State Fuel Cell Technology Corporation (SFCC), a Chinese developer of hydrogen fuel cell vehicles, has reached a post-money valuation of 13 billion yuan ($1.9 billion) after the completion of its Series B funding round at 4.5 billion yuan ($647.6 million).

The investment saw SFCC become the first unicorn incubated by State Power Investment Corporation Limited (SPIC), a state-owned electricity generation firm in China, according to a statement on Thursday.

SPIC invested in the Series B round, alongside over a dozen national funds and strategic investors including China’s Guokai Manufacturing Transformation and Upgrading Fund, an over-50-billion-yuan ($7.2 billion) fund tasked with upgrading China’s electronic equipment and IT industries.

China State-Owned Enterprises Mixed Ownership Reform Fund, Sichuan Provincial Investment Group, and National Green Development Fund, which promotes low-carbon businesses and sustainable development, were among the list of investors in the deal. CITIC Securities served as the financial adviser.

The new financing came after SFCC closed its Series A+ round by raising 1.08 billion yuan ($155.4 million) from 16 investors in December 2021. Its valuation more than tripled in around 12 months from just 4.1 billion yuan ($590.1 million) after the completion of its previous round.

The Shenzhen-based company – whose business lines include the R&D of hydrogen fuel cells, hydrogen fuel vehicles, and refueling stations – is poised to soon start preparing for an initial public offering (IPO), it said in the statement. The firm did not specify the time, location, or size of the planned listing.

Established in May 2017, SFCC operates R&D and manufacturing facilities across cities like Beijing, Ningbo, Wuhan, Jinan, Foshan, and Changchun in China, as well as Tokyo in Japan.

The firm has achieved the automated mass production of its hydrogen fuel cells and compatible power systems, with applications in passenger vehicles, haulage motors, emergency power supply vehicles, and drones.