Shanghai (ZXZC)- FTXT Energy Technology Co., Ltd. ("FTXT Energy"), a Chinese provider of hydrogen energy and fuel cell technology solutions, announced on Nov. 30 the completion of its Series B financing, which raised for the company a total of 555 million yuan ($77.605 million).

The fresh round was led by the new materials fund under the state-owned China National Building Material Group Co., Ltd. ("CNBM"), and also attracted such investors as Liben Energy and CMG-SDIC Capital Co., Ltd., who was the lead investor of the company's Series A round. UBS once again served as the financial advisor of the Series B funding. 

Photo credit: FTXT Energy

Proceeds from the newly closed funding round will be used to help FTXT Energy speed up R&D, iteration, and upgrades of new technologies and new products, build a global R&D system, develop a high-end talent pool, boost production capacity expansion, so as to cement its position in the hydrogen and fuel cell industry.

The company revealed in the meantime that it has already kicked off the process for its Series B+ round and is steadily pushing ahead with its IPO preparations.

In December 2021, FTXT Energy nabbed 900 million yuan ($125.846 million) in its Series A financing, which lifted the company's market valuation to over 4 billion yuan ($559.316 million).

The company said it has successfully replaced multiple core components to fuel cell vehicles with its locally developed and produced ones, including the high-power fuel cell system, fuel cell stack, membrane electrode, as well as the 70MPa on-board hydrogen storage system and relief valve.