Baoying (Nanjing) Gases Co., Ltd. (hereinafter referred to as "Baoying Gases"), a portfolio of Asia Green Fund, announced the completion of RMB100 million financing, which is co-invested by BOCOM Capital and Royalsea Capital.

Established in April 2021, Baoying Gases is a national gas industry investment operation platform. Members of its core management team come from first-line enterprises and have rich experiences in project development, design, and operation. Since its establishment, many managerial and professional technical talents from large-scale related industries have been attracted to join in, thus the company quickly completed its talent reserve, laying a good foundation for its rapid development.
 

Baoying Gases has been deeply involved in the field of traditional industrial gas and has made strategic layouts in the fields of hydrogen energy, medical gas, green energy, and energy storage. At present, Baoying owns 6 bases: Sichuan Ya 'an Energy Island, Jiangsu Nanjing Hydrogen Energy Research and Innovation Center, Anhui Wuhu Electronic Special Gas Base, Xinjiang Purge Gas Comprehensive Utilization Base, Shandong Pipeline Gas Supply Base, Biomass Gasification Research Center and Nanjing Medical Oxygen Base.

Xi Hang, COO of Baoying Gases, said: "Thanks for the trust of BOCOM Capital and Royalsea Capital. Since our establishment in April 2021, Baoying Gases has developed into a comprehensive gas company with six bases under the support of Asia Green Fund and Cathay Fund. We know the development can not be separated from the capital, especially at the set-up stage of the company. The funds of BOCOM Capital and Royalsea Capital will further optimize the company's debt financing structure, which is of great significance to Baoying Gases. "

He added: Baoying Gases will continue to deeply cultivate in the traditional industrial gas field and make strategic layouts in the fields of hydrogen energy, medical gas, green energy, and energy storage, adhering to the corporate philosophy and creating a green industrial ecosystem.

Cai Yong, General Manager of BOCOM Capital Investment Department, said: "Investment in Baoying Gases is confirming the national green energy strategy and is an important layout for BOCOM to invest in the upstream and downstream of the new energy industry chain. We recognized the rich experience of Mr. Sheng Zhongke (Founder) and Mr. Xi Hang in the industrial gas field and endorsed their advanced management concepts and technical reserves. Under their leadership, Baoying Gases is on a rapid growth way. As the equity investment platform of the Bank of Communications Group, BOCOM will unite with subsidiaries within the Group to give full play to the comprehensive financial advantages and continue to empower Baoying Gases throughout its life cycle. "

Hong Lin, Managing Partner of Royalsea Capital, said: "Industrial gas is called ‘the blood of industry’ and is widely used in iron and steel smelting, aerospace, automobile industry, semiconductors and other fields. Investment in Baoying Gases is an important step for our fund to build a complete industrial chain layout of new energy vehicles, and at the same time, we also seized an important opportunity for domestic substitution of industrial gases. We recognized the Baoying team's rich industry experience, superior industry resource integration ability, and successful cooperation among team members. Only two years since its establishment, the company has quickly formed a product layout with bulk gas as the main component and special gas as the supplement, vigorously developed the hydrogen energy sector, and quickly implemented the national industrial layout, demonstrating the determination and ability of the team to keep up with the national green development strategy. Royalsea Capital has long-term focused on investment in advanced manufacturing, new energy, and new materials, and will continue helping Baoying to develop rapidly."