From Series A to HKEX: CMVC’s Journey with Guofu Hydrogen
Years of hydrogen research informed an equipment investment—and a long-term relationship that continued through Guofu’s listing.
A milestone built on a longer thesis
Guofu Hydrogen Energy listed on the Hong Kong Stock Exchange on 15 November 2024. For CMVC, the milestone followed years of research into hydrogen and an investment relationship that began with Guofu’s Series A.
The more useful story is what preceded the listing: understanding the value chain, choosing where to invest and supporting a company as an emerging industry developed.
Research before investment
Our hydrogen work extended back to market research and advisory projects with Air Products in 2011 and 2016. That work helped us examine how production, storage, transportation and use might develop together.
By 2019, our investment thesis focused on equipment providers as potential early beneficiaries of hydrogen infrastructure development. This was a way to invest in enabling capability, alongside the wider uncertainty about the pace of end-market adoption.
Choosing Guofu
Guofu became an independent company in late 2018. CMVC’s Series A investment brought together our view of hydrogen’s potential, the company’s equipment capabilities and an assessment of its founding team.
We continued investing across subsequent rounds. The relationship combined capital with ongoing work around the company’s development, rather than ending at the initial financing.
Supporting the business
Our contributions included helping source talent, connecting Guofu with international counterparts and convening industry discussions with participants across the hydrogen value chain.
Those activities gave the company access to people and relationships relevant to its next steps. The work of developing and delivering equipment remained with Guofu’s team.
From private company to public-market milestone
The 2024 listing marked a new stage for Guofu and a significant milestone in CMVC’s portfolio. It also provided a concrete chapter in a thesis developed through research, selection and long-term involvement.
We thank Guofu’s team and our LPs for their role in that journey. It reflects the patient work of building a technology business in an industry whose infrastructure and demand must develop together.