Suzhou Kerun New Materials Valuation, Funding & Investors

Suzhou Kerun New Materials is valued at $435M as of October 2025.

Last Suzhou Kerun New Materials valuation

$435M

Series C · Oct 2025

Last Suzhou Kerun New Materials funding round

$17M

Series C · Oct 2025

Cumulative funding Suzhou Kerun New Materials raised

$108M

across 3 funding rounds

Key investors in Suzhou Kerun New Materials

  • BAIC Capital
  • Bridge Capital China
  • HSG
  • ZSVC
  • Peakvest
  • CCB Investments

Suzhou Kerun New Materials Overview

About Suzhou Kerun New Materials

Suzhou Kerun New Materials is a Suzhou-headquartered enterprise specializing in research, development, and production of perfluorinated ion exchange membranes. These materials support proton exchange membrane fuel cells, vanadium redox flow batteries, and electrolytic hydrogen production systems for clean energy applications.


Founded

2019

HQ

ChinaSuzhou

Status

Privately held

Customer focus

B2B

Revenue model

Product sales

Valuation

$435M (Oct 2025)

Suzhou Kerun New Materials Valuation

Suzhou Kerun New Materials is currently valued at $435M, based on its Series C in October 2025.

The $17M round was led by BAIC Capital, with participation from Huaneng Great Wall Changfu, Yutong Bus, Yinlian Jingwei, Peakvest, Huiqi Investment and 1 other investor.

Suzhou Kerun New Materials' valuation has moved from $435M at its Series C in January 2023 to $435M in October 2025, across 3 priced rounds.

Suzhou Kerun New Materials valuation by funding round

Suzhou Kerun New Materials valuation by funding round
DateStageValuation
Oct 2025Series C$435M
Aug 2024Series C$435M
Jan 2023Series C$435M

Suzhou Kerun New Materials Funding History

Suzhou Kerun New Materials has raised a total of $108M across 3 funding rounds.

Suzhou Kerun New Materials' first fundraising round was a $35M Series C in January 2023. The most recent completed round was a $17M Series C in October 2025.

