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Aug 10, 2023

Chinese cryogenic equipment maker Fullcryo bags $111m in Series C round

Beijing Sinoscience Fullcryo Technology, which produces large-scale cryogenic equipment, has secured 800 million yuan ($111.2 million) in a Series C round co-led by Mixed Reform Fund, a national fund

Beijing Sinoscience Fullcryo Technology, which produces large-scale cryogenic equipment, has secured 800 million yuan ($111.2 million) in a Series C round co-led by Mixed Reform Fund, a national fund supporting mixed-ownership reforms of state-owned enterprises (SOEs).

CCB Private Equity Investment Management, the private equity investment arm of China Construction Bank (CCB), also led the round, according to a company announcement on August 3.

The round attracted participation from a slew of local investors including CMG-SDIC Capital, set up by SDIC Fund and China Merchants Capital; Yuexiu Industrial Fund, an affiliate of Shenzhen-listed financial services firm Yuexiu Financial Holdings; and the investment arm of Industrial and Commercial Bank of China. Existing shareholders including hard tech-focused investor CAS Star re-upped in the round.

The Beijing-based firm will use the proceeds to expand the manufacturing capability of its cryogenic equipment.

Founded in August 2016, the firm produces helium refrigerators, liquefiers, and extraction equipment.

Previously, it bagged 300 million yuan ($46.5 million) in a Series B round led by Sinopec Capital in April 2022.

Helium is a critical element widely adopted across areas like national defence, space exploration, and the manufacturing of semiconductors. The US, Qatar, and Algeria own the world’s largest helium reserves, while the level of reserves may not reflect the level of extraction or production activity.

China has long strived to lower its dependency on imported helium — for example, the first large-scale helium plant was opened in July 2020 that aims to produce helium at a commercial scale, according to a report by South China Morning Post. The factory, which was built by the Chinese Academy of Sciences, expected an annual output of 20 tonne of liquid helium.