The leading player in the electrification of ships, digging into the blue ocean market

Reporter | Zhang Yingze (zhangyingze@36kr.com)

Edit | Lina (liulina@36kr.com)

It is learnt that Yidong Technology recently announced the completion of a billion-level B round of financing. This round of financing is led by OCT Huaxin, followed by Shenzhen Hi-tech Investment, Dongguan Financial Holdings, Youxiang Investment and old shareholders, and Fangrui Capital Acting as financial advisor for this round.

The four founders of Yidong Technology are all from the Hong Kong University of Science and Technology. As early as the end of 2012, they began to study the direction of electric outboards in the laboratory of Professor Li Zexiang of the Hong Kong University of Science and Technology. They are the same students as the founder of DJI Wang Tao. In 2014, Yidong Technology came to Dongguan Songshan Lake High-tech Development Zone to register a company. The company currently has a total of 160+ people, of whom 60 are in research and development.

The main product of Yidong Technology is electric outboard motor. It also has underwater robots and a series of underwater and underwater electric propulsion systems. The main business includes R&D, manufacturing and sales of electric motors developed by the company. Products such as marine propulsion systems.

Image source: Yidong Technology

Tao Shizheng, founder and CEO of Yidong Technology, told that the current shipment volume of electric products for small ships of Yidong Technology has reached the second place in the world. Last year, the shipment volume was more than 6,000, and cooperation and agents spread all over the world. Multiple countries. Under the impact of the epidemic in 2020, Yidong still achieved a revenue growth rate of 60%, and the growth rate is expected to reach 100% in 2021.

Amidst the increasing global environmental protection calls, the electrification of ships is the current industry trend. Tao Shizheng believes that electric ships not only reduce the pollution of gasoline/diesel to water bodies, but also have the advantages of no noise, no odor, no oil pollution, easy driving, and simple maintenance, which can bring users a better experience. And unlike electric vehicles, electric outboard equipment supports front and rear installations.

At present, the business of Yidong Technology is still mainly based on the overseas C-end market, which accounts for more than 90% of total revenue.

Under the dual promotion of policy and demand, Yidong Technology has also accelerated the pace of domestic B-end and G-end business layout, such as reservoirs, scenic spots, rivers, official ships and other application scenarios. The company expects to B business revenue increased to 40%. At the same time, Yidong Technology is also the first company in China to obtain CCS and ZY certification, and it is currently installed in scenic spots and waters all over the country.The new energy ships of the EADO electric propulsion system were put into operation.

As early as 2014, Yidong Technology released the world’s first direct-drive brushless electric outboard motor Spirit 1.0. In 2016, Spirit 1.0 products have been shipped, and a series of products including the first An innovative solution for positive buoyancy outboard motors. Spirit 1.0 is currently the product line with the largest shipments, and Navy3.0 and Navy6.0 have also begun shipping in 2019.

In 2020, Yidong Technology launched the E-series lithium iron phosphate battery to match the Navy series as a complete system; in 2021 Yidong launched its new Evo series upgrade products, and also upgraded the Navy series, which is the industry’s first The self-charging propulsion solution for hydroelectric power generation is expected to be shipped in April. The Evo series products will make their domestic debut at the Shanghai Yacht Show on April 1.

In terms of endurance, since most electric ships have fixed usage scenarios or routes, their endurance requirements are different from those of electric vehicles. Yidong Technology will be equipped with different battery sets for different scenarios such as scenic cruises and recreational fishing, which are more in line with the actual needs of users.

Through self-developed power system, Yidong Technology can also effectively improve battery energy conversion and extend battery life. For example, in terms of overall machine efficiency, according to Yidong’s data, gasoline engines are about 20%, and some other electric engines are about 30%, while Yidong Technology’s current overall machine efficiency can reach 50%.

At the same time, in response to the improvement needs of users, Yidong Technology has also added a reverse charging function to the Evo series of products, which makes more use of energy and also provides users with more ship types such as sailboats. Charging options.

Tao Shizheng believes that the power market for small ships (within 300Kw) is more than 10 billion U.S. dollars per year. Yidong Technology has already achieved the market’s first-line camp, and is also preparing to become the number one in the market. Tao Shi is telling that if we want to truly form a substitute for diesel/gasoline ships, electrified products must improve the performance of their own products on the one hand, and on the other hand, they must achieve greater power coverage. It is necessary for users to get a better electrification experience, rather than being forced to choose under the environmental protection policy.

After this financing, the company will increase R&D investment to develop and manufacture high-power marine electric propulsion systems, upgrade existing product lines and expand production to meet the rapidly growing market demand. At the same time, the company will be in core markets at home and abroad Continue to exert efforts, deepen cultivation, increase marketing investment, enhance brand influence, and quickly seize market share in emerging markets. In addition, the company will also further upgrade its organization and introduce outstanding talents.