Suzhou Kerun New Materials funding rounds

Suzhou Kerun New Materials funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Oct 2025Series CBAIC Capital (lead); Huaneng Great Wall Changfu; Yutong Bus; Yinlian Jingwei; Peakvest; Huiqi Investment; ZSVC$17M$435MSuzhou Kerun New Materials Co., Ltd., established in 2019 and headquartered in Wujiang Development Zone, Suzhou, develops perfluorinated sulfonic acid proton exchange membranes for flow battery energy storage and hydrogen energy applications. The company covers the full industry chain from resin synthesis to membrane preparation, detection, and application development, achieving domestic independent production. It has ranked top in domestic shipments of perfluorinated sulfonic acid proton exchange membranes for three consecutive years. Kerun New Materials has completed three rounds of financing with investors including Sinopec Capital, Lianhong, Sequoia, China General Technology, Jiaqiao Capital, Yutong, BAIC, and Great Wall Capital. The company's valuation reached nearly 3 billion yuan. In May 2025, it signed a tutoring agreement with Minsheng Securities for an IPO on the Science and Technology Innovation Board and filed its counseling report on May 22, 2025. One reported funding round secured approximately ¥120 million for development of perfluorinated ion membranes and proton exchange membranes.
Aug 2024Series CSinopec Capital (lead); CCB Investments; Fenghe Capital; Bridge Capital China$56M$435MSuzhou Kerun New Materials Co., Ltd., established on April 10, 2019, in Wujiang Development Zone, Suzhou, specializes in proton exchange membrane materials for flow battery energy storage and hydrogen energy applications. The company covers the full industry chain from resin synthesis to membrane preparation, detection, and application development, achieving domestic independent production of perfluorinated sulfonic acid proton exchange membranes. It has ranked top in domestic shipments of these membranes for three consecutive years. Kerun New Materials, part of Kerun Group founded in 2008 in Huai'an, Jiangsu, has completed three rounds of financing with investors including Sinopec Capital, Lianhong, Sequoia, China General Technology, Jiaqiao Capital, Yutong, BAIC, Great Wall Capital, and others. The company's valuation is nearly 3 billion yuan, as disclosed in its IPO counseling filing. On May 9, 2025, it signed a tutoring agreement with Minsheng Securities for an initial public offering on the Science and Technology Innovation Board, with the filing report released on May 22, 2025.
Jan 2023Series CHSG (lead); Weishi Energy; BAIC Capital; General Technology Venture Capital; Bridge Capital China; Guangzhou Yingding Equity Investment Fund Management; Rongtuo Capital Management$35M$435MSuzhou Kerun New Materials Co., Ltd., established on April 10, 2019, in Wujiang Development Zone, Suzhou, specializes in R&D and manufacturing of proton exchange membranes, focusing on core membrane materials for flow battery energy storage and hydrogen energy. It is one of China's earliest companies to industrialize perfluorinated proton exchange membranes and operates three factories in Fujian, Huai'an, and Suzhou, achieving a full industry chain from monomer to sulfonic acid resin to membrane. The parent Kerun Group, founded in 2008 in Huai'an, Jiangsu, has 16 years of experience in the field. Kerun positions itself as a top-tier player in China's proton exchange membrane industry, with capabilities supporting energy storage and hydrogen applications. The company has completed three rounds of financing with prominent investors including Sinopec Capital, Lianhong, Sequoia, China General Technology (General Technology Venture Capital), Jiaqiao Capital, Yutong, BAIC (BAIC Capital), Great Wall Capital, and others, aligning partially with the queried investors like BAIC Capital, General Technology Venture Capital, and HSG. As of May 2025, when it signed an IPO counseling agreement with Minsheng Securities for a potential listing on the Science and Technology Innovation Board, the company's valuation reached nearly 3 billion CNY.

Who has invested in Suzhou Kerun New Materials?

16 investors have backed Suzhou Kerun New Materials across its funding rounds, including BAIC Capital, Bridge Capital China, HSG, ZSVC, Peakvest and CCB Investments.

Lead investors include BAIC Capital, Sinopec Capital and HSG.


Suzhou Kerun New Materials Investors

Investors in Suzhou Kerun New Materials by funding rounds participated
InvestorHQRoundsRoleFirst check
BAIC CapitalChinaBeijing2LeadJan 2023
Bridge Capital ChinaChinaShenzhen2ParticipantJan 2023
Weishi EnergyChinaBaoding1ParticipantJan 2023
Huaneng Great Wall ChangfuChinaChina1ParticipantOct 2025
Sinopec CapitalChinaBaoding1LeadAug 2024
Yutong BusChinaHenan1ParticipantOct 2025
Yinlian JingweiChinaChina1ParticipantOct 2025
CCB InvestmentsChinaBeijing1ParticipantAug 2024
Fenghe CapitalChinaHainan1ParticipantAug 2024
General Technology Venture CapitalChinaBeijing1ParticipantJan 2023
PeakvestChinaChina1ParticipantOct 2025
Guangzhou Yingding Equity Investment Fund ManagementChinaGuangzhou1ParticipantJan 2023
HSGHong KongHong Kong1LeadJan 2023

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Investments by Suzhou Kerun New Materials

Suzhou Kerun New Materials has invested in 1 company to date.

Latest investment by Suzhou Kerun New Materials was on March 1st 2023. Suzhou Kerun New Materials invested in Yunfan Hydrogen Energy in their $2M Seed round.


