Hydrogen energy is the cleanest energy in the 21st century and is a key technology route and research direction of the third energy revolution. Rapid progress has been made in all aspects of my country’s hydrogen energy industry chain, including hydrogen production, hydrogen storage and transportation, hydrogenation station construction, and fuel cell applications. Coal chemical industry, metallurgy, and energy-based enterprises are all major participants and promoters of hydrogen energy development.
This list mainly lists representative companies with core competitiveness in various fields of the hydrogen energy industry chain. These companies have made great contributions to my country’s hydrogen energy industry from laboratory to industrialization, and have huge future potential: Yihuatong (34.630, – 0.26, -0.75%), Guohong Hydrogen Energy, Shaoxing Group, Guohydrogen Technology, CSSC Perry Hydrogen Energy (718 Institute), Longi Hydrogen Energy, Cockerill Mediacom, CIMC Enric, Guofu Hydrogen Energy , Zhongke Fuhai and other companies ranked among the top.
These leading companies are mainly concentrated in three major industrial sectors:
1) Hydrogen production: Domestic shipments of water electrolysis hydrogen production equipment will reach 722MW in 2022, doubling year-on-year, a significant increase of 106%. The number of electrolyzer equipment companies has rapidly increased from about 10 in 2020 to more than 100 currently. Among the top 20 electrolyzer manufacturers in the world, 8 companies are from China.
2) Storage and transportation of hydrogen: Pipeline transportation of liquid hydrogen and gas hydrogen has developed greatly. In 2023, liquid hydrogen has begun to enter civilian use. For example, Guofu Hydrogen Energy’s civilian liquid hydrogen storage containers have started to leave the factory. The Ulanqab-Beijing “West-to-East Hydrogen Transmission” project has been launched, and my country’s long-distance hydrogen transmission pipeline has entered a new stage of development.
3) Fuel cells: Fuel cell application scenarios are exploding. The cumulative installed capacity of fuel cell systems in 2022 is 506MW, a year-on-year increase of 192%, doubling from 2021, and primary market projects are hot.
The top hydrogen production companies are: CSSC Perry Hydrogen Energy, Longi Hydrogen Energy, Cockerill Mediacom, Sussex Hydrogen Energy, and Qingqiji.
Those who gain resources will win the world. Hydrogen production is at the forefront of the hydrogen energy industry chain and is the key to converting other forms of energy into hydrogen energy. In the past, hydrogen production consisted of fossil energy hydrogen production and industrial by-product hydrogen. Now, green hydrogen produced by using renewable energy to generate electricity and then electrolyzing water is the most promising hydrogen production technology route, which can achieve zero carbon emissions in the entire production process. The most certain logic for the future development of green hydrogen is the replacement of gray hydrogen.
How to judge the technical capabilities of hydrogen production companies? First, look at the electrolyzer, and second, look at the core components. In the hydrogen energy era, the core has shifted from the resource endowment of traditional energy to technical capabilities. The key is to see whether the company has: low-cost, high-efficiency, large-scale hydrogen production technology.
The electrolyzer is the core equipment, and the number of shipments indicates the company’s current market position. However, the hydrogen production pattern has not yet been determined. The hydrogen production rate and capacity of a single electrolyzer represent the company’s potential to capture the market after the market explodes. Taken together, companies such as CSSC Perry Hydrogen Energy, Longi Hydrogen Energy, Cockerill Mediacom, and Sussex Hydrogen Energy performed well in the electrolyzer market.
CSSC Perry Hydrogen Energy Technology Co., Ltd. ranks first in hydrogen production. The company has strong shareholders and strong technology accumulation. Its parent company is China Shipbuilding Industry Corporation (39.100, 0.34, 0.88%) 718th Research Institute, which has more than 60 years of technical strength and engineering experience in the field of hydrogen energy. Looking at market performance, Perry Hydrogen Energy’s annual shipments will reach more than 205MW in 2022, with its domestic market share exceeding 25%. In terms of production expansion potential, the company’s annual electrolyzer production capacity has reached 1.5GW. It currently has the annual production capacity of 350 sets of alkaline hydrogen production equipment and 120 sets of PEM hydrogen production equipment. The equipment’s gas production capacity and hydrogen production scale range from 0.5Nm3/ h to 2000Nm3/h to meet the different gas production needs of customers.
