Weichai becomes an important strategic shareholder of Sirius to promote the commercialization of SOFC China market
Weichai becomes an important strategic shareholder of Sirius
It is reported that in May 2018, Weichai Power signed a strategic cooperation agreement with Sirius. Weichai Power intends to invest more than 40 million pounds to subscribe for 20% of Sirius. At the same time, the two parties intend to establish a joint venture to carry out comprehensive cooperation in the field of SOFC. Subsequently, Weichai Power invested a total of about 20 million pounds to subscribe for 10% of the shares issued by Sirius.
After the completion of the transaction, Weichai Power will hold a 20% stake in Sirius, and the two parties will conduct substantive business cooperation on joint development, joint venture and technology transfer, including:
1. Joint development: The two companies jointly developed a 30kW SteelCell® fuel cell range-increasing system for CNG-fueled electric buses. Within two years after the signing of the agreement, the two parties will develop 10 sets of bus systems and complete the verification.
2. Joint venture and technology transfer: The two parties intend to establish a joint venture company in Weifang, China in 2020, in which Weichai Power will invest 51% of the shares and Sirius will invest 49%. In an exclusive and non-exclusive combination, Sirius will license joint ventures in the Chinese market to use SteelCell® technology to produce fuel cell systems, stacks and cells for use in commercial vehicles, buses and specific power generation markets.
Sirius is a company listed on the AIM of the London Stock Exchange. It is one of the new generation of low-cost fuel cell technology leaders. Its unique SteelCell® technology, derived from Imperial College of Technology, has been researched and developed for nearly 16 years. With about 50 patents, it has the advantages of good robustness, high power density and low manufacturing cost. Currently, its products cover four applications: residential, data center, commercial power generation and automotive.
Weichai Power and Sirius have a strategic cooperation with the Westport Fuel Systems Company in the field of natural gas engines in the field of SOFC. By cooperating with internationally renowned companies, Weichai Power will firmly grasp the three core technologies of the future new energy, and provide first-class clean energy power solutions including hydrogen fuel cells, solid oxide fuel cells and natural gas engines for the Chinese commercial vehicle market. Accelerate Weichai Power to achieve the strategic goal of “New Energy Business Leads Global Industry Development by 2030â€.
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