Shanghai (ZXZC)- SAIC Motor announced on Nov.25 its plan to spin off its fuel cell tech development unit, Shanghai Hydrogen Propulsion Technology Co., Ltd. (SHPT), and make the arm go public on the Science and Technology Innovation Board (the "STAR" Market) of the Shanghai Stock Exchange.

SHPT launching new products based on M4 fuel cell stack platform; photo credit: SAIC Motor

Founded in 2018, SHPT principally engages in the R&D, design, manufacturing, and sales of fuel cell stacks, fuel cell systems, as well as relevant key components. On Oct. 28, 2021, it launched the M4 fuel cell stack platform as well as the M4 stack platform-based PROME M4H fuel cell stack, which is independently designed and developed by SHPT. Besides, 44 primary components of the PROME M4H fuel cell stack are made domestically. 

According to SAIC Motor, the power of the M4 fuel cell stack platform-based fuel cell products ranges from 30 kW to 230 kW and are compatible to both passenger vehicles and commercial vehicles.

SHPT has so far closed 5 rounds of fundraising, according to the business data platform Tianyancha. The latest A+ financing was completed in early Nov. with the amount of money nabbed undisclosed.

SAIC Motor claims itself as the first automaker in China to develop fuel cell technologies and has achieved commercial application of multiple fuel cell vehicles.

The Shanghai-based auto giant has put fuel cell-powered cars, MPVs, light buses, coaches, light trucks, and heavy duty trucks into operation in 13 cities in China.

This year, SAIC Motor teamed up with Ordos on the world's first project aiming at the industrial application of 10,000 fuel cell heavy trucks.