Recently, hydrogen fuel cell producer FTXT completed B round financing worth CNY 555 million, which will be used for product R&D, technology iteration, talent development, capacity building and market expansion.
On November 30, FTXT Energy Technology Co., Ltd. (hereinafter referred to as FTXT) (Chinese: 未势能源) announced the completion of its B round financing amounting to CNY 555 million (USD 77.7 million), which was led by the fund of China National Building Material Group (Chinese: 中国建材集团), and followed by its existing equity-holder SDIC (Chinese: 国投招商) and Liben Energy (Chinese: 立本能源).
The fund will be used for product R&D, technology iteration, talent development, capacity building and market expansion, consolidating FTXT’s market position in the field of hydrogen energy and fuel cells. It is reported that FTXT has started the process of B+ round of financing after the completion of series B financing and is also advancing the preparation work for IPO.
FTXT, founded in 2019, is a subsidiary of Great Wall Holing Group (Chinese: 长城控股集团) specializing in hydrogen fuel cell products R&D. With its core technology of hydrogen fuel cell products, it has developed products including high-performance membrane electrode, density reactor, fuel cell engine.
In the future, FTXT will continue to increase investment in product R&D and promote the development of the hydrogen industry worldwide.