Marvel-Tech, a leading company in developing hydrogen and hydrogen derivatives-fueled gas turbines, announced its completion of raising hundreds of millions of RMB in its Pre-Series B financing round. The funding round was led by Qiming Venture Partners.
The proceeds will primarily be used to establish a hydrogen and hydrogen derivatives-fueled gas turbine mass production and assembly center and a high-power full-scale performance testing center. This will accelerate the commercial delivery of Marvel-Tech's independently developed hydrogen and hydrogen derivatives-fueled gas turbines for multiple orders involving "hydrogen-ammonia-methanol" and industrial by-product hydrogen applications.
Led by Founder and CEO Mr. Gang Lin, Marvel-Tech is a pioneer clean energy company that was established by a solid team with educational background in Germany. The company has been dedicated to leading the development of new generation zero-carbon hydrogen and hydrogen derivatives-fueled gas turbines. Marvel-Tech has achieved a significant milestone by successfully developing the world's first tri-fuel zero-carbon low-NOx combustor, capable of burning of hydrogen, ammonia, and natural gas on a single combustor without the need for hardware modifications. Marvel-Tech's gas turbines are compatible with a variety of mainstream hydrogen storage and transport mediums, including high-pressure hydrogen, liquid hydrogen, organic liquid hydrogen storage, ammonia, methanol, and solid-state hydrogen storage. This innovation provides a crucial technological pathway for achieving global carbon neutrality.
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Hydrogen plays a pivotal role in achieving Carbon Neutrality
Stability, cost-effectiveness, and eco-friendliness are the three primary factors when evaluating clean energy solutions.
Wind and solar power offer affordable and environmentally friendly energy solutions, yet they often lack the stability required for widespread adoption. For wind and solar to reach their full potential and replace coal and natural gas, the ability to ensure reliable energy supply will be the key driver. This necessitates the integration of short, medium, and long-duration energy storage technologies.
Hydrogen acts as a secondary energy source that depends on the expansion of wind and solar power, making its industry closely linked to the growth of these renewable energy sectors.
As such, the pivotal aspect of industry progression revolves around whether hydrogen derived from renewables can effectively address the stability issues inherent in these sources. If successful, hydrogen stands to bridge the final gap in scaling up the development of wind and solar power, paving the way for widespread usage and the phase-out of traditional fossil fuels, thereby propelling the growth of the hydrogen energy sector.
Hydrogen and hydrogen derivatives emerge as the sole energy storage solution capable of long-distance and long-duration energy storage without geographical limitations. Among existing energy storage methods, hydrogen and hydrogen derivatives also represent the most cost-effective ultra-long-duration energy storage technology, encompassing various forms such as high-pressure gaseous hydrogen, liquid hydrogen, organic liquid hydrogen storage, liquid ammonia, methanol, and hydrogen blending in natural gas pipelines, etc. Among the three known power generation technologies for large-scale, high-power electricity generation—fuel cells, internal combustion engines, and gas turbines, hydrogen and hydrogen derivatives-fueled gas turbines stand out for their superior cost-efficiency.
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Hydrogen-ammonia gas turbine - a pivotal pillar in hydrogen energy power generation
Marvel-Tech's MGT8000 hydrogen-ammonia dual-fuel gas turbine showcases remarkable fuel versatility and was recognized as one of Shanghai's top 10 innovative decarbonization technologies in 2024. The turbine is equipped with the world's first tri-fuel (hydrogen, ammonia and natural gas) zero-carbon low-NOx combustor (TRL 9 certified) developed by the company, and can switch between hydrogen, ammonia, and natural gas power generation applications without altering the combustion system hardware.
The hydrogen-ammonia gas turbine can apply in scenarios involving transport of renewable energy. The hydrogen and hydrogen derivatives-based fuels produced in regions rich in wind and solar resources can be transported to energy-deficient areas or countries with high-demand of energy supply, where these hydrogen and hydrogen derivatives can be converted into stable and green electricity and steam via Marvel-Tech’s gas turbines.
Moreover, this technology is also applicable in situations where renewable resources exhibit strong seasonality. Hydrogen and hydrogen derivatives-based fuels, which are easy to store and transport, are produced during periods or seasons of high wind and solar output and can be converted into stable green electricity for peak load regulation when renewable energy generation falls short of demand.
Marvel-Tech’s technological advancement represents a breakthrough in green fuel-to-electricity conversion, enabling a closed-loop, full Power-to-Power cycle. As the world transitions to greener power supply dominated by wind and solar, this technology provides a low-cost, high-efficiency solution to the medium and long-duration energy storage challenges posed by the instability of renewable energy. As the world transitions towards carbon neutrality, the total addressable market for this technology is estimated to reach hundreds of billions of US dollars.
Marvel-Tech's Founder and CEO, Gang Lin, stated: "Our mission at Marvel-Tech is to enable universal access to stable green electricity worldwide at any time. Essentially, this involves delivering or storing molecular-based green hydrogen and hydrogen derivative-based fuels at the demand site and using our hydrogen and hydrogen derivatives-fueled gas turbines to provide stable green electricity and steam whenever needed. "
Nan Chen, Principal of Qiming Venture Partners, commented: "Renewable energy systems and value chains surrounding green hydrogen are being developed rapidly on a global scale. Marvel-Tech has pioneered hydrogen and hydrogen derivatives-fueled gas turbines’ mass production, filling up a gap in the green hydrogen consumption chain. This innovative product can address significant market demands in a burgeoning market. Given China's limited oil and natural gas resources, this technology will not only accelerate the country's green transition and deep industrial decarbonization, but also seize the $200 billion global market opportunity for upgrading traditional gas turbines to greener solutions. Marvel-Tech’s gas turbine is set to become a key part of the renewable energy-to-electricity conversion process. With the obvious benefits of gas turbines and Marvel-Tech’s readiness in research and production, Qiming Venture Partners firmly believes that the company is poised to excel in this cutting-edge field and create a long-lasting impact on the global stage."
The funding round was led by Qiming Venture Partners, with participation from Fortune Venture Capital, Orient Renaissance Capital, GL Ventures, Templewater, and Shunwei Capital.
