The product will be installed in eVTOL. "Electric Propulsion Technology", a developer of aviation hybrid electric propulsion systems, has completed a tens of millions of yuan Series A1 financing | Exclusive from 36Kr
Text | Liu Jingqiong
Editor | A Zhi
Cover Source | Provided by the enterprise
36Kr learned that Beijing Electric Propulsion Technology Co., Ltd. (hereinafter referred to as "Electric Propulsion Technology"), a developer of aviation hybrid electric propulsion systems, announced the completion of tens of millions of yuan in Series A1 financing. This round of financing was jointly led by Xunshang Venture Capital and Shanshan Venture Capital, with Beihang Investment participating. The funds raised will be used for the construction of experimental and production capabilities and team expansion.
Electric Propulsion Technology was established in February 2016 and focuses on the research, development, and manufacturing of high-power and high-density electrical energy domain system products for aerospace. It is a "Specialized, Refined, Distinctive, and Innovative" enterprise in Beijing. The core members of the team graduated from the "Seven National Defense Universities" and have worked in aerospace research institutes, power system laboratories, and leading commercial aerospace companies under the system, such as China Aerospace Science & Industry Corporation, China Aerospace Science and Technology Corporation, and Aero Engine Corporation of China. They have over 15 years of experience in researching aerospace electrical energy domain systems and have the experience of developing the entire chain of "aerospace electrical energy + new energy hybrid" overall solutions.
According to the technical director of Electric Propulsion Technology, Electric Propulsion Technology implements a "1+N" product system. "1" refers to the customized high-power aviation hybrid electric propulsion system, which is the first domestic hybrid power system-level overall solution and will be officially launched on the market and delivered in batches starting this year. "N" refers to standardized component systems such as high-power density turbine power generation systems and integrated energy management systems, which have achieved batch commercialization.
300kW Turbine Power System
Launched the First Megawatt-Level Aviation Power Generation System, Providing Low-Cost and High-Performance Aviation Hybrid Systems
Hybrid power has now become the consensus next-generation technological evolution direction in the global aviation industry. Traditional aviation engine giants such as Rolls-Royce, Safran, and Aero Engine Corporation of China have all started researching aviation hybrid electric propulsion systems. According to a report from Aero Engine Corporation of China, in the next 20 years, the demand for electric propulsion systems in China will reach 31,000 sets, with a total market value of nearly $30 billion. Globally, the demand for electric propulsion power will exceed 150,000 sets, and the total market value is expected to exceed the sum of the values of traditional aviation engines.
Traditional aviation generators are generally used as auxiliary power units for aircraft, and their power is generally not high. There is relatively little supply of products with a power of over 200kW internationally. With the development of the low-altitude economy, electricity has become one of the main power sources for low-altitude aircraft. As the takeoff weight of aircraft gradually increases, the total power of the propulsion system, the power of the generator, and the power of the corresponding propulsion motor required by the aircraft will also increase significantly.
For high-power aviation engines with a total motor power of over 200kW, if a piston prime mover is used, the large weight of the fuselage will restrict the thrust-to-weight ratio, range, and payload of the aircraft. Considering weight reduction, it is more suitable to use a lighter turboshaft engine as the prime mover. However, the current turboshaft engines are relatively expensive, with an average cost of about 10,000 yuan/kW. That is, the cost of a 200kW turboshaft engine is about 2 million yuan, which increases the overall cost of the aircraft.
Since 2024, there have been more and more low-altitude aircraft models using extended-range power systems on the market. The market needs an aviation hybrid electric propulsion system that combines high power, high power density, light weight, and low cost.
Aiming at the market demand, Electric Propulsion Technology has launched a 300kW turbine power system, which has multiple advantages. "Compared with competitors, Electric Propulsion's turbine power system is the lightest (less than 80kg), has the highest power density (greater than 3.75kW/kg), and the lowest cost (about 1/2 of domestic competitors and 1/7 of foreign competitors). At the same time, we are also one of the few international enterprises that can provide a complete set of aviation hybrid electric propulsion systems, and the cost of the overall system is about 1/3 of that of competitors." The technical director of Electric Propulsion Technology introduced.
When talking about the implementation path behind it, Electric Propulsion Technology believes that it is mainly due to the advantages of the technical route. "Electric Propulsion Technology uses a high-voltage utilization and high-speed route, while most other companies use the conventional voltage and low-speed route, that is, adding a reduction gearbox behind the engine to reduce the engine speed. Our technology eliminates the reduction gearbox, greatly reduces the lubricating oil, and can significantly reduce the overall weight. In addition, all the system components are domestically produced, and a triple or quadruple redundant architecture design is adopted, which can ensure high reliability while achieving low cost."
It is reported that in addition to the 300kW turbine power system, Electric Propulsion Technology also launched the megawatt-level aviation power generation system AGS1000 in May this year. This is China's first megawatt-level all-air-cooled, high-power density aviation power generation system product, which is suitable for 4-5 ton hybrid electric eVTOLs and 8-10 ton hybrid electric fixed-wing aircraft.
