Weichai Power, a leading Chinese automobile and equipment manufacturing firm, said Friday that it has finalized a strategic collaboration deal with British solid oxide fuel cell (SOFC) maker Ceres Power.
Weichai, which is listed in both Hong Kong and Shenzhen, has invested 28 million British pounds (about 35.3 million U.S. dollars) in Ceres Power to raise its stake in the company from 10 to 20 percent.
The investment is part of the strategic cooperation agreement signed between the two companies in May. Under the deal, the two will also establish a joint venture in east China's Shandong Province by 2020.
The JV will manufacture fuel cell systems and stacks using Ceres Power's SteelCell, a leading low-cost SOFC technology. The fuel cell systems are expected to be used for commercial vehicles.
Weichai has also signed strategic cooperation agreements with Ballard Power Systems and Westport Fuel Systems from Canada to develop hydrogen fuel cells and engines powered by natural gas, respectively.
In 2017, Weichai reported sales of more than 150 billion yuan (21.8 billion U.S. dollars), producing more than 600,000 engines, 830,000 transmissions, 150,000 heavy-duty trucks, and 200,000 forklift trucks.
In its 2020-2030 strategy, Weichai has planned to invest 50 billion yuan in forming a complete new-energy industrial chain, including batteries, electric engines, power-trains, and complete vehicles.
Latest comments