Fullcryo Valuation, Funding & Investors

Fullcryo is valued at $966M as of August 2023.

Last Fullcryo valuation

$966M

Series C · Aug 2023

Last Fullcryo funding round

$148M

Undisclosed stage · Jun 2026

Cumulative funding Fullcryo raised

$305M

across 3 funding rounds

Key investors in Fullcryo

  • Shenzhen Capital Group
  • Guangzhou Yuexiu Industrial Investment Fund
  • Zhongguancun Science City Science
  • China Coal Xinji Energy
  • FTZ Fund
  • China Reform Securities

Fullcryo Overview

About Fullcryo

Fullcryo is a Chinese engineering firm specializing in helium extraction from natural gas, hydrogen liquefaction, and liquefied hydrogen storage systems. Its cryogenic technologies serve energy and industrial gas sectors, enabling efficient processing of rare gases and clean energy fuels.


Founded

2016

HQ

ChinaBeijing

Status

Privately held

Customer focus

B2B

Revenue model

Product sales

Valuation

$966M (Aug 2023)

Fullcryo Valuation

Fullcryo is currently valued at $966M, based on its Series C in August 2023.

The $110M round was led by CCB Equity and Chengtong Mixed Reform, with participation from ICBC Investment, Tiefa Capital, Guangzhou Yuexiu Industrial Investment Fund, China Industrial Asset Management, Zhongguancun Science City Science and 1 other investor.

Fullcryo valuation by funding round

Fullcryo valuation by funding round
DateStageValuation
Aug 2023Series C$966M

Fullcryo Funding History

Fullcryo has raised a total of $305M across 3 funding rounds.

Fullcryo's first fundraising round was a $47M Series B in April 2022. The most recent completed round was a $148M undisclosed-stage round in June 2026.

Fullcryo funding rounds

Fullcryo funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Jun 2026Undisclosed stageGuoke Capital (lead)$148M-Fullcryo successfully completed its Pre-IPO financing round in June 2026, raising RMB 1 billion with strategic investment led by Guoke Capital, the investment platform affiliated with a major financial institution. The round represents a significant milestone in Fullcryo's growth trajectory since its 2016 seed round, positioning the company for potential IPO activities. Guoke Capital's involvement underscores strong institutional confidence in Fullcryo's business model and market potential within the cryogenic equipment and industrial gas sectors. Fullcryo, established after its Series C funding in 2022 with major investors including CICC, Sinopec, and Agricultural Bank of China, has expanded to operate 26 subsidiary institutions nationwide. These subsidiaries cover diverse operational areas including gas engineering technology, low-temperature equipment manufacturing, gas development, and helium technology. The company specializes in liquid hydrogen solutions and cryogenic equipment, serving industrial gases, LNG, hydrogen energy, and cryogenic technology markets. Fullcryo participated in IG China 2026 on June 9, 2026, showcasing its advancements in cryogenic technology and modular platforms.
Aug 2023Series CCCB Equity (lead); Chengtong Mixed Reform (lead); ICBC Investment; Tiefa Capital; Guangzhou Yuexiu Industrial Investment Fund; China Industrial Asset Management; Zhongguancun Science City Science; China Coal Xinji Energy$110M$966M-
Apr 2022Series BSinopec Capital (lead); FTZ Fund; China Reform Securities; SINOCHEM GROUP; Shenzhen Capital Group; Agricultural Bank of China; Futian Investment Holdings$47M-Beijing Sinoscience Fullcryo Technology Co., Ltd. (Fullcryo), founded in 2016, specializes in manufacturing cryogenic equipment including natural gas helium extraction devices, natural gas liquefaction and gasification systems, helium and hydrogen liquefiers, cryogenic air separation units, and related engineering services. Based in Beijing with a registered capital of approximately 330 million CNY and a manufacturing facility in Guangdong, it is backed by the Technical Institute of Physics and Chemistry of the Chinese Academy of Sciences and positions itself as a leading domestic provider competing with global players like Linde and Air Liquide. Fullcryo completed a Series C funding round raising $111.75M around 2022-2024, contributing to total funding of $158.48M. The company has executed nationwide industrial gas engineering projects with over 600 million CNY in total investment, securing long-term revenue streams, and built large-scale liquid hydrogen plants from 1.5 to 10 tons per day, achieving China's first export of such equipment. Fullcryo supports national strategic initiatives in helium resource utilization, hydrogen energy, advanced nuclear energy, aerospace, and quantum technologies, with projects aimed at domesticating liquid hydrogen production, storage, transportation, and refueling to break international monopolies. It holds full intellectual property rights for large-scale super-cryogenic engineering, ranking as the world's third such corporation, and has 23 subsidiaries covering R&D, manufacturing, and gas sales.