Latest Investments by Suzhou Kerun New Materials

Yunfan Hydrogen Energy
Description
Yunfan Hydrogen Energy Technology is a Shanghai-based manufacturer of bipolar plates for PEM fuel cells and water electrolyzers. Through yunfanhy.com, it supplies components to hydrogen production facilities and fuel cell vehicle makers in China.
HQ CountryChina
HQ City
Suzhou
Deal Date1 Mar 2023
RoundSeed
Raised$2M
InvestorsQuanshun Environmental Protection; Wujiang Dongyun Chuangtou; Qianrong Venture Capital
Valuationundisclosed
EV/Revenue
EV/EBITDA

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Suzhou Kerun New Materials Competitors

Suzhou Kerun New Materials competitors include listed companies like Aspen Aerogels, Magnera and Luxfer Holdings, and private ones like Paragraf, Cambium and InoBat.

Public and private companies comparable to Suzhou Kerun New Materials
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
ParagrafUnited KingdomCambridgePrivate--$430M-
Aspen AerogelsUnited StatesUnited StatesPublicly listed$271M($331M)$426M1.7x
MagneraUnited StatesUnited StatesPublicly listed$3.2B$181M$419M0.6x
Luxfer HoldingsUnited StatesUnited StatesPublicly listed$385M$38M$461M1.4x
CambiumUnited StatesMojave, CAPrivate$298M-$410M1.4x
InoBatSlovakiaBratislavaPrivate--$476M-

Suzhou Kerun New Materials Public Comps

Suzhou Kerun New Materials is still privately-owned, but its public comps include Sterling and Wilson, Aspen Aerogels, Magnera, Luxfer Holdings, Energiekontor, Lydia Yeşil Enerji, Gevo, Kalyon Güneş Teknolojileri, Aydem Yenilenebilir Enerji and NYAB.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Sterling and Wilson$787M($15M)0.7x0.7x(37.6x)15.3x
Aspen Aerogels$271M($331M)1.5x1.7x(1.2x)(96.1x)
Magnera$3.2B$181M0.7x0.6x11.5x5.5x
Luxfer Holdings$385M$38M1.3x1.4x13.6x10.2x
Energiekontor$193M$99M3.5x2.7x6.8x8.0x
Lydia Yeşil Enerji$1M-367.9x---
Gevo$161M$7M3.2x2.7x71.7x10.7x
Kalyon Güneş Teknolojileri------

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Common questions about Suzhou Kerun New Materials

When was Suzhou Kerun New Materials founded?Suzhou Kerun New Materials was founded in 2019.
Where is Suzhou Kerun New Materials headquartered?Suzhou Kerun New Materials is headquartered in Suzhou, China.
Is Suzhou Kerun New Materials publicly listed?No, Suzhou Kerun New Materials is a private, VC-backed company.
What is Suzhou Kerun New Materials' valuation?Suzhou Kerun New Materials was last valued at $435M in its Series C in October 2025.
How much funding has Suzhou Kerun New Materials raised?Suzhou Kerun New Materials has raised $108M across 3 funding rounds.
What was Suzhou Kerun New Materials' last funding round?Suzhou Kerun New Materials' last funding round was a $17M Series C in October 2025, led by BAIC Capital.
Who are Suzhou Kerun New Materials' investors?Suzhou Kerun New Materials' investors include BAIC Capital, Bridge Capital China, Weishi Energy, Huaneng Great Wall Changfu, Sinopec Capital, Yutong Bus, Yinlian Jingwei, CCB Investments, Fenghe Capital, General Technology Venture Capital and 6 others.
Which companies are comparable to Suzhou Kerun New Materials?Companies comparable to Suzhou Kerun New Materials include Paragraf, Aspen Aerogels, Magnera, Luxfer Holdings, Cambium and InoBat.
How many companies has Suzhou Kerun New Materials invested in?Suzhou Kerun New Materials has invested in 1 company, including Yunfan Hydrogen Energy.
What was Suzhou Kerun New Materials' last investment?In March 2023, Suzhou Kerun New Materials invested in Yunfan Hydrogen Energy's $2M seed round alongside Quanshun Environmental Protection, Wujiang Dongyun Chuangtou and Qianrong Venture Capital.

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