On March 20th, the Snowman Group unveiled its plans to invest CNY4.55 billion (USD 678.7 million) over the next eight years to produce fuel cell-powered engines and other key parts and components in the southwestern Chinese city of Chongqing.
The project known as “Snowman Hydrogen Fuel Cell Engine and Its Core Parts Manufacturing Project” was officially signed and finalized in Chongqing Liangjiang New District.
Members of the Standing Committee of the Chongqing Municipal Committee, Secretary of the Party Working Committee of Liangjiang New Area, and Duan Chenggang, Director of the Management Committee, attended the signing ceremony.The Snowman Group, the Chongqing Economic and Information Commission, and the Liangjiang New District Management Committee are jointly promoting the development of the hydrogen energy industry in Chongqing.
The manufacturing facility will be located in Liangjiang New District, Chongqing and is forecast to reach an annual production capacity of 100,000 sets of fuel cell engines and core components such as stacks.
The project will consist of three phases, in the first phase, Snowman Group plans to invest CNY 50 million to complete the building of production lines, with an annual capacity of 6,000 units of hydrogen fuel cells in the next eight months.
The second phase will begin no later than 2022 and Snowman Group plans to spend CNY1.5 billion in order to expand its production capacity of fuel cell-powered engines, stacks and other core components and will also add eight new hydrogen stations.
The third phase will begin no later than 2025 and the Snowman Group will invest an additional CNY3 billion in order to reach an annual production capacity of 100,000 fuel cells units and it will also put another 10 more hydrogen stations into service.
The total project plan is to deploy 360 hydrogen fuel cell buses, 170 hydrogen fuel cell logistics vehicles, heavy trucks and sanitation vehicles for demonstration operations within three years. At the same time, the project will build 35 hydrogen refueling stations in Chongqing, improve the Chongqing hydrogen energy supply network, and meet the operational needs of local hydrogen energy vehicles.
The commissioning of the project will bring good economic benefits to the Snowman Group and Chongqing City, and attract more talents from domestic and international high-end hydrogen energy and fuel cell industry to promote the integration of production and research in the hydrogen energy industry in Chongqing.
Hydrogen fuel cell vehicles have the advantages of extended range from that of batteries, fast refueling and zero emissions.