At a recent meeting of the company’s R&D and engineering staff, the Technology Conference 2024, held at its global headquarters in Shanghai, Shanghai Electric (SEHK:2727, SSE:601727) unveiled ambitious plans to promote self-reliance in science and technology, particularly in emerging sectors.
At this internal conference, Shanghai Electric also unveiled a new development plan for its new energy and industrial equipment divisions. This roadmap contains detailed plans aimed at strengthening the company’s innovative strength and consolidating its market leadership.
“Amidst a complex global environment filled with both opportunities and challenges, Shanghai Electric is committed to taking technological innovation to new levels as part of our corporate development,” said Wu Lei, Chairman of Shanghai Electric. “To achieve this, we are integrating resources to foster an innovation ecosystem and develop a path to building a stronger engineering team as required by the industry. These efforts are part of our broader strategy to optimize our innovation-driven approach to future growth.”
Explaining the company’s policies, which are also in line with China’s national strategy to build a technology-driven economic model, Wu also said Shanghai Electric will strengthen synergies among companies at the group level to accelerate innovation projects.
In addition, the company, which focuses on leading and emerging industries, plans to establish national key laboratories and research and development centers as hubs for technological innovation. The company aims to improve the precision of its innovation projects, actively participate in technology award applications, and optimize support for technical talent who achieve significant breakthroughs.
Transform the workforce with a three-year action plan
In further corporate development, Shanghai Electric has launched a three-year action plan to promote business growth and technological progress, which includes measures to strengthen competitiveness by improving training and management of young talent. By implementing a dual approach that combines internal training programs with external recruiting efforts, the company seeks to attract and retain outstanding professionals in this field.
As part of this action plan, the Shanghai Electric Excellence Engineer Academy was established as a talent development platform, aiming to train engineers with strong innovation capabilities and provide them with the critical skills and knowledge that will help transform the industry.
Promote R&D by investing in new sectors
From 2021 to 2023, Shanghai Electric allocated RMB 17.7 billion for research and development, with 30% of these investments going to emerging sectors such as wind power, solar energy, hydrogen storage, automation equipment and industrial software. The company continued to advance its Project Management of R&D Investment Regarded as Profit Assessment initiative by adding 11 new projects in 2023 and expanding support to a total of 50 projects, resulting in a cumulative profit of RMB 940 million.
Promoting innovation through partnerships between universities and industry
On April 9, Shanghai Jiao Tong University and Shanghai Electric signed a strategic cooperation agreement to establish a long-term, sustainable partnership under which they will jointly build a green smart device research center that will meet Shanghai’s national and strategic industrial needs through technological innovation and talent development, with a focus on the industrialization of innovative technologies.
This initiative was followed on July 23 by another significant alliance with a renowned higher education institution, Tsinghua University. This partnership will focus on advancing advanced manufacturing and low-carbon energy solutions as both institutions work to establish high-level innovation platforms.
“With a clear and detailed roadmap, Shanghai Electric is on track to become an innovative powerhouse that contributes to national strategy and industrial development. Through targeted research and development efforts and strategic collaborations with industry leaders and academic institutions, Shanghai Electric aims to achieve its goals and set new industry standards by leveraging partnerships and pushing technological boundaries in leading and emerging industries,” Wu added.
For more information, see https://www.shanghai-electric.com/group_en/.
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