Who has invested in Fullcryo?

16 investors have backed Fullcryo across its funding rounds, including Shenzhen Capital Group, Guangzhou Yuexiu Industrial Investment Fund, Zhongguancun Science City Science, China Coal Xinji Energy, FTZ Fund and China Reform Securities.

Lead investors include Guoke Capital, CCB Equity, Chengtong Mixed Reform and Sinopec Capital.


Fullcryo Investors

Investors in Fullcryo by funding rounds participated
InvestorHQRoundsRoleFirst check
FTZ FundChinaShanghai1ParticipantApr 2022
Chengtong Mixed ReformChinaChina1LeadAug 2023
Guoke CapitalChinaChina1LeadJun 2026
China Reform SecuritiesChinaChina1ParticipantApr 2022
Sinopec CapitalChinaBaoding1LeadApr 2022
ICBC InvestmentChinaNanjing1ParticipantAug 2023
Tiefa CapitalChinaJinan1ParticipantAug 2023
SINOCHEM GROUPChinaBeijing1ParticipantApr 2022
Guangzhou Yuexiu Industrial Investment FundChinaGuangzhou1ParticipantAug 2023
CCB EquityChinaBeijing1LeadAug 2023
Shenzhen Capital GroupChinaShenzhen1ParticipantApr 2022
China Industrial Asset ManagementChinaShanghai1ParticipantAug 2023
Zhongguancun Science City ScienceChinaBeijing1ParticipantAug 2023

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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples

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Fullcryo Competitors

Fullcryo competitors include listed companies like SP New Energy and Canadian Solar, and private ones like Han Hydropower, Ohmium, Palmetto and Span.

Public and private companies comparable to Fullcryo
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Han HydropowerChinaShanghaiPrivate--$958M-
SP New EnergyPhilippinesPhilippinesPublicly listed$25M($46M)$958M-
OhmiumUnited StatesLake Tahoe, NVPrivate--$1B-
PalmettoUnited StatesCharleston, SCPrivate--$1B-
SpanUnited StatesSan Francisco, CAPrivate--$1B-
Canadian SolarUnited StatesUnited StatesPublicly listed$5.6B$546M$798M1.5x
Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
SP New Energy$25M($46M)103.1x-(55.4x)-
Greencoat Renewables($45M)($8M)(51.9x)24.4x(278.9x)24.6x
Forum Energy Technologies$791M$69M1.4x1.3x16.6x10.3x
Al-Babtain Power & Telecom$762M$162M1.5x1.4x7.0x6.0x
ITM Power$35M($63M)19.7x11.3x(10.9x)(20.2x)
Nano Nuclear Energy-($39M)-205.2x(8.5x)(6.7x)
Reliance Power$751M$278M3.2x-8.6x-
Henan Yicheng New Energy$527M($30M)3.0x-(53.0x)-

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Common questions about Fullcryo

When was Fullcryo founded?Fullcryo was founded in 2016.
Where is Fullcryo headquartered?Fullcryo is headquartered in Beijing, China.
Is Fullcryo publicly listed?No, Fullcryo is a private, VC-backed company.
What is Fullcryo's valuation?Fullcryo was last valued at $966M in its Series C in August 2023.
How much funding has Fullcryo raised?Fullcryo has raised $305M across 3 funding rounds.
What was Fullcryo's last funding round?Fullcryo's last funding round was a $148M undisclosed-stage round in June 2026, led by Guoke Capital.
Who are Fullcryo's investors?Fullcryo's investors include FTZ Fund, Chengtong Mixed Reform, Guoke Capital, China Reform Securities, Sinopec Capital, ICBC Investment, Tiefa Capital, SINOCHEM GROUP, Guangzhou Yuexiu Industrial Investment Fund, CCB Equity and 6 others.
Which companies are comparable to Fullcryo?Companies comparable to Fullcryo include Han Hydropower, SP New Energy, Ohmium, Palmetto, Span and Canadian Solar.

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