German New Energy Giant Voith Inks Hydrogen Storage Project Deal With Chinese Auto Firm
Date
2/24/2024 3:09:25 PM
(MENAFN- AzerNews) Germany's Voith Group on Thursday signed a strategic cooperation
agreement with Chinese state-owned enterprise Weifu Group to
develop and promote high-pressure hydrogen storage systems, Azernews reports, citing Xinhua.
Voith and Weifu, a renowned auto parts maker in the city of
Wuxi, east China's Jiangsu Province, will focus on the research,
development, large-scale production and application of the storage
systems.
With an approximate total investment of 120 million euros (129.8
million U.S. dollars), the two companies will establish joint
ventures in Germany and Wuxi to cover the European, U.S. and Asian
business markets.
The results of the high-pressure hydrogen storage system project
will be applied in fields such as transportation and power, and,
once operational, the project is expected to bring in an annual
revenue of more than 1 billion euros.
Voith was founded in 1867 in Heidenheim, Germany, and is a
global leader in renewable energy and decarbonization
technologies.
The project deal was reached with the help of Germany's Bosch
Group, which has continued to invest in the hydrogen energy
industry in China. Bosch built its first hydrogen fuel cell center
outside of Germany in Wuxi.
Toralf Haag, president of Voith Group, said that the hydrogen
storage industry in Wuxi has good prospects, and that the company
will use the joint ventures as platforms to continue enhancing the
competitiveness of its hydrogen storage products.
Zhao Jianjun, mayor of Wuxi, said that the project will help
Wuxi foster a complete new energy industrial chain and ecosystem,
as the city is making every effort to expand the layouts of its
hydrogen energy and energy storage industries.
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