Qingheng receives funding to develop hydrogen energy business platform
The investment provides Qingheng with the working capital required for the R&D and market expansion.
Intron Technology Holdings Limited has announced that its subsidiary Shanghai Qingheng Automotive Electronics Co., Ltd. has secured the first strategic investment of multi-million RMB Investment from a subsidiary fund of Yonghua Investment Management Co Ltd.
The investment provides Qingheng with the working capital required for the R&D and market expansion of innovative products, allowing it to build a new technological development service platform for hydrogen energy, thus strengthening the Group’s market competitiveness, broadening market resources and accelerating its development.
Qingheng was established at the end of 2021 as a limited liability company. It focuses on developing and commercialising the core electronic control systems for hydrogen fuel cells. Qingheng has earlier been appointed as a mass production service provider for its core electronic control products by the leading domestic hydrogen fuel cell car companies.
Yonghua Investment Management Co is a fund management company specialising in private equity investment under the Yongjin Group. Its predecessor was the direct investment department of Yongjin Group.
Mr Luk Wing Ming, Chairman, Co-CEO and Executive Director of Intron Technology, said, “We believe that the capital injection and the introduction of investors will help Qingheng quickly enhance the competitiveness of its products and to complement the Group’s external development to achieve innovation and incubate within new sectors so that we can better capture business opportunities and accelerate market expansion.”
Mr Zhang Shuai, Managing Director of Yonghua Investment Management Co Ltd, said, “Yonghua Investment has focused on research and investment in hydrogen energy and fuel cell industries for a very long time. We believe deeply that hydrogen energy will be another trillion or even 10 trillion industrial opportunity after photovoltaics and lithium batteries, and several excellent local enterprises will inevitably be born.”