#China #Shanghai #Clean Energy #Shanghai Electric #High-tech Equipment

Shanghai Electric's Growth in 2024: Focus on Clean Energy

Shanghai Electric has announced its continued expansion for 2024, fueled by strong market demand in clean energy and high-end equipment manufacturing. The company reported a revenue of 116.19 billion yuan, alongside increases in gross margins, order volumes, and cash flows. As of December 31, 2024, Shanghai Electric held total assets amounting to 302.51 billion yuan.

The president of Shanghai Electric, Zhu Zhaokai, emphasized the company's commitment to achieving dual carbon goals while focusing on comprehensive solutions for renewable energy sources, including wind, solar, and hydrogen. The strategic push towards innovative technologies positions Shanghai Electric as a crucial player in the global transition towards sustainable energy.

In the energy equipment sector, Shanghai Electric recorded new orders of 89.1 billion yuan in 2024, reflecting an 18.45% year-on-year increase. The firm has introduced key innovations in wind power, energy storage, hydrogen energy, and eco-friendly fuels. Notably, the company launched its proprietary Poseidon 18MW-25MW floating wind turbine platform along with the first floating base in Asia for offshore operations, equipped with capabilities for distributed energy storage and tailored for offshore scenarios like microgrids and hydrogen production.

Additionally, Shanghai Electric showcased a 250kW iron-vanadium liquid battery designed to lower electrolyte costs while maintaining energy density. Innovations in inverter systems, including the 2x2.6MW model and a 215kW string inverter, enhance the flexibility of energy systems. The company also developed a TÜV-certified alkaline electrolyzer, which meets international performance standards, boosting both efficiency and cost-effectiveness.

In terms of high-tech industrial equipment, Shanghai Electric reported new orders valued at 42.293 billion yuan in 2024. The firm has bolstered its aerospace capabilities with the latest technology innovations, satisfying the growing market demand for components like aerospace blades, bearings, and precision gears. Notably, the company is one of the world’s leaders in aviation equipment, enabling services like engine assembly and fuselage riveting.

The automation sector saw further advancements as Shanghai Electric rolled out large-scale precision grinding machines and CNC equipment, extending their product offerings to over 200 varieties and 600 specifications. Such technologies are currently utilized in major passenger aircraft production lines. Furthermore, the purchase of 100% of Ningsheng Industrial has strengthened the company's position in robotics and digital factory solutions.

With respect to integrated services, Shanghai Electric recorded new orders of 22.214 billion yuan in 2024, a 13.02% annual increase. Stepping beyond conventional thermal energy, the firm has branched into new and distributed energy markets. By expanding international trade points, Shanghai Electric accelerates R&D, catering to escalating demand. This also includes industrial maintenance capabilities via supply chain collaborations and lifecycle management solutions, which deepen the production-service integration.

In addition to its growth, Shanghai Electric has made strides in reducing management and financial costs while advancing ESG objectives. The launch of a carbon emissions management platform has reportedly cut CO2 emissions by 23,000 tons across ten factories that achieved the designation of Shanghai Smart Factory. The company has also increased its production of parts for new energy vehicles and industrial software, with R&D expenditures reaching 5.67 billion yuan in 2024—a 5.5% increase focused on breakthroughs in gas and wind turbine technologies.

As of the end of 2024, Shanghai Electric held 6,823 active patents, underscoring its dedication to innovation and sustainability in the energy sector. Further information about Shanghai Electric can be found on their official site: Shanghai Electric.