What xizi clean energy equipment manufacturing does

Xizi Clean Energy Equipment Manufacturing Co., Ltd. (西子洁能, SZSE: 002534) is a Hangzhou-headquartered, publicly listed Chinese industrial equipment manufacturer founded in 1955 as Hangzhou Boiler Group and rebranded in January 2022 to signal its strategic pivot toward clean energy solutions. The company operates three integrated business segments: New Equipment (waste heat recovery steam generators/HRSG, biomass boilers, circulating fluidized bed boilers, gas boilers, pressure vessels and heat exchangers, and shield tunneling machines), New Energy (molten salt energy storage, concentrating solar power, electrode boilers, nuclear power equipment, electrochemical storage, hydrogen fuel cells, CCUS, photovoltaic, civilian energy storage, and zero-carbon factory solutions), and New Services (EPC general contracting, boiler modification, smart boiler and smart energy management, and maintenance operations). The company is a subsidiary of XIZI United Holdings (西子联合控股), a top-500 Chinese enterprise conglomerate, and maintains nine wholly-owned subsidiaries spanning engineering, industrial boilers, general equipment, electrical technology, vocational education, and new energy equipment.

The company's proprietary technology base is anchored in molten salt energy storage, which was selected as a first major technical equipment project in the national energy sector in 2021 and deployed in China's first large-scale operational solar thermal storage power station, alongside EU- and China-nuclear-standard-certified electrode boiler technology and H-class combined cycle HRSG module manufacturing capability for 850MW units. A 2026 Zhejiang 'Future Factory' pilot designation recognizes the integration of 5G, AI, digital twin, fully automated welding, precision thick-plate forming, and intelligent storage systems across manufacturing operations. The company holds multiple nuclear power certifications, ASME-grade quality experience, and a Fifth China Quality Award Nomination (2023), and has cultivated a workforce pipeline of 6 National Labor Models, 3 National May 1st Labor Award winners, and a national-level postdoctoral research station.

Revenue is generated through three channels: one-time equipment manufacturing and sales of new boilers, HRSG modules, and related pressure vessels; professional services via EPC contracts covering design, equipment supply, construction, system commissioning, compliance acceptance, and after-sales quality assurance; and managed services extending into new energy investment and operation. Go-to-market is enterprise field sales, with direct supply to domestic power generators, industrial manufacturers, and petrochemical clients, supplemented by international distribution through a strategic partnership with BHI (Korea), the global #1 HRSG technology holder per McCoy Power Report (2024-2025), which provides access to overseas national-level power projects including the USD 1.5 billion Middle East Phase II H-class plant and Sri Lanka's Kerawalapitiya Phase II and III 350MW combined cycle units. The company reports operations across 50+ countries and regions, with cumulative carbon dioxide reduction claims of 1.78 billion tons (Chinese-language source) or 160 million tons (English-language source).

Name

xizi clean energy equipment manufacturing

Legal name

西子清洁能源装备制造股份有限公司

Website

https://xizice.com

Company type

Public

Founded year

1955

Operating status

Operating

Short description

Xizi Clean Energy Equipment Manufacturing is a publicly listed Chinese industrial equipment maker (SZSE: 002534) producing HRSG, biomass, CFB, and gas boilers, plus molten salt storage, electrode boilers, and nuclear equipment, serving power and industrial clients across 50+ countries via EPC and direct enterprise sales.

