Tianhai Hydrogen Energy and CRRC Capital: Signed an Industry-Finance Integration Agreement to Jointly Build a Collaborative Ecosystem for the Hydrogen Energy Industry Chain

On October 16, 2025, at the signing ceremony of the China CRRC Modern Industry Chain Integration Development Co-Chain Initiative Conference (held in Changchun, Jilin), Tianhai Hydrogen Energy, a subsidiary of Tianhai Industry under Beijing Jingcheng Machinery Electric, signed the "Industry-Finance Integration Agreement under the China CRRC Modern Industry Chain Co-Chain Initiative Framework Agreement" with CRRC Capital Management Co., Ltd., a subsidiary of China CRRC Group. This marks a new stage in the industrial chain collaboration between central and local enterprises in the hydrogen energy sector.

I. Cooperation Foundation and Background

This signing is a deepening continuation of the previous cooperation between the two parties.In September 2025,CRRC Capital, as the lead initiator of a fund, participated in the Series A financing of Tianhai Hydrogen Energy. The financing round reached290 million yuan,led by the CRRC Transformation and Upgrade Fund and the Huayu Gaoxin Traffic Control Fund, with joint investments from several institutions including PetroChina Kunlun Capital and China National Machinery Industry Corporation Industrial Investment. This financing cooperation not only injected financial vitality into Tianhai Hydrogen Energy's technology R&D and market expansion but also laid a solid foundation for the signing of this industry-finance integration agreement.

From a policy perspective, the cooperation strictly implements the requirements of the State-owned Assets Supervision and Administration Commission of the State Council and the Ministry of Industry and Information Technology regarding promoting the integrated development of industrial chains. It is a typical practice ofcentral-local collaboration and co-chain construction.China CRRC, as a "chain leader" unit among central state-owned enterprises in the industrial chain, possesses full-chain resource integration capabilities in the fields of rail transit and new energy equipment. Beijing Jingcheng Machinery Electric, as a Beijing municipal state-owned enterprise, has established a full industry chain layout for hydrogen energy covering "production, storage, transportation, refueling, and application" through controlling enterprises such as Shanghai Shenhua. The cooperation between the two parties forms a natural advantage of resource complementarity.

II. Core Strengths of the Cooperating Parties

1. Tianhai Hydrogen Energy: A Benchmark Enterprise in Hydrogen Energy Storage and Transportation

As the core entity in Beijing Jingcheng Machinery Electric's hydrogen energy industry layout, Tianhai Hydrogen Energy focuses on the R&D and promotion ofhydrogen energy storage and transportation equipment and system solutions.Leveraging its technological accumulation, it has become a benchmark enterprise in this field domestically. Its business covers key segments such as high-pressure hydrogen storage cylinders and hydrogen storage system integration. It is currently accelerating product iteration (e.g., R&D of 70MPa high-pressure hydrogen storage vessels) and global market expansion, actively promoting the large-scale application of hydrogen energy storage and transportation, and providing equipment support for reducing costs and increasing efficiency across the entire hydrogen energy industry chain.

2. CRRC Capital: A Platform for Industry-Finance Synergy among Central State-Owned Enterprises

Relying on the industrial advantages of China CRRC Group in areas such as rail transit and new energy equipment, CRRC Capital focuses on industrial chain investment and industry-finance integration. Through the model of "equity investment + agreement cooperation," it not only provides capital support to Tianhai Hydrogen Energy but also connects the resources of China CRRC in hydrogen energy transportation application scenarios (such as hydrogen fuel cell trains and hydrogen-powered heavy-duty trucks), facilitating the scenario-based matching of storage and transportation equipment with end-use applications.

III. Significance of Cooperation and Future Directions

1. Synergistic Value of the Industry Chain

The collaboration between the two parties will create a closed-loop synergy of "Equipment R&D + Capital Empowerment + Scenario Implementation": Tianhai Hydrogen Energy's storage and transportation technology can support CRRC's hydrogen energy equipment integration needs, while CRRC's scenario resources and capital advantages will accelerate the industrialisation of Tianhai Hydrogen Energy's technology. This model not only strengthens the linkage between the "storage and transportation - application" segments of the hydrogen energy industry chain but also provides a template for the deep integration of "technology + capital + scenario" in the industry.

2. Demonstration Effect on the Industry

The integration of industry and finance between central and local enterprises in this collaboration is an important measure to implement the national hydrogen energy industry development plan. The two parties will join handsto build an innovation ecosystem for the hydrogen energy industry, focusing on areas such as joint technology R&D (e.g., lightweighting of onboard hydrogen storage systems), supply chain collaboration (e.g., localisation substitution of key materials), and joint market expansion (e.g., cooperation on overseas hydrogen energy projects). These efforts are expected to help China's hydrogen energy industry transition from "technology verification" to "large-scale commercialisation" and inject green momentum into the construction of a modern industrial system.