Xi’an Longi Hydrogen Energy Technology Co., Ltd. ranks among the top in hydrogen production. This is the first shot of Longi Green Energy (18.450, -0.34, -1.81%) in laying out the hydrogen energy industry. LONGi’s accumulation in the field of new energy and outstanding market capabilities are the keys to its rapid rise. Since its establishment on March 31, 2021, LONGi Hydrogen’s water electrolysis hydrogen production technology has entered the industry leading position. In 2022, its market share of electrolyzer shipments will rank among the top three in the industry, making it a veritable dark horse in hydrogen production. In terms of production expansion potential, LONGi Hydrogen Energy’s electrolyser capacity will reach 1.5GW by the end of 2022, ranking first in the world. The company has been shortlisted for Sinopec’s 10,000-ton green hydrogen demonstration project. The LA-1000 alkaline water electrolyzer has been put into production. The gas production capacity of a single unit is 1,000Nm3/h, and the equipment life span exceeds 200,000 hours. The company’s production capacity will reach 5-10GW by the end of 2025, further increasing its competitiveness.
Cockerill Jingli Hydrogen Energy Technology Co., Ltd., backed by the Belgian John Cockerill Group, is one of the leaders in water electrolysis hydrogen production equipment in my country. Looking at market performance, the company’s electrolyzer global market share will exceed 35% in 2021, and domestic electrolyser shipments in 2022 will be 230MW, ranking first. In terms of production expansion potential, the company has produced more than 50 units of water electrolysis hydrogen production equipment with a hydrogen production capacity of 1,000Nm3/h as early as 2021. It has successively participated in the research and development and production of 1,200Nm3/h and 1,300Nm3/h water electrolysis hydrogen production equipment. Currently, it has It has the ability to produce 1500Nm3/h electrolytic water hydrogen production equipment. The company’s annual production capacity will reach 1GW in 2022, ranking among the top in the world. Annual production capacity is expected to expand to 1.5GW in 2023.
Shandong Saikesaisi Hydrogen Energy Co., Ltd. has long been engaged in the research and development of PEM hydrogen production systems. It is a leading enterprise in the domestic PEM hydrogen production industry, and its technology has reached internationally advanced and domestic leading positions. In terms of market performance, according to GGII data, the company ranked third among water electrolysis and hydrogen production equipment manufacturers in 2021, and dropped to ninth in 2022 due to the large-scale production increase of alkaline electrolyzers. In terms of production expansion potential, the company has the largest PEM electrolyzer production capacity in China, with independent and controllable technology and a localization rate of core materials exceeding 95%. The company developed the first domestic 6-MW PEM pure water electrolysis hydrogen production system and the first domestic 1,200-square-meter PEM wind-solar hydrogen production equipment. It is now planned to build a factory covering an area of 180 acres for the production of hydrogen production membrane electrodes and PEM electrolyzers. In the future, the annual production capacity is expected to reach GW level or above.
The key components of the electrolyzer have a significant impact on the efficiency of hydrogen production. Suzhou Qingqiji Technology Group Co., Ltd. has advanced catalyst technology and is one of the few full-industry chain enterprises that integrates the integrated manufacturing of hydrogen energy equipment and the production and research and development of core materials such as bipolar plates, catalysts, and separators. In terms of production expansion potential, the company has hydrogen production equipment with a single-machine hydrogen production capacity of 1,500Nm3/h. The electrolyzer, gas-liquid separation framework and purification system can provide solutions for large-scale hydrogen production, and the power consumption is lower than peers in the industry.
The top hydrogen storage companies include: CIMC Enric, Guofu Hydrogen Energy, Zhongke Fuhai, Jingcheng Shares (9.360, -0.14, -1.47%), and Hydrogen Maple Energy.
Hydrogen storage companies are extremely important to the hydrogen industry chain: optimizing green power storage and transportation and regulating the power grid system. The regional distribution of photovoltaic and wind power in my country is uneven. “The west is rich and the east is poor”. Photovoltaic power generation is in the west and electricity consumption is in the central and eastern parts (energy consumption accounts for more than 70% of the country). Storage and transportation of hydrogen energy means transporting green hydrogen produced by wind and photovoltaics in the west to the east. For long-distance, large-scale, and long-term energy transportation, hydrogen storage enterprises are very important.
