(9 September 2024, Shanghai) Templewater is pleased to announce its participation in Marvel-Tech’s recent Pre-Series B financing round*, which successfully raised hundreds of millions of RMB. The round was led by Qiming Venture Partners, with Templewater among the key investors, including Dachen Cai Zhi, Dongfang Jiafu, Hillhouse Investment, and Shunwei Capital.
Marvel-Tech, a pioneer in hydrogen and hydrogen derivatives-fueled gas turbines, plans to use the proceeds to ramp up the mass production of its tri-feed gas turbines and establish a high-power full-scale performance testing center. This strategic move is set to accelerate the company's growth and expand its production capabilities to meet the increasing demand for its innovative energy solutions.
Founded by Mr. Lin Gang, Marvel-Tech has made significant strides in the energy sector by developing the world's first tri-feed zero-carbon low-NOx combustor capable of utilizing hydrogen, ammonia, and natural gas. This breakthrough technology offers a versatile and eco-friendly solution for global energy needs, aligning with the growing push towards carbon neutrality.
Marvel-Tech's Founder and CEO, Mr. Lin Gang, 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 derivatives 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."
Mr. Chen Nan, Managing Director of Qiming Venture Partners, commented: "Renewable energy systems and value chains surrounding green hydrogen are being developed rapidly on a global scale. Marvel-Tech's has pioneered hydrogen and hydrogen derivatives-fueled gas turbines’ mass production, filling up a void 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 US$200 billion global market opportunity for traditional gas turbines to upgrade into 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 primed to excel in this competitive field and create a long-lasting impact on the global stage."
Dr. Yufeng Wan, Partner & Head of Impact Investing at Templewater, commented on the investment, "Marvel-Tech is leading the charge in redefining the future of energy with its groundbreaking hydrogen and hydrogen derivatives-fueled gas turbine technology. We see significant potential of Marvel-Tech’s tri-feed gas turbine in decarbonizing power generation in Hong Kong and other high energy consumption areas where there is a shortage of locally produced renewable energy. Being compatible with natural gas, hydrogen and ammonia means operators can leverage multiple fuels as and when they are available without having to incur significant capex to replace power generating gas turbines. Marvel-Tech’s products also provide effective solutions of zero emission power supply to key infrastructure such as data centers, as well as to energy users in off-grid areas. At Templewater, we are deeply committed to accelerating the global transition to a zero-carbon economy. We are proud to partner with Marvel-Tech on this journey, driving the adoption of clean energy solutions in Hong Kong, Asia and globally."
*Subject to certain FDI procedures in China
FOR FURTHER INFORMATION, PLEASE CONTACT:
Templewater
Jason Li
Investor Relations
ir@templewater.com
+852 3187 5000
About Marvel-Tech
Marvel-Tech, based in Shanghai, is a leading high-tech enterprise specializing in hydrogen and hydrogen derivatives-fueled gas turbines for zero-carbon green power generation. The company's innovative portfolio includes hydrogen and hydrogen derivatives-fueled gas turbines, high-speed turbines, flow path optimization, and special gas expander turbines, all aimed at reducing carbon dioxide emissions and advancing carbon neutrality.
Recognized with the "Most Concerned Award" in the gas turbine industry in 2022 and holding a TRL-9 certification for its hydrogen gas turbine technology, Marvel-Tech is at the forefront of the sustainable energy sector. As a leader in hydrogen and hydrogen derivatives-fueled gas turbine technology, the company is committed to excellence in innovation and leadership, focusing on developing technologies that contribute significantly to global sustainable energy efforts.
For more information, please visit www.marvel-tech.cn/en/index.aspx
About Templewater
Templewater is an alternative asset management firm headquartered in Hong Kong, founded by Mr. Cliff Zhang and the Investec Group in 2018 as a spin-off of Investec Group’s Principal Investments Division in Asia, continuing the heritage and investment track record of the Investec Group.
Expanding its impact investing horizon, Templewater has launched the Templewater Decarbonization Fund, a focused initiative dedicated to fostering the transition to a low-carbon economy. With a strategic commitment to decarbonization, the fund focuses on innovative technologies in hydrogen, smart mobility, energy storage and CCUS sectors to foster a more efficient energy transition.
For more information, please visit www.templewater.com
