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Shares of the Chinese clean energy equipment manufacturer surged to the daily trading limit following the announcement that it has secured a new equipment order from the American aerospace company, SpaceX.
The company’s stock closed up 10 percent at CNY10.71 (USD1.55) per share, marking a 64 percent increase in value since the start of the year. Recently, the company secured three international orders for twelve high-efficiency heat exchangers, which will be used in fuel production systems supporting the expansion of SpaceX’s Starship launch site in Texas. Heat exchangers are devices designed to transfer heat between substances at different temperatures, thereby enhancing energy efficiency.
This marks the second occasion where the firm’s products have been deployed at SpaceX’s launch site, highlighting strong confidence from international customers in its equipment. While the company primarily produces energy-efficient water and power solutions along with photovoltaic products, it has not revealed specifics of its earlier collaboration with SpaceX.
SpaceX’s efforts at the Starbase facility aim to increase its Starship launch capacity, including the construction of three additional launch pads at Cape Canaveral, Florida. As launch operations ramp up, suppliers of related equipment are expected to see significant growth opportunities.
Earlier this month, rumors circulated that a team associated with Elon Musk, founder of SpaceX, had secretly visited China to evaluate several photovoltaic companies as part of his vision for space-based solar power. These reports caused share prices of multiple firms, including this manufacturer, to rise sharply.
The concept of space-based solar power remains in the experimental stage, with ground testing ongoing. There are considerable uncertainties surrounding its commercial viability, including cost structures, operational logistics, and in-orbit maintenance. As such, a comprehensive industrial ecosystem for this technology has not yet developed, and it is unlikely to significantly impact the company’s current financial performance.
Founded in 1982, the manufacturer experienced losses for two consecutive years amid falling prices within China’s solar industry. Last month, it projected a loss between CNY780 million (USD113 million) and CNY1.1 billion (USD159.4 million) for the previous year, a marked improvement from the CNY2.1 billion loss recorded in 2024.
![Image: Screenshots of the company’s WeChat account]
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