Xinyuan Power

What Xinyuan Power does

Xinyuan Power (新源动力 / Sunrise Power Co., Ltd.) is a Dalian-based, privately-held joint-stock enterprise founded in April 2001 and recognized as China's first joint-stock company dedicated to hydrogen fuel cell industrialization. It designs, develops, and manufactures proton exchange membrane (PEM) fuel cell technology across the full stack architecture — membrane electrode assemblies (MEA), the HYMOD® series of fuel cell stack modules (HYMOD®-36, -50, -60, -70), complete fuel cell engine systems (including the FCE-III National Key New Product), and the HYSTK® line of fuel cell test bench equipment. The company operates a 19,007 m² facility housing the NDRC-designated National Engineering Research Center for Fuel Cell and Hydrogen Source Technology, runs a Postdoctoral Research Station, and reports 527 cumulative patents and 27 registered trademarks. Current production capacity is 1,000 fuel cell-related sets per year.

The company's commercial model is B2B enterprise hardware sales, primarily to Chinese automotive OEMs — most prominently SAIC Motor, whose Roewe 750 and Maxus FCV80 vehicles integrate Sunrise Power's HYMOD®-36 stacks. Secondary revenue comes from fuel cell test bench equipment sold to R&D institutions and manufacturers. The company derives additional quasi-commercial leverage from operating the Tongxin Hydrogen Refueling Station (Northeast China's first 35MPa/70MPa facility, opened 2018) and from its position as the IEC/TC105 domestic standardization authority and Vice-chairman unit for national fuel cell standards. Customers are concentrated in a single geography (Greater China), with named accounts dominated by SAIC and its subsidiaries.

The 2024-10-17 funding round of approximately $70.2 million from Wu'an Industrial Innovation No. 1 Technology Partnership and Wu'an New Energy Guiding Technology Partnership — both Hebei state-affiliated vehicles — represents the most recent significant capital event, suggesting a strategic expansion anchor in the Wu'an/Handan hydrogen cluster alongside the Dalian headquarters. Revenue is not publicly disclosed, and most substantive product and award milestones in the data date to 2018-2019, creating a meaningful information gap on current-year commercial performance.

Name

Xinyuan Power

Legal name

新源动力股份有限公司 (Sunrise Power Co., Ltd.)

Website

https://fuelcell.com.cn

Company type

Private

Founded year

2001

Operating status

Operating

Headcount range

101–250 employees

Short description

Xinyuan Power (新源动力 / Sunrise Power) is a Dalian-headquartered PEM fuel cell manufacturer selling HYMOD® stack modules, MEAs, complete fuel cell systems, and HYSTK® testing equipment primarily to Chinese automotive OEMs, most prominently SAIC Motor, with 1,000 sets/year production capacity and state-designated research center status.

Ownership category

akta.pro rank

Product category

Hydrogen Fuel Cells

NAICS

Motor Vehicle Electrical and Electronic Equipment Manufacturing (336320), Turbine and Turbine Generator Set Units Manufacturing (333611)

SIC

Electronic & Other Electrical Equipment (No Computer Equip) (3600), Instruments For Meas & Testing Of Electricity & Elec Signals (3825)

akta.pro primary industry

Hydrogen Energy Storage & Power-to-X Equipment (electrolyzers, storage, fuel cell systems) (IMAGAHAM)

akta.pro secondary industries

Hydrogen Fuel Cell Electric Vehicle (FCEV) Manufacturing (IMACACAJ), Truck & Commercial Vehicle Electrification Manufacturing (eAxles/Battery Packs/Fuel Cells) (IMACABAK), Fuel Cell Distributed Generation (Hydrogen/Natural Gas SOFC/PEM) (EUACALAK)

Keywords

• Hydrogen fuel cells
• PEM fuel cell stacks
• Fuel cell membrane electrodes
• Fuel cell testing equipment
• Fuel cell vehicle powertrains

Headquarters

HQ city

Handan

HQ country

China

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Technology or R&D, Supply Chain, Personnel, Operations, Infrastructure

Revenue model

1. Fuel Cell Products: Primary revenue stream from manufacturing and selling fuel cell stacks, modules, and systems including HYMOD® product series. Products sold in batch production to major Chinese automotive manufacturers for fuel cell vehicle integration.
2. Fuel Cell Testing Equipment: Secondary revenue stream from design, development, and manufacturing of fuel cell test bench equipment including galvanic pile test benches, fuel cell system test benches, and key components test benches.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Xinyuan Power designs, develops, and manufactures hydrogen fuel cell membrane electrodes, stack modules (HYMOD®-36/-50/-60/-70), integrated fuel cell engine systems, and fuel cell testing equipment. The products are based on proprietary Proton Exchange Membrane (PEM) fuel cell technology and are sold primarily to Chinese automotive OEMs (e.g., SAIC Motor) for fuel cell vehicle integration and to research institutions for testing applications.

Product overview

Sunrise Power (Xinyuan Power) operates a dual-segment business model comprising fuel cell products and fuel cell testing equipment. The fuel cell product portfolio centers on proton exchange membrane (PEM) fuel cell technology, including the HYMOD® series stack modules (HYMOD®-36, -50, -60, -70), membrane electrode assemblies (MEA), and complete fuel cell systems like the FCE-Ⅲ engine. The company also produces the HYSTK® series of fuel cell products. Testing equipment offerings include stack test benches, system test benches, and key component test benches. Products are sold primarily to domestic Chinese automotive manufacturers including SAIC Motor. The company holds 527 patents covering key materials, components, stacks, and systems across PEM fuel cell technology. Annual production capacity stands at 1000 fuel cell units per year.

