Full-Chain PEM/AEM Electrolyzer Materials: Catalyst, Membrane, MEA
Anhui Shengshui New Energy Technology Co., Ltd., founded in 2019 and headquartered in Hefei, has raised more than RMB 100M in Series A funding led by NIO Capital, with Lenovo Capital, Zhongan Capital, and Hefei Innovation Investment participating. YunDao Capital served as exclusive financial advisor. Proceeds will support large-order delivery, R&D reserves, a new factory, and operations.
Company Overview
Shengshui is a full-chain provider of hydrogen key materials and core components, centered on domestic substitution and cost reduction for PEM and AEM water electrolysis. Its portfolio spans catalysts, proton-exchange membranes, membrane electrode assemblies, and test equipment.
Technology Edge
The company controls the full in-house chain of catalyst, membrane, and MEA, with a 50 micrometer MEA in mass production and a 25 micrometer version under development. Its low-iridium SS-IrTi-4001 catalyst uses a core-shell design to cut iridium loading below 0.6 mg per square centimeter, reducing capex and precious-metal dependence.
Its fourth-generation hydrogen-in-oxygen control runs stably at 1.8 V, 4 A per square centimeter and 3 MPa, with hydrogen-in-oxygen below 0.3%, current efficiency above 97%, and decay of just 2.8 microvolts per hour over 8,500 hours. The 50 micrometer PEM MEA has driven PEM electrolysis equipment cost from roughly RMB 10M per MW to RMB 1.177M per MW, with a path to RMB 0.7M at 25 micrometers.
Market & Traction
Global clean-hydrogen investment commitments exceed $110B, up 24.1%, across more than 1,700 projects, with 2025 adding 1 Mt of operating capacity. Shengshui serves hundreds of companies worldwide, including Fortune 500 and leading new-energy players, covering most domestic PEM-electrolyzer customers and delivering over 40,000 MEAs. A tens-of-MW customer hydrogen plant is slated for 2026, and a Singapore business center is operational.
Capacity & Financials
The Hefei catalyst line produces 600 kg per year, while the Shanghai Lingang MEA plant supports 40,000 square meters annually and 1 GW of capacity. 2025 revenue reached roughly RMB 100M, with new orders expected to double year over year over the next two years. An A+ round is planned in 2026.
Investment Highlights
Shengshui is a vertically integrated monopoly breaker with a disruptive cost curve reshaping PEM electrolysis economics. A precious-metal recycling loop lifts residual value to 40-45%, easing scarcity risk, while NIO Capital and strategic industrial investors provide validation.