However, hydrogen storage technology is difficult and costly to develop. Hydrogen is prone to explosion and leakage, and hydrogen storage and transportation requires high materials and design requirements for storage and transportation equipment. In the past, key components of hydrogen storage products relied on imports, but now they are gradually replaced independently. Hydrogen storage companies mainly have four methods of storing and transporting hydrogen: high-pressure gaseous hydrogen storage, low-temperature liquid hydrogen storage, solid hydrogen storage, and organic liquid hydrogen storage. 1) High-pressure gaseous hydrogen storage is currently the most mainstream technology. 2) Low-temperature liquid hydrogen storage has high storage density and has the greatest potential. 3) Solid-state hydrogen storage, represented by magnesium hydride, adsorbs hydrogen on the surface of solid materials with large pores, uses hydrogen storage materials to react with hydrogen to generate stable compounds, and stores hydrogen in solid materials. It is relatively easy to operate and transport. It is convenient, low-cost, and highly safe, and has great long-term development prospects, but it is still in the initial stage of research and application. 4) Organic liquid hydrogen storage can be transported at normal temperature, overcoming the dilemma of ultra-low temperature liquid hydrogen storage.
The ranking of hydrogen storage mainly depends on whether hydrogen storage and transportation companies master core technology routes and core materials.
CIMC Enric mainly manufactures storage and transportation equipment, and its hydrogen storage field layout covers the manufacturing of gas hydrogen and liquid hydrogen storage equipment. In terms of gas and hydrogen, the company is the leader in high-pressure tube bundled hydrogen transport vehicles. It has developed 30MPa wrapped gas cylinder tube bundled containers, 99MPa and 103MPa station hydrogen storage bottles, and achieved batch sales. In 2022, orders for hydrogen storage equipment will increase by 92% year-on-year. Regarding liquid hydrogen, it successfully delivered a 300m3 liquid hydrogen storage tank to Wenchang, Hainan in 2013, promoting civilian development in the field of liquid hydrogen storage and transportation. The company’s production and sales volume of liquid tank containers (ISO) ranks among the top in the world, and its market share of cryogenic transport vehicles and cryogenic storage tanks leads the country. In terms of supply station equipment, the company’s large storage tanks for LNG receiving stations, modular products for LNG filling stations and CNG filling stations all rank among the top three in domestic market share.
Guofu Hydrogen Energy is the leading domestic provider of overall solutions for the entire industry chain of hydrogen energy equipment. Specializing in the design, manufacturing and technical services of hydrogen energy “production, storage, transportation, processing and use” equipment. In terms of hydrogen storage, in terms of gas hydrogen, Guofu Hydrogen has ranked first in domestic vehicle-mounted hydrogen storage system shipments for three consecutive years from 2019 to 2021. According to GGII data, Guofu Hydrogen has 70MPa high-pressure hydrogen storage bottles and vehicle-mounted high-pressure oxygen supply systems. Product shipments and market share rank first in the domestic industry, accounting for 37.93%. In terms of liquid hydrogen, the company has achieved a full layout of the liquid hydrogen industry chain and has core technologies such as low-temperature liquid hydrogen storage and transportation. It is among the first domestic units to develop liquid hydrogen for civilian use. Committed to localizing the “stuck neck” equipment, the company has developed a hydrogen liquefaction device with a hydrogen turbine expander as the core. The liquid hydrogen production plants built in Luoyang, Henan and Shandong have achieved a liquid hydrogen production capacity of 8.6-10 t/d.Â
Zhongke Fuhai has large-scale cryogenic technology developed over decades by two generations of academicians from the Institute of Physics and Chemistry of the Chinese Academy of Sciences. It is the third large-scale cryogenic refrigeration equipment manufacturing and engineering system solution provider with independent intellectual property rights in the world. In the field of hydrogen storage, the company’s main business area is low-temperature liquid hydrogen storage. Its main products include hydrogen recovery and purification equipment, large-scale hydrogen liquefaction equipment, and a series of liquid hydrogen storage and transportation hydrogenation stations. Among them, large-scale hydrogen liquefaction equipment adopts the principle of hydrogen cycle refrigeration, and hydrogen liquefaction The production capacity can reach 1.5-30t/d. The company can currently independently develop and produce large-scale hydrogen liquefaction equipment, with a localization rate of over 90%.
