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- Fullcryo
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
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
Website
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
| Date | Stage | Valuation |
|---|---|---|
| Aug 2023 | Series 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
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Jun 2026 | Undisclosed stage | Guoke 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 2023 | Series C | CCB 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 2022 | Series B | Sinopec 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
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 1 | Participant | Apr 2022 | ||
| 1 | Lead | Aug 2023 | ||
| 1 | Lead | Jun 2026 | ||
| 1 | Participant | Apr 2022 | ||
| 1 | Lead | Apr 2022 | ||
| 1 | Participant | Aug 2023 | ||
| 1 | Participant | Aug 2023 | ||
| 1 | Participant | Apr 2022 | ||
| 1 | Participant | Aug 2023 | ||
| 1 | Lead | Aug 2023 | ||
| 1 | Participant | Apr 2022 | ||
| 1 | Participant | Aug 2023 | ||
| 1 | Participant | Aug 2023 | ||
This data is available for Pro users. Sign up to see all 16 Fullcryo investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialFullcryo Competitors
Fullcryo competitors include listed companies like SP New Energy and Canadian Solar, and private ones like Han Hydropower, Ohmium, Palmetto and Span.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $958M | - | ||
| Publicly listed | $25M | ($46M) | $958M | - | ||
| Private | - | - | $1B | - | ||
| Private | - | - | $1B | - | ||
| Private | - | - | $1B | - | ||
| Publicly listed | $5.6B | $546M | $798M | 1.5x |
Fullcryo Public Comps
Fullcryo is still privately-owned, but its public comps include SP New Energy, Greencoat Renewables, Forum Energy Technologies, Al-Babtain Power & Telecom, ITM Power, Nano Nuclear Energy, Reliance Power, Henan Yicheng New Energy, Waaree RTL and Power Solutions International.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $25M | ($46M) | 103.1x | - | (55.4x) | - | |||
| ($45M) | ($8M) | (51.9x) | 24.4x | (278.9x) | 24.6x | |||
| $791M | $69M | 1.4x | 1.3x | 16.6x | 10.3x | |||
| $762M | $162M | 1.5x | 1.4x | 7.0x | 6.0x | |||
| $35M | ($63M) | 19.7x | 11.3x | (10.9x) | (20.2x) | |||
| - | ($39M) | - | 205.2x | (8.5x) | (6.7x) | |||
| $751M | $278M | 3.2x | - | 8.6x | - | |||
| $527M | ($30M) | 3.0x | - | (53.0x) | - | |||
This data is available for Pro users. Sign up to see all Fullcryo competitors and their valuation data. Start Free Trial | ||||||||
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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