NIO Capital has led the Series A financing round of Shengshui Technology, a leading provider of full-chain solutions for critical materials and core components in the hydrogen energy sector. The funding round exceeded RMB 100 million and will be deployed to fulfill large-scale orders, strengthen R&D, construct a new production facility, and support daily operations, thereby driving industry chain integration and upgrading. 

Founded in May 2019 by Xinlei Wang, who holds a Ph.D. in Energy and Power Engineering from the University of Science and Technology of China, Shengshui Technology focuses on the domestic substitution and cost reduction of key hydrogen technologies. The Company specializes in the R&D and production of catalysts, proton exchange membranes (PEM), membrane electrode assemblies (MEAs), and testing equipment for PEM and AEM water electrolysis. By targeting the core material supply chain, Shengshui aims to enable the large-scale, economical deployment of green hydrogen. 

Shengshui has established partnerships with hundreds of domestic and international enterprises, including Fortune 500 companies and global new energy leaders. It covers the vast majority of PEM electrolyzer customers in China and has delivered over 40,000 MEA components to date. In 2026, the company plans to commission a tens-of-megawatt green hydrogen production facility with a partner. According to client models, the green hydrogen output from this plant is projected to be priced lower than blue hydrogen, a form of hydrogen fuel produced from natural gas, but with a cleaner twist—a significant milestone for cost competitiveness.

On the production front, Shengshui operates a catalyst line in Hefei with an annual capacity of 600 kg, and a membrane electrode factory in Shanghai Lingang with an annual capacity of 40,000 square meters, supporting up to 1 GW of project demand. The company's international business center in Singapore is already operational. Revenue has grown rapidly, reaching nearly RMB 100 million in 2025, with new orders expected to double in each of the next two years.

"The global endowment of high-quality wind and solar resources, combined with China's complete industrial chain, positions green hydrogen as a trillion-yuan core track," said Adair Lyu, Partner at NIO Capital. "In the critical hydrogen production link, PEM electrolyzers are ideally suited to handle the fluctuations of renewable power, making them a vital support for large-scale green hydrogen production. Breaking through the cost barrier is the key to unlocking this industry."

"We are delighted to see that Shengshui, with its exceptional material innovation capabilities and engineering strength, is reshaping the economics of the industry through its proprietary core technologies and disruptive cost advantages," Lyu added. "This not only accelerates the industrialization of PEM technology but also draws international attention, showcasing China's hardcore innovation power. We look forward to standing shoulder-to-shoulder with Shengshui to leverage material innovation to jointly usher in the global green hydrogen era."

According to the Hydrogen Council's Global Hydrogen Compass 2025, total investment commitments in clean hydrogen (including green and blue hydrogen) projects worldwide have surpassed USD 110 billion, a year-on-year increase of 24.1%, with over 1,700 projects announced. In 2025, global operational clean hydrogen capacity reached 1 million tons, of which green hydrogen accounted for 30%.