Nanofilm Technologies International has responded to SGX RegCo' s query after its shares surged 10% on July 10 before it called for a trading halt at 3.15pm.

 

In a bourse filing, Nanofilm attributes the surge to an announcement that its subsidiary Sydrogen Energy had entered into an exclusive collaborative partnership with Shanghai Hydrogen Propulsion Technology in connection with the development of a 250 kilowatt hydrogen fuel cell power module system for use in the shipping industry.

 

" The news could have triggered some investors to start to focus on the possible financial gains to Sydrogen arising from a commercialisation of the power module system," reads Nanofilm' s response to SGX RegCo, issued at 8.36pm on July 10.

 

Nanofilm further highlights in its response that the development of the power module is one of the fuel cell systems product development projects which Sydrogen is advancing, as Nanofilm previously announced in its results presentation for FY2023.

 

It is also one of the many development projects it and its subsidiaries undertake on an ongoing basis as part of their ordinary course of business, adds the Mainboard-listed company.

 

According to a July 10 announcement, the fuel cell power module system is expected to be scalable from kilowatt to megawatt for small and large vessels. It will convert hydrogen from various sources and produce zero-emission electricity, and will also be capable of accepting reformed fuels.

 

The system is expected to be market-ready in 2025.

 

Nanofilm had entered into a joint venture with Temasek back in 2021 to invest in Sydrogen' s new energy solutions, particularly in hydrogen.

 

Earlier that evening, Nanofilm announced the appointment of Cho Form Po as joint company secretary of the company with effect from July 10. 

 

According to a July 10 bourse filing issued after trading hours, Cho replaces Zhan Aijuan, who has resigned with effect from the same day. 

 

Cho is now joint company secretary of the company with Eunice Hooi. 

 

Nanofilm had called for a trading halt at 3.15pm on July 10. Earlier that afternoon, Nanofilm announced that it had triggered an SGX RegCo query on trading activity after its share surged more than 10% after the midday lunch break to a intra-day high of 92 cents. 

 

In February, Nanofilm posted earnings of $3.1 million for the FY2023 ended Dec 31, 2023, 92.8% lower than its earnings of $43.8 million in the FY2022. Earnings for the 2HFY2023 fell by 56.9% y-o-y to $10.8 million from $25.0 million previously.

 

In April, Nanofilm posted 1QFY2024 revenue of $39 million, an increase of 19% y-o-y. 1QFY2024 gross profit improved to $12.8 million from $9.8 million in 1QFY2023. The business update did not reveal net profit figures. 

Jie Hydrogen Technology    July 10, 2024 17:00Shanghai

On July 9, the fifth meeting of the Shanghai-Singapore Comprehensive Cooperation Council was held in Shanghai.  During the meeting, under the witness of leaders such as Gong Zheng, Shanghai Co-Chairman of the Shanghai-Singapore Council and Mayor of Shanghai, and Tong Zhenhui, Singapore' s Minister of Culture, Community and Youth and Second Minister of Law, the Singaporean company Sydrogen Energy Pte. Ltd. (Sydrogen) and Shanghai Jie Hydrogen Technology Co., Ltd. (Jie Hydrogen Technology) signed a strategic cooperation agreement on " Fuel Cell Powered Marine Engine System" .  GIAN Yi Hsen, CEO of Sydrogen, and Lu Bingbing, General Manager of Jie Hydrogen Technology, signed the contract on behalf of both parties.

 


 

According to the agreement, the two parties plan to apply fuel cell technology to marine engine systems and jointly develop a 250kW marine fuel cell power system to provide propulsion or auxiliary power for ships, supporting Singapore in achieving its shipping decarbonization goals.

 

As one of the world' s busiest ports, Singapore attaches great importance to the development of zero-carbon shipping. Singapore plans to fully electrify new port vessels operating in Singapore ports from 2030 onwards or use net-zero emission fuels. By 2050, all port vessels in Singapore must operate in a net-zero emission manner.

 


 

Teo Eng Dih, Director General of the Maritime and Port Authority of Singapore (MPA), said: &ldquo Through a range of initiatives, MPA is working towards the digitalisation and decarbonisation goals of the global maritime industry. We are pleased to see local companies such as Hydrogen making great strides in developing innovative technologies that provide ship builders with more options and help accelerate Singapore&rsquo s energy transition goals.&rdquo

 

It is understood that the 250kW marine fuel cell power system will be developed in Singapore and is scheduled to be put on the market in 2025. It will pass the strict technical inspection and relevant certification of the classification society to ensure compliance with maritime standards. The power system uses an advanced cooling system, and the power can be expanded from kilowatts to megawatts. It is suitable for large and small ships and can use a recombinant fuel cell system.

 

This innovative solution is the result of the technological advancement of Sydrogen and JEH Technologies. Sydrogen' s proprietary metal bipolar plate technology, SydroDIAMOND® , provides durable, high-performance components for fuel cell stacks, which is expected to greatly improve the service life and efficiency of marine fuel cell power systems. JEH Technologies has long been committed to the innovative research and development of fuel cell stacks and systems. It has established a vertically integrated research and development system and has comprehensively laid out a technologically advanced product spectrum. The system power range covers 1.5kW-270kW, and the key performance indicators have reached the international leading level. The technical maturity and applicability have been widely verified in the demonstration and application of fuel cell vehicles. It will provide high performance, high reliability, strong environmental adaptability and other quality assurance for marine engine systems, and strive to achieve " zero carbon and zero emissions" .

 

 

JetHydrogen Technology 270kW Fuel Cell System

 

Next, Sydrogen will deploy relevant cooperation with Singapore shipyards and promote marine fuel cell power systems and demonstration application cooperation worldwide. At present, Sydrogen relies on its holding company, Nanofilm Technologies International Limited, Asia' s leading deep technology nanomaterial solution provider, to deploy in Singapore and even the global maritime business, including establishing partnerships with Singaporean and European ship manufacturers and maritime certification agencies. These partnerships will accelerate Sydrogen' s pace of promoting the application of fuel cell technology in the shipping field and its implementation.

 


 

Dr. Shi Xu (center), Chairman of the Board of Directors of Nanopeak Technology and Chairman of Sydrogen, GIAN Yi Hsen (right), CEO of Sydrogen, and Lu Bingbing (left), General Manager of Jie Hydrogen Technology, took a group photo

 

&ldquo Sydrogen&rsquo s vision is to accelerate the energy transition to our hydrogen future by offering a variety of products at different stages of the hydrogen value chain, leveraging our deep technical expertise. These will be the first products that will take Sydrogen into different new segments and markets,&rdquo said GIAN Yi Hsen, CEO of Sydrogen.

 

This cooperation is a further deepening of the practice after Sydrogen and JEHydrogen Technology reached a global strategic cooperation. Lu Bingbing, general manager of JEHydrogen Technology, expressed full confidence in this strategic cooperation. He believes: " The global shipping market is huge and attractive, and hydrogen energy solutions are needed to achieve zero carbon and zero emissions. We believe that through the comprehensive technical strength and market influence of Sydrogen and JEHydrogen Technology, we will create a highly competitive marine fuel cell power system, contribute to the green and low-carbon transformation of the global shipping industry, and ultimately achieve a breakthrough in the global business of both parties. At the same time, JEHydrogen Technology will strive to be the '   leader  ' in promoting comprehensive cooperation between Shanghai and Singapore, play a greater role in bridges and ties, and enhance the friendship between China and Singapore."