Ownership category

akta.pro rank

Product category

Clean Energy Equipment Manufacturing

NAICS

Power Boiler and Heat Exchanger Manufacturing (33241), Turbine and Turbine Generator Set Units Manufacturing (333611)

SIC

Heating Equipment, Except Electric & Warm Air Furnaces (3433), Cogeneration Services & Small Power Producers (4991), Fabricated Plate Work (Boiler Shops) (3443)

akta.pro primary industry

Combined Cycle & Cogeneration (CHP) EPC (EUAEAAAB)

akta.pro secondary industries

Industrial Steam Systems Decarbonization (Boiler Upgrades, Condensate Recovery, Steam Optimization) (EUABAJAK), Heat Transfer Equipment (Heat Exchangers, Boilers, Condensers) (IMAHAEAC), Onsite Low-Carbon Heat & CHP (Electrified CHP, Fuel Cells, Renewable CHP) (EUABAJAI)

Keywords

• Clean energy equipment
• Waste heat boilers
• Heat recovery steam generators
• Molten salt energy storage
• EPC engineering services

Headquarters

HQ city

Hangzhou

HQ country

China

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

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

Revenue model

1. Clean Energy Equipment Manufacturing and Sales: Consultation, R&D, production, sales, and installation of new equipment including waste heat boilers, biomass boilers, circulating fluidized bed boilers, gas boilers, and shield tunneling machines. Core business segment.
2. EPC and Engineering Services: EPC (Engineering, Procurement, Construction), boiler modification, smart boiler services, and comprehensive engineering services covering design, equipment supply, construction, system commissioning, compliance acceptance, and after-sales quality assurance.
3. New Energy Investment and Operation: Extends business chain to new energy investment and operation, providing full lifecycle smart services in the new energy field.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels4 records

Core offering

Xizi Clean Energy designs, manufactures, and installs industrial boiler systems (waste heat boilers, biomass boilers, CFB boilers, gas boilers, HRSG) and clean energy equipment (molten salt energy storage, electrode boilers, nuclear power equipment, CSP, hydrogen fuel cells, CCUS). The company provides EPC general contracting, boiler modification, smart boiler services, and full lifecycle clean energy solutions for power plants and industrial customers in over 50 countries.

Product overview

Xizi Clean Energy Equipment Manufacturing Co., Ltd. (西子洁能) is a leading clean energy equipment and solution provider founded in 1955, formerly known as Hangzhou Boiler Group Co., Ltd. The company operates three main business segments: New Energy (新能源), New Equipment (新装备), and New Services (新服务). The New Energy division provides comprehensive lifecycle smart services in renewable energy including molten salt energy storage, concentrating solar power, nuclear power equipment, hydrogen fuel cells, electrochemical storage, CCUS, and zero carbon factory solutions. The New Equipment segment manufactures industrial boiler systems including waste heat recovery steam generators (HRSG), biomass boilers, circulating fluidized bed boilers, gas boilers, pressure vessels, heat exchangers, and shield tunneling machines. The New Services offerings include EPC general contracting, boiler modification, smart energy management services, and maintenance operations. The company serves customers in over 50 countries/regions and has contributed to reducing carbon dioxide emissions by 178 million tons.

Differentiator

Problem solved

Functional benefit

Products and services

• Heat Recovery Steam Generator (HRSG) / 燃机余热锅炉 Heat recovery steam generator for gas turbine combined cycle power plants, including H-class turbine modules for industrial and utility power generation customers.
• Circulating Fluidized Bed Boiler (CFB) / 循环流化床锅炉

Quantifiable outcome

• CO2 emission reduction of 1.78 billion tons (Chinese source) / 160 million tons (English source)
• +4 more outcomes

Named customers3 records

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

Four partnerships are on record, tiered core, flagship and minor.

