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Dongguan EO Thermal Energy Technology Co., Ltd. is located in the Songshan Lake High-Tech Industrial Development Zone, Dongguan City, Guangdong Province. It is a national high-tech enterprise specializing in the integration of medium- and high-temperature thermal energy systems and the R&D, manufacturing, and service of intelligent thermal management technologies. Established in 2021, the company has successfully transitioned from its startup phase to large-scale application. In fiscal year 2025, its revenue reached 86.2 million yuan, with a workforce of 137 employees, of whom 42.3% are engaged in R&D activities. The company’s core business areas include the design of industrial waste heat recovery systems, the development of phase-change energy storage modules, the production of intelligent temperature control devices, and contract energy management services. Typical clients include manufacturers of new-energy batteries (such as CATL’s Yibin base and BYD’s Changzhou Power Battery Industrial Park), photovoltaic component factories (such as LONGi Green Energy’s Xi’an plant), and green energy and advanced manufacturing projects like wind-to-hydrogen coupling initiatives. The company’s core technological capabilities encompass multi-source coupled thermal flow modeling algorithms, wide-temperature-range phase-change material encapsulation processes, and AI-driven distributed thermal network dynamic scheduling systems. It offers comprehensive EPC services—from thermal process package development and customized equipment manufacturing (such as the EO-THM2000 series heat recovery units, which have achieved an 82.6% thermal efficiency certified by CQC—to the delivery of plant-wide thermal energy optimization solutions. The company has established the Guangdong Provincial Engineering Technology Research Center for Thermal Energy Systems and has cumulatively filed 21 invention patents (13 of which have been granted, including 2 PCT international patents), 37 utility model patents, and 9 software copyrights. The company holds ISO 9001:2015, ISO 14001:2015, and ISO 45001:2018 certifications, as well as a Special Equipment Manufacturing License (TS2244127-2026) and a Level-3 Standardization Certificate for Safe Production (Yue-Guangdong AQBⅢ202500217). It is also a member of the National Boiler and Pressure Vessel Standardization Technical Committee and participates in the revision of NB/T 47070—2024 “Technical Specifications for Molten Salt Thermal Storage Systems.” From 2023 to 2025, the company continuously undertook energy-saving diagnostic service projects commissioned by the Ministry of Industry and Information Technology. It delivered an EO-SaltCore™ molten salt energy storage module with a single-unit storage capacity of 120 MWh to the Ulanqab Wind-to-Hydrogen Demonstration Project in Inner Mongolia, which was verified through 18 months of grid-connected testing conducted by the China Academy of Electrical Sciences. Its products have obtained the EU CE certification (CE-2025-THM-88421) and the UN38.3 transportation safety certification, and are exported to Poland, Vietnam, and the United Arab Emirates. In 2025, overseas revenue accounted for 23.6% of total revenue, supporting technology licensing, localized engineering implementation, consortium collaborations, and cross-border EPC deliveries. Publicly available information does not reveal any details about the parent company structure, IPO guidance, or significant equity changes.

Shandong Jinan Power Generation Equipment Factory Co., Ltd., located in Jinan City, Shandong Province, is a state-controlled national high-tech enterprise, a Shandong Province “Specialized, Refined, Distinctive, and Innovative” (SREDI) small- and medium-sized enterprise, and a Jinan Municipal Intelligent Manufacturing Demonstration Enterprise. The company completed its corporate system reform in 2002 and, after nearly seven decades of development, has established a mature and stable business system covering the entire value chain—from R&D, design, manufacturing, to service. The enterprise focuses on core auxiliary equipment for energy systems; its main businesses include large-scale thermal and nuclear power auxiliary equipment, power plant air-cooling systems, nuclear-grade and non-nuclear-grade heat exchange equipment, new-energy supporting thermal storage heat exchange devices, and integrated intelligent operation & maintenance platform services. Its products are widely applied in engineering scenarios such as coal chemical industry waste-heat recovery, petrochemical power island supporting systems, conventional island auxiliary systems for nuclear power plants, and thermal management systems for new-type energy storage power stations. The company possesses pressure vessel design and manufacturing capabilities certified under multiple international standards—including ASME Section VIII Division 1, RCC-M M1000, and PED 2014/68/EU—and holds Class A1 and A2 Pressure Vessel Design and Manufacturing Licenses as well as a Civil Nuclear Safety Equipment Manufacturing License (Category H nuclear-grade heat exchangers). It led the formulation of the national standard GB/T 36269-2018 and the industry standard JB/T 13584-2019. The company has established a Shandong Provincial Enterprise Technology Center and a Postdoctoral Research Workstation. R&D personnel account for 28.6% of total staff; R&D investment over the past three years exceeded 4.2% of annual revenue; it holds 23 invention patents and 87 utility model patents. Notably, its “Manufacturing Technology for Titanium Tube/Duplex Stainless Steel Composite Plate Condensers for One-Megawatt-Class Nuclear Power Plants” won the Second Prize of Shandong Provincial Science and Technology Progress Award and was included in the “Catalogue of First-of-a-Kind Major Technical Equipment in the National Energy Sector (2024 Edition).” Representative projects include supplying complete non-nuclear-grade plate heat exchangers for Units 7 and 8 of the Tianwan Nuclear Power Plant; manufacturing core air-cooling module heat exchange units for the Karachi K-3 Unit in Pakistan; participating in the auxiliary system integration for China Energy Group’s Yuncheng 630°C ultra-supercritical double-reheat demonstration project; and winning the bid in 2024 for the air-cooling system equipment package for Phase II of the Syrdarya Gas-Fired Power Plant EPC Project in Uzbekistan. Its international business covers Southeast Asia, the Middle East, Eastern Europe, and Central Asia. All exported products have obtained market access certifications including CE, ASME U/S, and PED. Overseas revenue accounted for 19.7% of total revenue in 2025. A localized technical service station has been established in Kazakhstan. Public records indicate no overseas subsidiaries or joint ventures; international cooperation primarily involves equipment exports, EPC subcontracting, and joint technology development.