A nuclear fusion company completed hundreds of millions of yuan in financing within half a year and entered the core supply chain of nuclear fusion and quantum computing with cryogenic equipment | Exclusive report from Yingke

Author | Wu Huaxiu

Editor | Peng Xiaoqiu

Yingke has learned that Zhongke Qingneng has completed several rounds of financing, with investors including national-level industrial capital and strategic resource-based institutions. Yundao Capital served as the company's exclusive financial advisor. The funds from this round of financing will mainly be used for the R & D and engineering delivery of a 30-ton/day liquid hydrogen system, a 20kW tokamak main unit cooling system, and a third-generation quantum low-temperature sensing system, as well as the construction of the second-phase intelligent manufacturing center. Zhongke Qingneng plans to complete the R & D and delivery of its core systems in multiple national-level scenarios between 2025 and 2026 to drive continuous growth in the company's commercial revenue.

Founded in June 2022, Zhongke Qingneng was jointly initiated by China General Nuclear Power Group, the Energy Research Institute of Hefei Comprehensive National Science Center, Henan Investment Group and other advantageous resource providers in the industrial chain. Pan Weiwei, the former director of the China General Nuclear Power Research Institute, serves as the CEO. Zhongke Qingneng is committed to providing low-temperature equipment such as helium liquefaction and hydrogen liquefaction and industrial chain operation services for fields such as fusion, green hydrogen energy, and aerospace, aiming to provide key support for the future development of China's energy industry.

It is reported that Zhongke Qingneng's core technology is inherited from the magnetic confinement fusion low-temperature system led by Academician Li Jiangang. The core team members have been deeply involved in many well - known global major fusion projects such as EAST, CRAFT, and ITER. This background gives Zhongke Qingneng significant first-mover advantages in the design, engineering delivery, and long - term operation and maintenance of cryogenic systems.

Cryogenic technology is the key support for fields such as hydrogen energy, fusion, quantum, and aerospace. For a long time, the relevant equipment for scenarios such as liquid hydrogen storage and transportation, tokamak cooling, and quantum computing cryogenic platforms has relied on foreign imports. From an industry perspective, the hydrogen energy field is accelerating the replacement of green hydrogen. The tender scale of green hydrogen projects in China in 2025 increased by eight times year - on - year; the investment in the nuclear fusion track is heating up, with the global total investment exceeding $9.7 billion. Devices such as China's "EAST" and "HL - 2M" have achieved continuous breakthroughs, and the commercialization pilot is approaching; in the field of quantum computing, the superconducting route has an urgent demand for a cryogenic environment, and the global technological competition focuses on the autonomy of underlying equipment.

Image source: Zhongke Qingneng

Against this background, Zhongke Qingneng has built a complete domestic technical solution for cryogenic equipment from design to delivery through comprehensive and in - depth localization from the whole machine to core components, from hardware to software, and from single machines to the ecosystem.

In 2023, Zhongke Qingneng delivered the first 1 - ton/day hydrogen liquefaction equipment in China's aerospace field to the Hainan International Commercial Space Launch Center. This equipment, as a key support facility for rocket fuel, has been put into use. In addition, Zhongke Qingneng has also won bids for tender projects of multiple national-level large scientific facilities (CRAFT, the second phase of the Spallation Neutron Source), undertaking the construction of key cryogenic systems, and has become one of the few domestic cryogenic system suppliers with top - level engineering delivery capabilities and operational experience.

Image source: Zhongke Qingneng

In the quantum field, Zhongke Qingneng's independently developed third - generation low - temperature sensing system has passed the stable operation test in a 9T strong magnetic environment. It plans to release the first domestically - made cryogenic sensing system for superconducting quantum computers with engineering practicability in 2026. Around the temperature range from 20K to absolute zero, the company has established a standardized R & D, manufacturing, and delivery capability system and achieved multi - scenario reuse.

In 2025, Zhongke Qingneng's annual revenue exceeded 100 million yuan, and its customers include energy central enterprises such as the "Big Five and Small Six" power generation groups and the "Three Big Oil Companies", as well as the Chinese Academy of Sciences. The company has hundreds of millions of yuan in pending orders, and its business scope covers four major directions: liquid hydrogen storage and transportation, fusion cryogenic systems, quantum cryogenics, and aerospace. In addition, the company is actively promoting the R & D of key equipment for the BEST and CFEDR cryogenic systems, striving to provide continuous support for the development of China's national - level fusion industry.

Pan Weiwei, CEO of Zhongke Qingneng, said: "We want to be the wind - makers. Zhongke Qingneng focuses on cryogenic platform technology, which supports the development of many industries. For example, the fusion industry depends on it, the hydrogen energy industry needs it, and quantum chips also need to operate in such an environment."

In his view, the four paths of hydrogen energy, fusion, quantum, and aerospace are not just four businesses, but the migration of the same set of cryogenic system capabilities in different physical scenarios. Zhongke Qingneng positions itself as a "cold - end infrastructure platform in the future energy and computing power systems", starting from core components and gradually moving towards system definition and standard establishment.

The cryogenic system has long been monopolized by foreign manufacturers. Companies such as Air Liquide and Linde occupy most of the mid - to - high - end markets. Zhongke Qingneng's approach is to be led by major projects, centered on engineering requirements, build underlying general capabilities, and continuously verify the system capabilities and platform portability through multi - scenario delivery in hydrogen energy, fusion, quantum, and aerospace. After the completion of this round of financing, the company will further promote the standardization of technical modules and product platformization, and jointly build joint laboratories with national - level research institutions to promote the implementation of industry standards and domestic substitution paths in the cryogenic industry.

Pan Weiwei mentioned that Zhongke Qingneng does not rely on a single star product for development, but gradually builds system capabilities through engineering verification. He firmly believes that in fields with high system importance and strict thresholds, someone needs to focus on building a solid technological foundation.