Jingcheng Co., Ltd. is a leader in gas storage and transportation business. Including the production of core materials such as LNG cylinders, CNG cylinders, steel seamless cylinders, aluminum-lined carbon fiber fully wound composite cylinders for hydrogen fuel cells. In 2021, Jingcheng Technology Co., Ltd. began to deploy in the field of vehicle-mounted hydrogen energy storage. The 35MPa Type III bottle developed by its subsidiary Tianhai Industrial Company has been mass-produced and applied in batches. A new generation of vehicle-mounted hydrogen storage cylinders with completely independent intellectual property rights – Type IV bottles have successfully passed all type test tests in October 2022, solving the “stuck neck” problem of domestic Type IV vehicle-mounted hydrogen storage bottles
Hydrogen Energy is an international supplier of hydrogen and hydrogen energy technology products. Provides hydrogen production, magnesium-based solid-state hydrogen storage and transportation equipment, hydrogenation station construction and operation and other related products and services. As a leader in the solid-state hydrogen storage business, the company jointly launched the first-generation ton-level magnesium-based solid-state hydrogen storage and transportation vehicle (MH-100T) in conjunction with the Hydrogen Science Center of Shanghai Jiao Tong University. It stores and transports hydrogen through the reversible reaction of magnesium and hydrogen. The hydrogen storage capacity of a single vehicle is It is about three times the storage capacity of high-pressure gaseous hydrogen, and the storage state is at normal temperature and pressure. It can realize safe, efficient and economical hydrogen storage and transportation. It is an innovative technology in the current hydrogen storage and transportation process. In terms of production line construction, the company’s investment and construction of the world’s first kiloton-level magnesium-based solid-state hydrogen storage material production line in Xinxiang City has been initially completed. The construction and commissioning of the Yixing factory will further increase the company’s magnesium-based solid-state hydrogen storage material production capacity.
Hydrogen fuel cells are still in the demonstration period, but the market potential is huge: in 2022, the cumulative sales of domestic fuel cell vehicles will exceed 10,000 units. In 2025, it is expected to reach the level of 30,000 to 40,000 units. In 2035, the market space of fuel cell vehicles will reach With a scale of 100 billion, the commercialization of fuel cells can be expected to explode in the future. Hydrogen vehicles are not yet mature in the passenger car field, and commercial vehicles are still the main application areas.
The quality of the fuel cell system directly determines the energy conversion efficiency. my country’s fuel cell market is highly concentrated, with the top five concentration ratios as high as 69%. Yihuatong, Guohong Hydrogen Energy, Guohydrogen Technology, Jie Hydrogen Technology, Hongji Chuangneng, and Hydrogen Pu Chuangneng are key domestic enterprises in the field of hydrogen fuel cells.
Yishuatong ranks first and is one of the first companies in China to realize mass manufacturing of fuel cell systems and stacks. In terms of market performance, the company’s products have been diversified, and it has continuously and iteratively developed fuel cell systems with a power of 30kW-240kW, which can meet various needs and application scenarios. It has sold more than 2,000 fuel cell systems to more than 19 Chinese commercial vehicle manufacturers. For the whole year of 2022, Yihuatong’s fuel cell installed capacity will be approximately 99,000 kW, with a market share of over 21%, ranking first in the country. In terms of product advantages, the company has independent intellectual property rights and is oriented to commercial application models such as buses and trucks. Its products began mass production in 2016, achieving domestic and large-scale production.
Shaoxing Group is one of the earliest companies in China to realize the mass application of fuel cell systems. Its products mainly include fuel cell systems, stacks, membrane electrodes, etc. Judging from market performance, the company’s products and technologies have been applied in diversified hydrogen energy fields such as automobiles, ships, and distributed power generation. In the fuel cell vehicle market, Reshaping Group has deployed more than 4,000 fuel cell vehicles. In 2022, the company’s fuel cell installed capacity will be approximately 90,000 kilowatts, with a market share of over 19%, ranking second. In terms of product advantages, key components such as stacks, membrane electrodes, bipolar plates, hydrogen circulation systems, and boost converters have all been independently developed and produced on a large scale. Up to now, Shaoxing Group’s fuel cell products have continued to improve and have achieved industry leadership in system power, power density, and service life.
