Shanghai Electric Reports Robust Growth in Clean Energy and Equipment Sectors for 2024
Shanghai Electric, a leader in the energy and equipment sectors, has announced impressive financial results for 2024, showcasing its robust growth trajectory amid the increasing global demand for clean energy solutions. The company reported revenues of 116.19 billion yuan, with a significant rise in new orders and improved cash flows. This growth is attributed to Shanghai Electric's strategic focus on nuclear, wind, and hydrogen energy, along with energy storage technologies.
As of December 31, 2024, Shanghai Electric’s total assets amounted to 302.51 billion yuan, reinforcing its position as a crucial player in the energy market. In a statement, President Zhu Zhaokai emphasized the company's commitment to achieving dual carbon targets and delivering integrated solutions in wind and solar energy, hydrogen storage, and more.
In 2024, the energy equipment sector delivered strong performances, with new orders reaching 89.1 billion yuan—a year-on-year increase of 18.45%. The company has been at the forefront of innovations in wind energy and hydrogen sectors, launching its Poseidon 18-25 MW wind turbine platform. This model incorporates distributed energy storage and grid-friendly wind turbine technology, demonstrating adaptability for various marine energy scenarios, including island microgrids and hydrogen production at sea.
Moreover, in energy storage, Shanghai Electric unveiled a 250kW vanadium-iron flow battery, reducing electrolyte costs while maintaining energy density. The firm also introduced new inverter systems to enhance system flexibility, including models like the 2x2.6 MW or 215 kW string inverters. Notably, the alkalizer electrolyzer series Z, certified by TÜV to meet international performance standards, enhances efficiency while minimizing costs in the hydrogen energy field. Additionally, Shanghai Electric's PEM electrolyzer, which boasts a capacity of 300 Nm³/h, has also been tested to improve stability and efficiency.
In an industry breakthrough, Shanghai Electric became China's first manufacturer of green methanol, earning the ISCC EU certification for its complete processes, which utilizes agricultural biomass in transforming wind energy into hydrogen. This innovation stands testament to the company's commitment to sustainable energy practices.
The industrial manufacturing segment also reported breakthroughs in 2024, with new orders totaling 42.293 billion yuan. Shanghai Electric ramped up technological innovation to support the sustainable development of its aviation sector, driven by the growth in demand and market innovations. The company has focused on the domestic substitution of essential aviation components, including blades, bearings, and precision gears. Leveraging its expertise, Shanghai Electric contributes to aircraft engine assembly, fuselage riveting, and composite parts manufacturing.
In automation solutions, Shanghai Electric offers advanced large-scale precision grinders and CNC machining systems covering over 200 product types and 600 specifications, catering specifically to the commercial aircraft manufacturing sector. Enhancements in its capabilities regarding robotic manufacturing and digital factories have been realized through a complete acquisition of Ningsheng Industrial.
Further proving its growth trajectory, integrated services reached new orders of 22.214 billion yuan, representing a 13.02% increase year-on-year. In energy engineering services, the firm expanded from thermal energy markets to new energy and distributed energy sectors, addressing strong global demand while bolstering international branches. Shanghai Electric is pursuing the evolution of industrial service capabilities, advocating for a deeper integration of manufacturing and servic.
In 2024, Shanghai Electric also achieved reductions in management costs and financial expenditures while further progressing towards its ESG goals—and launched a carbon management platform that lowered carbon emissions by 23,000 tons. Ten of its factories have been recognized as Shanghai Smart Factories. Additionally, the company made strategic moves into new energy vehicle parts and industrial software, investing 5.67 billion yuan in research and development, a 5.5% rise, focusing on breakthroughs in gas and grid-type wind turbines. As of the end of 2024, Shanghai Electric holds 6,823 valid patents.
For more detailed information on Shanghai Electric and its ongoing initiatives, visit their official website at https://www.shanghai-electric.com/group_en/.
As of December 31, 2024, Shanghai Electric’s total assets amounted to 302.51 billion yuan, reinforcing its position as a crucial player in the energy market. In a statement, President Zhu Zhaokai emphasized the company's commitment to achieving dual carbon targets and delivering integrated solutions in wind and solar energy, hydrogen storage, and more.
In 2024, the energy equipment sector delivered strong performances, with new orders reaching 89.1 billion yuan—a year-on-year increase of 18.45%. The company has been at the forefront of innovations in wind energy and hydrogen sectors, launching its Poseidon 18-25 MW wind turbine platform. This model incorporates distributed energy storage and grid-friendly wind turbine technology, demonstrating adaptability for various marine energy scenarios, including island microgrids and hydrogen production at sea.
Moreover, in energy storage, Shanghai Electric unveiled a 250kW vanadium-iron flow battery, reducing electrolyte costs while maintaining energy density. The firm also introduced new inverter systems to enhance system flexibility, including models like the 2x2.6 MW or 215 kW string inverters. Notably, the alkalizer electrolyzer series Z, certified by TÜV to meet international performance standards, enhances efficiency while minimizing costs in the hydrogen energy field. Additionally, Shanghai Electric's PEM electrolyzer, which boasts a capacity of 300 Nm³/h, has also been tested to improve stability and efficiency.
In an industry breakthrough, Shanghai Electric became China's first manufacturer of green methanol, earning the ISCC EU certification for its complete processes, which utilizes agricultural biomass in transforming wind energy into hydrogen. This innovation stands testament to the company's commitment to sustainable energy practices.
The industrial manufacturing segment also reported breakthroughs in 2024, with new orders totaling 42.293 billion yuan. Shanghai Electric ramped up technological innovation to support the sustainable development of its aviation sector, driven by the growth in demand and market innovations. The company has focused on the domestic substitution of essential aviation components, including blades, bearings, and precision gears. Leveraging its expertise, Shanghai Electric contributes to aircraft engine assembly, fuselage riveting, and composite parts manufacturing.
In automation solutions, Shanghai Electric offers advanced large-scale precision grinders and CNC machining systems covering over 200 product types and 600 specifications, catering specifically to the commercial aircraft manufacturing sector. Enhancements in its capabilities regarding robotic manufacturing and digital factories have been realized through a complete acquisition of Ningsheng Industrial.
Further proving its growth trajectory, integrated services reached new orders of 22.214 billion yuan, representing a 13.02% increase year-on-year. In energy engineering services, the firm expanded from thermal energy markets to new energy and distributed energy sectors, addressing strong global demand while bolstering international branches. Shanghai Electric is pursuing the evolution of industrial service capabilities, advocating for a deeper integration of manufacturing and servic.
In 2024, Shanghai Electric also achieved reductions in management costs and financial expenditures while further progressing towards its ESG goals—and launched a carbon management platform that lowered carbon emissions by 23,000 tons. Ten of its factories have been recognized as Shanghai Smart Factories. Additionally, the company made strategic moves into new energy vehicle parts and industrial software, investing 5.67 billion yuan in research and development, a 5.5% rise, focusing on breakthroughs in gas and grid-type wind turbines. As of the end of 2024, Shanghai Electric holds 6,823 valid patents.
For more detailed information on Shanghai Electric and its ongoing initiatives, visit their official website at https://www.shanghai-electric.com/group_en/.
Topics Energy）
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