Hyperdrive
China Fuel-Cell Startup Seeks Funds, Predicts Hydrogen-Car Boom
- Technology provider Mingtian sees new policies spurring sales
- Startup targets Shanghai IPO in three years as market expands
A fuel cell stack manufactured by Anhui Mingtian.
Source: Anhui Mingtian Hydrogen Energy Technology Co.
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China’s push for more fuel-cell vehicles is inspiring startup Anhui Mingtian Hydrogen Energy Technology Co. to step up its growth, with the technology provider working on fresh fundraising en route toward an initial share sale.
Mingtian is talking to investors and plans to raise about 200 million yuan ($30 million) at a valuation of as much as 2 billion yuan by the end of the first half next year, Chairman Wang Chaoyun said in an interview in Beijing. The company wants an initial public offering on Shanghai’s Star Board in three years, he said.