On October 10, Sinopec Group Capital Co., Ltd., Enze Haihe (Tianjin) Equity Investment Fund Partnership, and Cummins (China) Investment Co., Ltd. signed a letter of intent for cooperation in Beijing.
They will use the advantages and resources of all parties to jointly promote electrolysis. The development and promotion of hydrogen technology promote the development of the green hydrogen industry.
Green hydrogen produces hydrogen through the electrolysis of water from renewable energy sources. Its outstanding feature is the zero pollution of the entire industrial chain. Increasing the proportion of green hydrogen is the future trend of hydrogen fuel cell vehicle development.
According to the letter of intent, Sinopec Capital and Enze Fund will provide market resources and funds for cooperation, and at the same time make full use of Sinopec Group’s advantages in supply chain optimization, sales, and market networks to provide strong support for the future development of hydrogen production technology.
It is understood that Sinopec has accelerated its deployment in the hydrogen energy industry in recent years, and has carried out work in various fields such as hydrogen refueling stations, hydrogen production technology, hydrogen fuel cells, and hydrogen storage materials. Sinopec’s hydrogen production in 2019 exceeded 3 million tons, accounting for about 14% of the country’s hydrogen production; several oil-hydrogen combined demonstration stations have been built and put into use in Guangdong, Zhejiang, Shanghai, and other places. As a strategic partner of the 2022 Beijing Winter Olympics, Sinopec has also cooperated with the Beijing Winter Olympics Organizing Committee on the supply of hydrogen energy.
Huang Wensheng, Chairman of Sinopec Capital, said: “Hydrogen energy is an important clean energy in the future, with high strategic significance and broad development prospects. It is hoped that all parties will further strengthen cooperation and achieve mutual benefit and win-win results.”
Cummins has advanced technology R&D and engineering expertise. In the field of green hydrogen, especially the design, manufacturing and fuel cell solutions for hydrogen production from electrolyzed water, it has accumulated more than 25 years of technology and experience. It has a global hydrogen market layout. And the existing business and service network will provide advanced technology and engineering services for cooperation.
Cummins Vice President Nathan Stoner said, “We look forward to working with Sinopec to provide more possibilities for the hydrogen production solution market, meet the needs of diversified application scenarios, and further invest in and promote the development and breakthrough of hydrogen production technology. .”
About Sinopec Capital and Enze Fund
Sinopec Capital was established in 2018 and is a subsidiary of Sinopec Group with an initial registered capital of RMB 10 billion. The company discovers strategic investment opportunities through financial investment, focuses on Sinopec’s main business, and deploys strategic emerging industries such as new materials, new energy, energy conservation and environmental protection, high-end intelligent manufacturing, artificial intelligence and big data, to help transform scientific and technological achievements and realize transformation for Sinopec Upgrading and sustainable development cultivate new kinetic energy and create new engines.
Enze Fund is a flagship platform initiated and established by Sinopec Capital. It is a strategic layout for Sinopec’s future emerging markets, focusing on the hydrogen energy industry. The first phase of the fund is RMB 2 billion. The main limited partner of the fund is Sinopec Capital. Other limited partners include the National Manufacturing Transformation and Upgrade Fund, Tianjin Haihe Industry Fund and Foshan Nanhai Financial High-tech Zone Investment Holdings Co., Ltd.
Cummins is a global pioneer in diesel, natural gas and battery technologies, and is rapidly developing its fuel cell and hydrogen production technology capabilities. Cummins’ fuel cell and hydrogen production technologies provide power for a variety of application scenarios, including buses, trailers, trucks, garbage trucks and rail transit. In the past few years, the company has completed investments in a number of fuel cell and hydrogen production and hydrogen storage technology projects, including the acquisition of Canadian Hydrogenics in September 2019, which has improved Cummins’ proton exchange membrane and alkali Capabilities in the field of water electrolysis and fuel cells.
In addition, Cummins also invested in LOOP Energy, signed a joint venture agreement with NPROXX, and invested in the development of solid oxide fuel cells.