Shanghai Electric, a leading global provider of energy and industrial equipment, has announced its financial results for the first half of 2024, revealing a strong performance marked by continued growth in key business segments. The company reported revenue of RMB 49.869 billion, with net profit attributable to shareholders reaching RMB 602 million, representing a 2.0% increase compared to the same period last year. This robust performance is attributed to the company’s strategic focus on sustainable growth and its commitment to advancing innovative technologies.
Shanghai Electric’s dedication to sustainability is evident in its investments in renewable energy solutions, particularly in energy storage and hydrogen technology. The company has achieved remarkable milestones in the energy storage sector, establishing three world records for its 300 MW compressed air energy storage station in China. This project showcases the company’s ability to deliver high-performance solutions that are contributing to a cleaner energy future.
In the hydrogen sector, Shanghai Electric has positioned itself as a comprehensive solution provider, encompassing production, storage, refueling, and utilization. Its latest alkaline electrolyzer, the Z series, boasts industry-leading efficiency, with a single unit capable of generating up to 3,000 Nm3/h of hydrogen.
The company’s commitment to global expansion is evident in its successful projects around the world. In Dubai, Shanghai Electric is spearheading the world’s largest concentrated solar power (CSP) and photovoltaic (PV) project, a 950 MW renewable energy project that will reduce carbon emissions by 1.6 million tons annually. The company’s footprint extends to Europe, where it has secured a 5 MW photovoltaic hydrogen production project in France, marking its first overseas foray into hydrogen equipment sales after exporting vanadium flow battery energy storage products to Spain. In Southeast and East Asia, Shanghai Electric Wind Power has secured orders in South Korea, Vietnam, and Indonesia, further solidifying its presence in the Asian market.
This robust performance in the first half of 2024 reinforces Shanghai Electric’s commitment to driving the global energy transition through innovation and sustainable development. The company’s continued focus on renewable energy, energy storage, and hydrogen technology positions it as a key player in shaping the future of the energy sector. As Shanghai Electric continues to expand its global reach, it is set to make a significant impact on the world’s energy landscape, contributing to a more sustainable and prosperous future.
