefining the Green Hydrogen Equipment Track
Facing the three core demands of "safety, stability, and economy" that new large-scale green hydrogen application scenarios require, SANY Hydrogen has conducted deep analysis, identified six major industry challenges, and launched targeted breakthrough initiatives. It has built a full-process quality assurance system spanning management, R&D, manufacturing, and on-site operations, achieving full lifecycle quality control of products. With customer-first orientation as its guide, R&D-driven development as its engine, comprehensive testing as its defense line, process leadership as its core, standards advancement as its program, and perfect delivery as its practice, SANY Hydrogen resolutely implements its "quality leadership" strategy, building hydrogen production systems to the industry's highest standards and leading the high-quality development of green hydrogen equipment.
Chen Nan, Executive Director at Qiming Venture Partners, stated: "Green hydrogen is currently at a critical window transitioning from policy-driven demonstration to market-driven explosion, and enterprises with large-scale, low-cost, high-reliability delivery capabilities will break through first. Backed by SANY Group's 30-plus years of comprehensive advantages in equipment manufacturing, supply chain integration, channel expansion, and global delivery, SANY Hydrogen ranks in the industry's first echelon in product definition, process manufacturing, and project delivery. We believe that as the green hydrogen inflection point arrives, SANY Hydrogen will become a core supplier of global green hydrogen infrastructure."
This funding round was led by Qiming Venture Partners, with Yonghua Investment and Xinxing Fund (under Guangzhou Fund) as co-investors. China Renaissance served as exclusive financial advisor.
Past Coverage
Founded in 2006, Qiming Venture Partners currently manages 11 USD funds and 7 RMB funds, with total assets under management reaching $9.5 billion. Since inception, it has focused on investing in outstanding early- and growth-stage companies in Technology and Healthcare innovation.
To date, Qiming Venture Partners has invested in over 580 high-growth innovative companies, of which more than 210 have listed on the New York Stock Exchange, NASDAQ, Hong Kong Exchanges and Clearing, Shanghai Stock Exchange, and Shenzhen Stock Exchange, or exited through M&A and other means. Over 80 portfolio companies have become recognized unicorns or super-unicorns in their respective industries.
Many companies in Qiming Venture Partners' portfolio have grown into the most influential players in their fields, including Xiaomi (01810.HK), Meituan (03690.HK), Bilibili (NASDAQ: BILI, 09626.HK), Zhihu (NYSE: ZH, 02390.HK), Roborock (688169.SH), UBTECH (09880.HK), WeRide (NASDAQ: WRD), Insta360 (688775.SH), Gan & Lee Pharmaceuticals (603087.SH), Tigermed (300347.SZ, 03347.HK), Zai Lab (NASDAQ: ZLAB, 09688.HK), CanSino Biologics (688185.SH, 06185.HK), Schrödinger (NASDAQ: SDGR), MicroPort EP MedTech (688617.SH), Sanyou Medical (688085.SH), Amoy Diagnostics (300685.SZ), Berry Genomics (000710.SZ), Sinocelltech (688520.SH), Yuanxin Technology, Insilico Medicine, MediLink Therapeutics, LaNova Medicines, Zhipu AI, StepFun, and Biren Technology.