Guohong Hydrogen Energy, a leader in hydrogen fuel cell products and system solutions, will become a new unicorn in fuel cell systems in 2022. With a valuation of 7 billion yuan, it is attempting a Hong Kong IPO and is expected to become the second hydrogen fuel cell company listed in Hong Kong after Yihuatong. In terms of market performance, the company’s fuel cell technology has been widely used in commercialization in transportation, distributed power generation and other fields. The installed capacity of its subsidiary Hongli Hydrogen’s fuel cell system will exceed 60,000 kilowatts in 2022, with a market share of 15%, ranking third. In terms of product advantages, the company has achieved localization of core raw materials and production equipment and high-quality large-scale production, and its hydrogen fuel cell stack production facilities are world-leading.
National Hydrogen Technology, whose parent company is the energy giant SPIC, has abundant resources that enable the company’s business to quickly lead the industry. In 2022, the valuation after Series B financing will reach 13 billion yuan, making it the highest valued unicorn company in the hydrogen energy industry. In terms of market performance, the company’s main product lines are PEM water electrolysis hydrogen production and fuel cell systems, corresponding to the two sub-brands of Hydrogen and Hydrogen, which have been widely used in various commercial vehicles, ships, drones and other commercial scenarios. In 2022, the company will achieve 4% of the installed fuel cell system market share, ranking fifth. The Hydrogen Power Technology Co., Ltd. it incubated can open up the last mile of hydrogen energy industry application by operating hydrogen energy buses, ensuring the steady growth of future product installations and demand. In terms of production expansion potential, the company will build 7 production lines including a fuel cell catalyst ton-level annual production line, a carbon paper preparation production line, and a membrane electrode production line, with an output value of 2 billion yuan. It is expected that revenue in 2025 will reach more than 5 billion yuan, and the development potential huge.
Jie Hydrogen Technology, a hydrogen fuel cell subsidiary incubated by SAIC Motor (15.230, -0.13, -0.85%), has a valuation of over 3.2 billion yuan. Looking at market performance, in 2022, the company will deliver approximately 1,945 sets of mass-produced fuel cell products, ranking first in the industry in terms of sales volume, and accounting for 8% of the installed capacity market, ranking fourth. In terms of product advantages, the power range of Jet Hydrogen Technology’s fuel cell products covers 6kW~260kW, providing customers with personalized battery customization. It is widely used in many fields such as passenger cars, buses, trucks, forklifts, etc., and has also expanded to distributed power generation, heat and power combined Supply and other non-automotive fields. In terms of production expansion potential, the fuel cell system design production capacity of Jet Hydrogen Technology’s Shanghai factory has reached 6,000 units/year. After the completion of the fuel cell production and construction project and the fuel cell new product production line construction project, the production capacity is expected to reach 13,000 units/year.
Focusing on the R&D and industrialization of graphite plates and metal plate stacks, Hydrogen is a leading company in fuel cells. The founder of China’s first automated stack production line and the first in the world to release a 300kW power level graphite plate stack, the company has become the “new core” of the future hydrogen energy heavy truck market. Looking at market performance, the company has developed a variety of fuel cell vehicle models including heavy trucks, forklifts, buses, etc. From 2020 to 2022, the company shipped 400 sets, 900 sets, and 1,500 sets of stacks, continuing to grow rapidly. Signed a strategic cooperation agreement with Shanxi Jinnan Iron and Steel Group for 10,000 hydrogen heavy trucks, which will be delivered within three years. 1,000, 2,000 and 7,000 vehicles will be delivered each year, ensuring that the annual fuel cell installed capacity will double.
The core membrane electrode of the fuel cell, known as the fuel cell “chip”, accounts for more than 40% of the system cost and determines the performance, life and cost of the fuel cell.
Hongji Innovation has excellent performance in domestic membrane electrodes and is the first company to achieve large-scale industrialization of proton exchange membrane fuel cell membrane electrodes (MEA). In terms of market performance, the company continues to increase the localization rate of membrane electrodes and provides low-cost, high-performance membrane electrode core components for domestic and foreign fuel cell manufacturers. In 2022, the company’s export market will contribute nearly 10% of its revenue, a further increase from 2021, and is expected to expand to more than 20% in 2023. From the perspective of shipment data, in 2021, Hongji Innovation achieved an industry record of shipping more than 1 million pieces of membrane electrode products, and achieved a new breakthrough in 2022, with annual shipments reaching 1.7 million pieces, which is absolute Membrane electrode head.
SOURCE: Haiqing Hua | LinkedIn
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