Precious-Metal Catalysts and MEAs for Fuel Cells and PEM Electrolysis
Suzhou Boqing Hydrogen Technology Co., Ltd., founded in May 2023, raised tens of millions RMB in a Pre-A round led by Dongyun Venture, with Xinhui Capital following and existing shareholder Rongtuo Capital adding to its stake. Proceeds will fund new catalyst and MEA production lines plus R&D and team expansion.
Company Overview
Boqing Hydrogen develops and supplies precious-metal catalysts and membrane electrode assemblies for hydrogen applications. Its portfolio spans fuel-cell catalysts including Pt/C, Pt black, PtRu black, and Pt alloys, alongside water-electrolysis catalysts such as iridium oxide, iridium black, supported iridium oxide, and iridium-ruthenium alloys, with more than 15 patents filed.
Market Context
Hydrogen is enshrined in China’s Energy Law and named among the six future industries of the 15th Five-Year Plan. China already holds 38.7% of the global fuel-cell catalyst market, roughly $10.81B in 2026 according to GEP Research, making it the largest single regional market. Near-term demand lags capacity, compressing margins, so the differentiator is technology and cost rather than scale.
Technology & Performance
Platinum nanoparticles migrate and aggregate during operation, enlarging and deactivating, which is the core pain point. Boqing’s structural control of active particles lifts durability by 40-50% versus conventional Pt/C, cutting decay in 30,000-cycle accelerated aging by roughly 10%.
For PEM electrolysis, its template-method rich-oxygen nano-iridium-oxide catalyst holds precious-metal loading to 0.4 mg per square centimeter, about one-third of common industry practice, with stack energy of 4.1 kWh per cubic meter and a theoretical life above 80,000 hours.
Commercial Traction
Customers span fuel-cell MEA and stack makers as well as PEM-electrolysis MEA and electrolyzer manufacturers. Boqing partners with CNPC and others, and with Korun and Yunfan for one-stop catalyst-to-MEA-to-stack solutions, while building a precious-metal recycling loop to cut raw-material cost.
Financial Trajectory
First-half 2026 revenue reached RMB 28M, with the full year expected above RMB 40M. The plan calls for three to five competitive new products per year, doubled 2027 revenue, 320-plus customers, and two core production lines for scaled catalyst and MEA output.
Investment Highlights
Boqing brings scarce-material expertise in platinum and iridium with measurable durability and loading advantages, serving two demand pools, fuel cells and PEM electrolysis, from one catalyst platform. A recycling moat softens exposure to rising precious-metal prices, alongside disciplined, profitability-focused growth.