Shanghai (Gazgu) – Hydrogen Craft Corporation, a Chinese developer of hydrogen fuel cell technology based in Zhejiang Province, completed its A-Series institutional round on May 5, raising tens of millions of yuan, according to a WeChat account.
A fresh round was held by Welight Capital. Hydrogen Craft said the proceeds will be used to develop a research business, build a research center and automated fuel cell production lines.
Photo: Hydrogen Craft
The company added that it will launch new rounds of funding later this year to raise money for large-scale promotion and application of its products.
Founded in November 2017, Hydrogen Craft is engaged in research and development, production and innovative applications of light fuel cells and power management systems. Its products are used for the movement of aircraft, robots, motorcycles, ships and vehicles.
With regard to applications in vehicles, Hydrogen Craft focuses on developing a model for replacing hydrogen tanks in two-wheelers, small-sized logistics vehicles, etc., as the company believed that large-scale applications in these segments would outpace other major vehicles.
Earlier this year, Hydrogen Craft formed a strategic partnership with companies such as JinHong Gas to build a massive and low-cost hydrogen supply network for future hydrogen fuel applications.