• BHI Co., Ltd. (Korea)coreStrategic or Co-development Partner · 1 July 2025Global HRSG head company ranked #1 worldwide in technology and delivery per McCoy Power Report (2024-2025). Xizi Clean Energy serves as BHI's global core component manufacturing subcontractor, supplying HRSG modules for H-class combined cycle power plants. The partnership has expanded from single project cooperation to long-term strategic collaboration, with the Middle East Phase II project marking a key milestone. The partnership also enables Xizi to access the North American computing power station market through BHI's established channels.
• LTL Group (Sri Lanka)flagshipChannel Partner/ Reseller/ Distributor · 1 January 2025Sri Lanka's leading energy enterprise. Xizi Clean Energy has signed consecutive supply contracts for the Kerawalapitiya Phase II and Phase III combined cycle power plants (350MW each), supplying gas turbine HRSG. Phase II was successfully commissioned in September 2025 with Prime Minister and Energy Minister attendance, marking the project as a national strategic power guarantee project.
• Hangzhou CPPCC Entrepreneur Association (杭州市政协企业家联谊会)minorOthersXizi Clean Energy chairman Wang Kefei (王克飞) serves as the rotating chairman of the association. The association organizes regular activities visiting member enterprises, with Xizi hosting the rotating chairman's office event in July 2026.
• NE (North American Engineering Company)minorStrategic or Co-development PartnerXizi Clean Energy is simultaneously pursuing HRSG module OEM business for NE in Europe and North America, positioning for the computing power station high-growth segment market through this partnership.

Scale indicators6 records

Recent moves8 records

Expansion highlights5 records

Direct peers

• Harbin Electric Co., Ltd. Another top Chinese power equipment OEM with comparable boiler, HRSG, steam turbine, and nuclear-grade equipment offerings. Competes head-to-head with Xizi for utility, petrochemical, and nuclear EPC contracts in China and overseas.
• Babcock & Wilcox Enterprises: US-based boiler and HRSG manufacturer serving utility, industrial, and waste-to-energy markets. Comparable to Xizi's waste heat recovery, CFB, and biomass boiler lines and a relevant peer for international thermal power equipment competition.
• IHI Corporation: Japanese heavy industrial group with HRSG, boiler, and process plant equipment lines historically linked with BHI parent Babcock-Hitachi. Directly comparable to Xizi for international combined-cycle HRSG competition.
• Dongfang Electric Corporation: One of China's three largest state-owned power equipment OEMs, manufacturing boilers, HRSG, steam turbines, gas turbines, and nuclear equipment. Directly comparable to Xizi's New Equipment and New Energy segments and competes for the same domestic and Belt-and-Road EPC awards.
• BHI (Babcock-Hitachi) Korea: Ranked #1 globally in HRSG technology and equipment delivery by McCoy Power Report for 2024 and 2025. Simultaneously Xizi's strategic partner and its closest direct competitor for H-class combined-cycle HRSG work, making it a critical comparable.
• Shanghai Electric Group: Chinese power equipment conglomerate with overlapping boiler, HRSG, turbine, and nuclear product lines, plus wind and energy storage. Competes with Xizi across both conventional thermal and new-energy equipment categories.

Broad incumbents

• GE Vernova: Spun-off GE power business covering gas turbines, HRSG, steam, nuclear, grid, and wind. A relevant broad incumbent peer for Xizi's combined-cycle HRSG business and a key counterpart in BHI's wider competitive ecosystem.
• Siemens Energy: Global gas turbine, HRSG, grid, and emerging hydrogen/electrolyzer incumbent. Competes with Xizi indirectly via EPC consortiums and directly on H-class combined-cycle HRSG supply chains for international power projects.
• Mitsubishi Power: Global incumbent offering HRSG, gas turbines, steam turbines, and full combined-cycle plant solutions, as well as hydrogen and CCUS emerging offerings. Overlaps with Xizi's HRSG for combined-cycle EPC and increasingly with new-energy adjacencies.

Emerging players

• Hangzhou Boiler Group-era domestic competitors (e.g., Wuhan Boiler) and CCUS/new-energy specialists (e.g., thyssenkrupp nucera, Beijing Shoulu): Emerging players in adjacent clean-energy categories where Xizi is also expanding (CCUS, hydrogen, electrochemical storage). thyssenkrupp nucera is a useful comparable for the hydrogen-fuel-cell and electrolyzer direction; domestic CCUS specialists are relevant for the CCUS line in Xizi's new-energy portfolio.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries9 records

Funding overview

Funding rounds

Investors

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 xizi clean energy equipment manufacturing