Megawatt-Level Turbine Power System
Pre-Laying Out the Low-Altitude Market, the New Factory's Production Capacity is Expected to Increase by 20 Times
Electric Propulsion Technology's commercialization strategy is relatively flexible and open, manifested in providing both the overall solution of the aviation hybrid electric propulsion system and standardized shelf products such as turbine power systems, electric propulsion systems, and integrated energy management systems. At the same time, it can also match components such as power generation systems for specified engine models. Currently, Electric Propulsion Technology's products have been applied in batches in aerospace, emergency rescue, special equipment, and other fields.
After making its debut at the Zhuhai Airshow in 2024, Electric Propulsion Technology received cooperation intentions and orders from multiple low-altitude enterprises at home and abroad. To quickly increase production capacity, Electric Propulsion Technology is promoting the construction of a new factory. Electric Propulsion Technology expects that after the new factory is put into operation, its production capacity will increase from 500 sets/year to about 10,000 sets/year. By the second half of this year, the first batch of aviation hybrid electric propulsion systems of Electric Propulsion Technology will be off the production line and officially delivered to a domestic eVTOL company for installation.
In the international market, Electric Propulsion Technology focuses on the Middle East market. It is revealed that Electric Propulsion Technology is cooperating with a certain aircraft manufacturer to promote the export of aircraft equipped with a low-cost, large-payload hybrid electric propulsion flight platform.
Electric Propulsion Technology predicts that low-altitude aircraft will experience a significant increase around 2030. By expanding production capacity, Electric Propulsion Technology is pre-laying out the market, taking the lead in providing aviation hybrid electric propulsion systems that can be delivered in batches, and seizing the first-mover advantage in the hybrid electric power market.
By the end of this year, Electric Propulsion Technology will also complete the shelving of the entire power system product, the delivery of the megawatt-level power generation system prototype, and the flight test verification of hybrid aircraft and flight platforms. In addition, the company's technical director, as an invited expert, is participating in the drafting of low-altitude airworthiness certification standards. If the progress is smooth, Electric Propulsion Technology will apply for airworthiness certification of the hybrid system within this year.
Since its establishment nine years ago, Electric Propulsion Technology has completed four rounds of financing, with a cumulative amount of over 100 million yuan. A relevant person in charge of Electric Propulsion Technology told 36Kr that in the second half of this year, Electric Propulsion Technology plans to start the fifth round of financing, and the team is currently in contact with a group of industrial investors.
Views of Investors
The project leader of Xunshang Venture Capital said: China's exploration of the low-altitude economy has entered the actual development stage. The low-altitude economy is a golden track with great potential in the next decade. The aviation power system is the brightest pearl on the crown. Under the trend of multi-electric/all-electric, the hybrid system is currently the best solution for aircraft to achieve long-range flight. The aviation hybrid system is highly professional and has high technical barriers. Electric Propulsion Technology has its own insights in the technical route. The team has a composite background of "aerospace + new energy hybrid" and has professional R & D innovation capabilities and solid engineering implementation capabilities. It is the first domestic enterprise to launch an overall solution covering the megawatt-level hybrid electric propulsion system. We are very honored to have the opportunity to work hand in hand with General Manager Zhang and his team. As a wholly-owned subsidiary of Huzhou Nanxun Talent Industry Group, Xunshang Venture Capital has built a 10-billion-level industrial fund matrix and participated in the funds of many leading domestic investment institutions. This direct investment in Electric Propulsion Technology is an important part of the layout in the low-altitude economy industry and an important measure to implement the national development strategy and promote the improvement of the new quality productivity of the green aerospace industry. We look forward to helping Electric Propulsion Technology quickly iterate its technology, improve its product system, seize the opportunities of the times, build a more solid technical barrier and a broader market prospect through this round of investment, and expect Electric Propulsion Technology to open a new era of aviation hybrid systems.
The project leader of Shanshan Venture Capital said: We are very glad to witness and participate in this round of financing of Electric Propulsion Technology. As the co-lead investor in this round, we believe that with the deep accumulation of the Electric Propulsion Technology team in the aerospace electrical energy domain and the implementation of the core concept of "expensive is not high-tech", the core products they have created have extremely high cost performance in terms of both cost and product indicators, demonstrating strong technical strength and market potential. We believe that Electric Propulsion Technology will bring broad market space and continuous growth momentum with its innovation ability in the field of high-power electrical energy systems for aerospace. We look forward to Electric Propulsion Technology becoming a benchmark enterprise in the global aerospace electrical energy domain as soon as possible.
The project leader of Beihang Investment said: The low-altitude economy, as a representative of new quality productivity, is a prominent manifestation of disruptive new technologies, new industries, new models, and new business forms. It is regarded as "the new growth engine for China's future economic development". In aerospace, power comes first. The new energy aviation power system is the key to breaking the situation in China's low-altitude economy industry. As an innovative enterprise focusing on new aviation power systems, the core team of Electric Propulsion Technology graduated from the "Seven National Defense Universities" such as Beijing Institute of Technology, Beihang University, and Northwestern Polytechnical University, and has deep accumulation in the aerospace electrical energy domain. Its unique and innovative route fully demonstrates the team's technical and engineering capabilities. This investment in Electric Propulsion Technology is an important layout in the future aerospace technology field. We are full of confidence in the technological leadership and broad market prospects of Electric Propulsion Technology. We will firmly accompany scientific entrepreneurs and be the co-entrepreneurs of scientists, accompanying the enterprise's growth in the long term.
