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German new energy giant Voith inks hydrogen storage project deal with Chinese auto firm

24 February 2024 [23:15] - TODAY.AZ

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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