Anion Exchange Membranes for Hydrogen Electrolysis and Flow Batteries
Suzhou Zhiqing Bocai Technology Co., Ltd., founded in June 2023, raised tens of millions RMB in an Angel+ round led by Rongke Power, with existing shareholder Rongtuo Capital following on. Proceeds will fund core-material R&D and engineering scale-up.
Company Overview
Zhiqing Bocai develops and manufactures anion exchange membranes, a critical material for water electrolysis and long-duration flow batteries. The company has built the full chain from resin synthesis to membrane fabrication, with proprietary IP, stable single-batch resin production at tens of kilograms, and the ability to deliver wide-width electrolysis and flow-battery membranes.
Technology & Products
AEM selectively conducts anions while balancing ionic conductivity against selectivity. In water electrolysis it enables operation under mild alkaline conditions using low-cost non-precious-metal catalysts and structural materials, while retaining PEM advantages such as compact design, high current density, fast dynamic response, and high gas purity. In flow batteries it precisely screens ions to block cross-contamination of active species, directly governing capacity fade and cycle life.
Validated metrics include tensile strength above 50 MPa and swelling below 8%. In electrolysis testing at 1 A per square centimeter and 0.6 MPa, hydrogen-in-oxygen stays below 0.5% with single-cell voltage as low as 1.7 V. Pricing is roughly one-third that of foreign competitors.
Commercial Traction
Since sales began in March 2025, Zhiqing Bocai has delivered more than 60 orders to over 20 customers in China and abroad, entering value-chain verification. Lead investor Rongke Power is a top vanadium-flow-battery maker, signaling strong downstream pull as flow-battery deployment scales.
Market Opportunity
The global water-electrolysis market is projected to grow from $0.55B in 2025 to roughly $3.77B by 2035, while the flow-battery market could reach about $30B by 2030. AEM electrolysis may need five to ten years to lead technically, a long adoption window the company is using to lock in customer integration.
Investment Highlights
The company is a domestic-substitution play in a chokepoint material with import dependence, combining cost leadership at one-third of imports with validated performance. Dual end markets in green hydrogen and long-duration storage, a marquee anchor customer, and a roadmap extending to CO2 electroreduction, seawater desalination, electrodialysis, and seawater electrolysis frame the upside.