Weichai Power Co., Ltd. (“Weichai Power” or “the Company”，Stock codes: 2338.HK; 000338.SZ) announced a strategic cooperation with FISCHER Spindle Group Ltd. (“FISCHER Group”) in Switzerland, which includes accomplishment of the investment in its fuel cell compressor business in Swiss and future joint venture in China, aiming to become the world’s leading manufacturer in fuel cell compressors.
Through this strategic cooperation, Weichai Power will simultaneously further extend its fuel cell industrial chain and improve its core competitiveness of the fuel cell powertrain system. Prior to this, Weichai Power has already complete strategic investment in Ballard Power and Ceres Power and became the largest shareholder of the both companies, which are global leaders in PEMFC and SOFC solutions respectively. With this strategic positioning into the fuel cell compressor technology, Weichai Power has taken another solid step forward to achieve the goal of becoming “Global leader in New Energy Business”.
The fuel cell compressor is well known as the “lung” of the fuel cell system as it will directly impact the performance of the system and is also one of the most expensive core components of the fuel cell system. At present, it is still a weak point in the development of hydrogen fuel cell power system in China. FISCHER Group specializes in precise, fast and powerful rotation and it is a world technology leader in precision spindle manufacturing, milling heads and compressors which could ensure maximum power density, higher isentropic efficiency and reliability.
Parties will give full play to their mutual strengths, i.e. Weichai Power’s strengths in supply chain and industrial resources, such as new energy powertrain system, complete vehicles and machineries, as well as FISCHER Group’s R&D advantages in the high-speed, high-precision compressor bearing technology advantages. The future fuel cell compressors will cooperate with advantages from both parties in product development, market expansion process, and investment in Switzerland and Shandong for industrialization and mass-production, which could provide global customers with high-performance, high-quality, and cost-effective fuel cell compressor solutions.
Mr. Tan Xuguang, Chairman and CEO of Weichai Power, stated that “As a company with a history of nearly 100 years, FISCHER Group’s fuel cell compressors are widely recognized for their high quality and excellent performance among the peers. Parties will build up a long-term closer strategic relationship which will benefit in-depth synergy of industrial resources from both sides. We are looking forward to winning the global fuel cell compressor market together with FISCHER Group in the future. I believe that relying on Weichai Power’s world-leading technology of hydrogen fuel cell power system, the transaction will rapidly promoting the investment and localization of fuel cell compressors in Shandong Province, which will provide important technical support for future development of China’s hydrogen fuel cell power system and will also have a significant impact on the transition from traditional power system to new energy in Shandong Province.”
Dr. Tobias Moser, co-owner and CEO of FISCHER, stated that “Fuel cell will play an important role in the global efforts to zero-emission transportation and energy generation. Weichai Power as a leader in the commercial vehicle industry and FISCHER as a leader in fuel cell compressor technology focus on both Switzerland and China, FISCHER and WEICHAI look into a long-term Swiss-Chinese cooperation sharing the same business principles and mutual trust, and are committed to become the world’s leading fuel cell compressor manufacturer to sustainably serve the worldwide customers.”
Weichai Power is aiming to lead the global new energy industry by 2030 and has comprehensively completed the core technology layout of hydrogen fuel cell and solid oxide fuel cell business which empower its key technical indicators leading in the field of commercial vehicles and power generation. Recently, Weichai Power disclosed a private offering plan to raise RMB2 billion accelerating the enhancement of R&D capabilities and manufacturing capability of the fuel cell industry. Surrounding with the national new energy “three verticals and three horizontals” technical roadmap, building the differentiated technological advantages; surrounds the targets of “peaking carbon dioxide emissions by 2030 and carbon neutrality by 2060”, establishing a world-leading fuel cell industrial park so as to lead the global new energy industry.