Differentiator

Problem solved

Functional benefit

Brands

• HYMOD®: Fuel cell stack module product line including HYMOD®-36, HYMOD®-50, HYMOD®-60, HYMOD®-70. Products are mass-produced and used in fuel cell vehicles by domestic automobile manufacturers.
• HYSTK®

Products and services

• HYMOD®-36 Fuel Cell Stack Module
• HYMOD®-70 Fuel Cell Stack Module
• HYSTK® and HYMOD® Series 6 New Fuel Cell Products
• Fuel Cell Membrane Electrode Assembly (MEA)
• FCE-Ⅲ Fuel Cell Engine
• Fuel Cell Testing Equipment (Test Benches)

Quantifiable outcome

• Durability exceeding 5,000 hours with -10°C cold start capability
• +2 more outcomes

Named customers2 records

Segments3 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Four partnerships are on record, tiered core and minor.

• SAIC Motor (上汽集团)coreStrategic or Co-development Partner · 1 November 2018Strategic partnership with SAIC Motor for fuel cell vehicle development. SAIC Motor uses Sunrise Power's HYMOD® fuel cell stacks in Roewe 750 and Maxus FCV80 vehicles. Sunrise Power's 'Tongxin Hydrogen Refueling Station' provides hydrogen services to SAIC vehicles including passenger vehicles.
• Liaoning Hydrogen Energy Fuel Cell Industry Technology Innovation Strategic Alliance (辽宁氢能燃料电池产业技术创新战略联盟)minorStrategic or Co-development Partner · 1 November 2017Alliance initiated by Sunrise Power was recognized as a Liaoning Province Industrial Technology Innovation Strategic Alliance pilot, promoting industry collaboration in hydrogen fuel cell technology.
• Tongji University (同济大学)minorStrategic or Co-development Partner · 22 September 2006Collaboration on fuel cell vehicle development. In 2006, Sunrise Power's 50kW fuel cell engine was tested and accepted at Tongji University New Energy Vehicle Engineering Center. Earlier collaboration on low-pressure fuel cell engine system testing in 2005.
• Chinese Academy of Sciences Dalian Institute of Chemical Physics (中科院大连化物所)coreStrategic or Co-development Partner · 1 February 2004Joint application and collaboration on the 'Fuel Cell and Hydrogen Source Technology National Engineering Research Center' project, approved by National Development and Reform Commission. This partnership established the national research center infrastructure.

Scale indicators4 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Ballard Power Systems: PEM fuel cell stack and systems company headquartered in Canada; the closest pure-play PEM fuel cell peer to Sunrise Power's HYMOD® product line, with overlapping automotive, bus, truck, and stationary backup power customers globally.
• SinoHytec (清能股份 / 亿华通): Leading Chinese PEM fuel cell stack and engine manufacturer supplying major domestic OEMs (including Foton, Yutong); the most direct Chinese-listed comparable to Sunrise Power's PEM stack/module business for fuel cell vehicles.
• Shanghai Re-Fire (上海重塑): Chinese fuel cell system integrator making heavy-duty truck and bus FCEV powertrains; competes with Sunrise Power for the same Chinese commercial-vehicle OEM sockets.
• Sinosynergy (国鸿氢能): Mass-producer of PEM fuel cell stacks in China with the largest domestic installed base for commercial-vehicle and bus applications; primary stack-volume competitor to Sunrise Power.
• Plug Power: US-based PEM fuel cell systems company focused on material handling and stationary power with expansion into on-road vehicles; shares the PEM fuel cell system business model and components/suppliers market with Sunrise Power.
• Horizon Fuel Cell Technologies: Asia-headquartered PEM fuel cell stacks and systems manufacturer serving mobility (including light vehicles) and stationary applications; comparable in scale and PEM focus to Sunrise Power's product portfolio.

Broad incumbents

• Cummins Accelera (formerly Hydrogenics / Cummins Fuel Cell): Cummins' clean-power division offering PEM fuel cell systems alongside electrolyzers and traction systems; competes with Sunrise Power in transit bus and heavy-duty fuel cell stacks but as part of a larger diversified powertrain business.
• Toyota Motor Corporation: Operator of the world's most successful FCEV passenger vehicle program (Mirai) with in-house fuel cell stack technology; shapes global PEM fuel cell stack performance benchmarks that Sunrise Power's HYMOD® line competes against.
• Hyundai Motor Group: Producer of the Hyundai Nexo passenger FCEV and XCIENT heavy-duty fuel cell truck; Hyunday's in-house stack represents the integration benchmark that PEM fuel cell component peers like Sunrise Power must work against or supply into.

Emerging players

• Bloom Energy: US-based stationary fuel cell systems company using solid oxide fuel cell (SOFC) technology rather than PEM; adjacent competitor in hydrogen stationary power where Sunrise Power sells telecom backup units.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights7 records

Customer concentration

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds1 record

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Xinyuan Power