CAS Linkfiber New Materials (Changzhou) Co., Ltd. (“CAS Linkfiber”) announced the completion of hundred millions CNY in the Angel round of funding.
CAS Linkfiber was founded in April 2023, it is focusing on key material technology research and industrialization for hydrogen fuel cells, breaking the monopoly of foreign suppliers, and achieving the localization of key materials. It is currently the only team in China that has the full process technology and mass production from continuous fiber treatment, carbon fiber base paper production, and carbon fiber paper.
Key materials for hydrogen fuel cells include catalysts, ion exchange membranes, and gas diffusion layers. Among them, catalysts and exchange membranes have gradually achieved domestic independent production. As the basic material for the gas diffusion layer, carbon fiber paper is still in a state of monopoly by foreign suppliers. CAS Linkfiber continues to conduct independent research and testing around carbon fiber paper to support the development of the hydrogen fuel cell industry.
According to Coherent Market Insights, the global gas diffusion layer (GDL) market size was estimated at USD 510.13 million in 2021 and it is expected to grow at a compound annual growth rate of 26.09% from 2022 to 2030. This growth is driven by increasing awareness about harmful effects of greenhouse gases and promotional activities undertaken by statutory governing bodies.
Gas diffusion layer is the base material for fuel cells, the market is monopolized by foreign manufacturers including CeTech and AvCarb in the United States, Toray and Mitsubishi in Japan, Caplinq Corporation in the Netherlands, and Freudenberg and SGL in Germany.
Yu Yue, Vice President of Gobi VC, stated: “At present, there is almost no carbon fiber paper used in the hydrogen energy and liquid flow battery industries in China. Domestic fuel cell manufacturers and GDL manufacturers generally use imported carbon fiber base paper for secondary processing. The CAS Linkfiber team is one of the earliest teams in China to engage in the research and development of carbon fiber base paper materials and large-scale production attempts. We believe that the team can bring high cost-effectiveness domestically produced products to the market. ”
This round of financing for CAS Linkfiber was exclusively invested by Kylinhall Partners (麟阁创投) and Gobi VC (戈壁创投), with follow-on investment from FZ Captial (小饭桌创投) and Wei Chi Equity Fund (常州伟驰基金跟投). This round of funds will mainly be used for the construction of carbon fiber base paper and carbon fiber paper production line.