Chinese CBAK Energy Technology will work with the European Hydrogen Energy Company to promote the development of hydrogen fuel cells.
The parties will be able to capitalize on each other’s competitive advantages in technological innovation and industrial resources as well as exchange ideas on industry development. The companies will also explore opportunities to collaborate on future projects including but not limited to areas as hydrogen fuel cell production, hydrogen fuel cell stack, hydrogen transportation, hydrogen storage, hydrogen refueling stations, and more.
Hydrogen fuel cells advantages
Compared to diesel fuel, the advantages of hydrogen fuel cells include low noise, zero emissions, and high energy conversion rates. Such advantages help to improve the energy structure, reduce pollution, decrease the greenhouse effect, and contribute to the sustainable development of society. In recent years, as the Chinese government has placed a greater emphasis on the development of hydrogen fuel cells for the automobile industry, hydrogen fuel cells have become an increasingly important part of the Chinese government’s strategy to transform automobile power systems and upgrade new energy vehicles.
According to an analysis by the China Hydrogen Energy and Fuel Cell Industry Alliance, hydrogen energy will become an increasingly important component of China’s overall energy system. As such, by 2050, it is expected that the demand for hydrogen will reach 60 million tons, the number of hydrogen refueling stations will be more than 10,000, and the number of fuel cell vehicles produced annually will reach 5 million.
According to research on China’s hydrogen fuel cell industry by the Intelligence Research Group, the hydrogen fuel cell industry is still at the early stage of commercial operations. In addition, over the next ten years, as unit costs continue to fall, the industry is expected to grow by more than one hundred times its current size.