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Shanghai Electric Reports Continued Growth for 2024

Shanghai Electric, a leading global player in energy solutions, has announced a robust revenue of 116.19 billion RMB for 2024. This figure marks a significant stride in the company's pursuit of advancement within the clean energy sector and the high-end equipment market.

The President of Shanghai Electric, Zhu Zhaokai, emphasized that the company is committed to meeting ambitious dual carbon goals, focusing on integrated solutions across wind energy, solar power, and hydrogen storage. This strategic direction is fueled by a soaring global demand for sustainable energy solutions and advanced industrial machinery.

Key Areas of Growth

In 2024, Shanghai Electric reported a remarkable 89.1 billion RMB in new orders within the Energy Equipment sector, reflecting an impressive 18.45% increase from the previous year. This sector has notably expanded due to innovations in wind energy, energy storage systems, hydrogen technology, and green fuels.

One of the standout developments is the launch of the Poseidon platform model for offshore wind turbines, boasting capacities between 18 to 25 MW. This model introduces decentralized energy storage and cutting-edge wind turbine technology tailored for offshore applications. This innovation aligns with current trends toward sustainable energy infrastructures, including mini-grids, offshore hydrogen generation, and floating wind farms.

On the energy storage front, Shanghai Electric has also unveiled a new class of 250-kW Vanadium-iron flow batteries. These advancements are aimed at reducing electrolysis costs while maintaining energy density. New inverter systems, comprising a 2x2.6 MW model and a 215-kW string inverter, have also been introduced to enhance power system flexibility.

Innovations in Hydrogen Energy

In the hydrogen sector, Shanghai Electric has made significant progress with its TÜV-certified alkaline electrolyzer, which meets international performance standards to enhance efficiency and reduce overall costs. The company also tests its PEM electrolyzer, designed to improve efficiency and stability with a production capacity of 300 Nm³/h. Remarkably, Shanghai Electric is distinguished as China's first green methanol manufacturer to achieve ISCC-EU certification, successfully converting agricultural biomass into methanol using advanced gasification and wind-to-hydrogen technology.

Expansion in High-End Industrial Manufacturing

The high-end industrial manufacturing equipment sector enjoyed substantial growth in 2024, achieving new orders worth 42.293 billion RMB. This growth is a result of technological advancements and a surge in global market demands, especially within aerospace parts. Shanghai Electric plays a pivotal role in supporting the assembly of aircraft engines, riveting bodies, and manufacturing composite components, which are critical to the aviation industry's progress.

Automation solutions, including large precision grinding machines and CNC tool machinery, are now available in over 200 variants and 600 specifications. This equipment represents a significant investment in modern manufacturing processes, particularly for the civil aviation sector.

Integrated Services and Global Market Expansion

Across integrated services, Shanghai Electric saw new orders rise to 22.214 billion RMB in 2024, marking a 13.02% increase year-on-year. The company is expanding its reach beyond thermal power to capture significant segments within renewable energy and decentralized energy markets. This strategy includes establishing international sales channels and accelerating technological development to meet strong global demand.

Shanghai Electric has also focused on reducing management and financial overheads while advancing its Environmental, Social, and Governance (ESG) initiatives. A carbon management platform was introduced, leading to reductions of 23,000 tons of CO2, alongside ten factories achieving recognition as Shanghai Smart Factories.

The company's research and development budget rose to 5.67 billion RMB in 2024, a 5.5% increase, with considerable breakthroughs in gas turbines and grid-connected wind turbines being highlighted. By the year's end, Shanghai Electric held 6,823 valid patents, a testament to its commitment to innovation and leadership in the energy sector.

For further details about Shanghai Electric, visit Shanghai Electric Official Website.