Hydrogen Fuel Cell Developer Cemt Secures Nearly $31.39 Million in B Round of Financing

On Wednesday, Chinese tech firm Cemt Co., Ltd. received nearly 200 million yuan ($31.39 million) in a B round of financing, with investors including Oriza Prior, CCB Trust and Moom Group. Scale Partners acted as the company’s capital consultant.

Since the middle of this year, Cemt has continuously obtained Series A and B financing from many investment institutions including Fresh Capital, China Capital Management and Xiaoxiang Capital.

Xu Liming, Chairman of Cemt, said that the company will continue to invest in R&D and reducing the costs of production. It will also hire more talent, so as to prepare for the large-scale production of fuel cell stacks and further develop the hydrogen energy industry.

Cemt, established in 2016, is one of the few hydrogen fuel cell system suppliers with mass production capacity of fuel cell metal bipolar plates and membrane electrodes in China, and is currently the only high-tech enterprise with manufacturing capacity of fuel cell systems and a whole-equipment production line in China.

Cemt focuses on the technical R&D of key components and equipment processes of hydrogen fuel cells. Since its establishment five years ago, the firm has completed seven product upgrades and many production lines. It has successfully mass-produced 30KW-150KW stack series products.

SEE ALSO: Chinese Energy Storage System Integrator, JD Energy, Completes Series A Funding Led by IDG Capital

At present, Cemt has established production bases in Zhejiang, Guangdong, Shandong, Shanghai and Beijing. By Q4 2021, all five bases have been put into production, with a capacity of 4 million membrane electrodes, 8 million metal plates and 10,000 stack systems per year.

In the second half of this year, favorable industry policies have been introduced by various branches of the Chinese government. The Beijing-Tianjin-Hebei region, Shanghai and Guangdong were approved as the first batch of fuel cell vehicle demonstration regions by regulators including China’s Ministry of Finance. The five bases of Cemt are all located in the demonstration regions, which brings the company good future prospects.