Technology Financial Leasing Co Ltd with an aim of establishing a hydrogen mobility ecosystem around Shanghai and Yangtze River Delta area. The company also signed a separate MOU with China Iron and Steel Research Institute Group and Hebei Iron and Steel Group for an equivalent aim in Jing-Jin-Ji area as it introduced Hyundai XCIENT Fuel Cell heavy-duty truck for the first time in China at the 2020 China International Import Expo.
The MOU among Hyundai, Shanghai Electric Power, Shanghai Sunwise New Energy System and Shanghai Ronghe Electric Technology Financial Leasing will form a cooperative system that connects production of hydrogen, construction of refueling stations and financing of fleet operations based on supply of Hyundai’s fuel cell electric commercial vehicles in the Yangtze River Delta area. In addition, it plans to promote a pilot operation business of fuel cell electric vehicles. Shanghai Electric Power will lead investments in constructing hydrogen refueling stations and an electrolytic hydrogen production process using renewable energy as well as propelling a hydrogen production project through Integrated Gasification Combined Cycle. Shanghai Sunwise will build and operate hydrogen refueling stations and provide comprehensive solutions for hydrogen refueling, while Shanghai Ronghe Electric Technology Financial Leasing will provide financial support services for the fuel cell electric commercial vehicle pilot operations. Hyundai Motor will supply its fuel cell electric commercial vehicles to major logistics companies in the Yangtze River Delta area where the company is going to establish and manage a fuel cell electric commercial vehicle operating company. Through the MOU, the four parties aim to construct a cost-competitive and highly efficient business model drawing on each company’s respective expertise, supplying more than 3,000 fuel cell electric trucks in the Yangtze River Delta area by 2025.
Another MOU with China Iron and Steel Research Institute Group and Hebei Iron and Steel Group is aiming to build a cooperative system for hydrogen mobility in the Jing-Jin-Ji cluster. As a home to the country’s major steelmakers, the cluster boasts a stable and abundant supply of by-product hydrogen. It also has high demand of heavy-duty trucks due to heavy freight volume in the region. Tangshan city government in the Jing-Jin-Ji area is pushing ahead with a plan to construct a hydrogen industry cluster facilitating development of fuel cell electric vehicles, especially heavy-duty trucks, logistics and urban maintenance vehicles. The government also is building infrastructure for supplying low-cost, high efficiency by-product hydrogen. Through this MOU, the CISRI is responsible for providing technology related to hydrogen storage, transportation and refueling as well as support for the construction of hydrogen refueling stations. HBIS Group will supply hydrogen using by-product resources and identify sources for fuel cell commercial vehicle demand while Hyundai Motor will develop and distribute hydrogen electric trucks suitable for the needs of the local market in cooperation with a local commercial vehicle subsidiary. The three parties will undertake a trial run project of fuel cell commercial trucks in the Jing-Jin-Ji area with the aim of supplying 1,000 fuel cell commercial trucks by 2025.