Shanghai Electric (SEHK:2727, SSE:601727), a leading force in energy and industrial sectors, recently announced ambitious plans for heightened self-reliance in science and technology at its Technology Conference 2024, held at its global headquarters in Shanghai. The conference witnessed the unveiling of a new development plan for the company’s business units in new energy and industrial equipment, emphasizing a roadmap for boosting innovation capabilities and reinforcing its market leadership.
Wu Lei, Chairman of Shanghai Electric, stated, “In a complex global landscape brimming with both opportunities and challenges, Shanghai Electric is committed to taking technological innovation to a whole new level within its development strategy. We are actively integrating resources to cultivate an innovative ecosystem and are creating opportunities to build an even more capable technical team as demanded by our industry. This effort is part of our broader strategy to optimize a future growth plan founded on innovation.”
Wu further emphasized the company’s commitment to strengthening collaboration among group companies to accelerate the development of innovative projects, outlining company principles aligned with China’s national strategy for building a technologically driven economic model. Recognizing the importance of leading and emerging sectors, Shanghai Electric intends to establish key national laboratories and research and development centers to serve as hubs for technological innovation. The company aims to enhance the precision of its innovation projects, actively participate in technology appraisal applications, and optimize its policy for supporting talented individuals achieving significant breakthroughs in technology.
To further fuel its growth and technological advancements, Shanghai Electric has initiated a three-year action plan, focusing on talent development and management. This plan implements a dual approach, combining internal training programs with external recruitment to attract and retain exceptional industry professionals. The establishment of the Shanghai Electric Excellence Engineer Academy acts as a talent development platform, dedicated to cultivating highly innovative engineers equipped with critical skills and knowledge to drive change within the industry.
In the years 2021 to 2023, Shanghai Electric allocated a significant 17.7 billion RMB towards research and development, directing 30% of this investment into emerging sectors like wind and solar energy, hydrogen storage, automation equipment, and industrial software. The company also continued to support its “Research and Development Investment Project Management Considered as Profit Evaluation” initiative, adding 11 new projects in 2023, expanding its support to a total of 50 projects and achieving a cumulative profit of 940 million RMB.
Furthermore, Shanghai Electric has established strategic partnerships with prominent academic institutions to foster innovation. On April 9th, Shanghai Jiao Tong University and Shanghai Electric signed a strategic cooperation agreement to establish a long-term and sustainable partnership and create a research center for ecological intelligent equipment. This center will address the strategic needs of the national and Shanghai industries through technological innovation and talent development, focusing on the industrialization of innovative technologies. This initiative was followed by another significant partnership with Tsinghua University, finalized on July 23rd. This collaboration will concentrate on refining advanced manufacturing and low-carbon energy solutions, with both institutions focusing on creating high-level innovation platforms.
Wu concluded by stating, “With a clear and detailed plan, Shanghai Electric is poised to become a force of innovation, dedicated to contributing to both national strategy and industrial development. Through concentrated efforts in research and development, strategic collaborations with leading industry and academic institutions, and pushing technological boundaries in both leading and emerging sectors, Shanghai Electric aims to achieve its goals and define entirely new industrial standards.”
