Wuhan ITRI of Geo-Resources and Environment signs agreement in Beijing

BEIJING, Dec. 6, 2019 /PRNewswire/ -- On December 6^th, Hydrogen Technology Co. Ltd. of China Energy Investment Group ("China Hydrogen Technology"), East Lake Hi-tech Development Zone ("East Lake Hi-tech Zone") and Wuhan ITRI of Geo-Resources and Environment Co. Ltd ("IGE") held a grand signing ceremony in Beijing.

Liu Wei, Vice President of Guohua Investment Co. Ltd. of China Energy Investment Group, Executive Board member of China Hydrogen Technology Co., Ltd., Qin Jun, Section Manager of Financing Office of East Lake High-tech Zone, Hao Yiguo, Chairman of IGE and Grove signed the agreement as the representatives of the three parties.

In accordance with the agreement, the three parties will have in-depth cooperation in terms of establishing a hydrogen industry ecology chain, cultivating and leading hydrogen enterprises, joint release of dedicated hydrogen investment funds, etc., with a focus on the hydrogen industry chain and a base of capitals, so as to set up competitive hydrogen supply chain and hydrogen application ecology chain to realize a synchronized and innovative development for upstream and downstream hydrogen industry.

The project signed at the ceremony is a key project of the Strategic Cooperation Agreement signed between China Energy Investment Group and Hubei Provincial government on November 18^th in Beijing.

IGE, one of the three signatories, started integration of the strategic and innovative hydrogen industry resources in 2015, and is committed to boost the demand and development of hydrogen production, storage and refueling via the application scenarios of Grove hydrogen passenger vehicles. So far there are two hydrogen series production sites of Zhongji Hydrogen Co. Ltd., two demonstration public bus lines with Tiger's hydrogen powertrain are in operation, a hydrogen powertrain quality testing center has been put into use and R&D activities for Grove's two mass production vehicles are ongoing.   

IGE has rolled out strategic investment and layout setting of hydrogen production, refueling, powertrain systems, complete vehicles and testing, etc. in past years and has established an international preliminary hydrogen industry ecology chain.

Hao Yiguo said, the signing is an important milestone for joint hydrogen industry development by the three parties. With the support of provincial, municipal and regional government and China Energy Investment Group, we will focus on hydrogen applications to establish a hydrogen industry ecology system led by Grove and an energy internet ecology system based on digital hydrogen. Nowadays, Grove has spared no effort in the mass production of its vehicles. The launch of mass production vehicles will pull the market demand of upstream hydrogen businesses and  reduce systematic risks of investment and development for the hydrogen industry chain. China is starting the large scale commercial application of hydrogen. Developing a hydrogen industry is of great significance to the energy transition and better quality development of society and the economy. Hydrogen Technology Co., Ltd of China Energy Investment Group is a core platform and company for China Energy Investment Group to incubate the hydrogen industry ecology. East Lake Hi-tech Zone is the demonstration district of national independent innovation which is experienced in knowledge creation and technology innovation. The three parties will deepen the strategic cooperation comprehensively, make use of their advantages respectively to establish a highland for hydrogen industry ecology in China and even in the world to facilitate strategic and innovative development of hydrogen industry in China.

Wuhan city and East Lake Hi-tech Zone attach great importance to hydrogen industry development and both have included hydrogen industry to the "thirteenth-five-year-plan". East Lake Hi-tech Zone has made it very clear in its planning that a full industry chain of new energy vehicles led by hydrogen vehicles will be established.

After the signing ceremony, three parties will start all-round cooperation in the hydrogen field to facilitate hydrogen and boost innovative development of the hydrogen industry.

China Energy Investment Group was founded on November 28, 2017 and is a state-owned company supervised and managed by State-owned Assets Supervision and Administration Commission of State Council, which ranked No. 107 at Fortune 500 in July, 2019. The establishment of China Energy Investment Group is an important decision and deployment by the central CPC and State Council, a promotion of deeper structural supply-side reform of state assets and state-owned companies, the practice of "four energy revolution" and an important measure to ensure national energy security.

SOURCE Wuhan ITRI of Geo-Resources and Environment Co. Ltd