In the transition of old and new kinetic energy in Shandong Province, Weichai is undertaking the construction of a new energy industrial park as a major project. In the Weichai 2020-2030 strategy, the new energy business is the future development direction. Weichai plans to invest RMB 50 billion to build a new energy power industrial park and build a new one covering the entire vehicle, complete machine, powertrain system, batteries, and motors. The energy and power industry chain achieves the goal of leading the development of the global industry. The signing of the strategic cooperation agreement with Ceres Power is a substantial step taken by Weichai in the conversion of the old and new kinetic energy, which will help Weichai Power build a new energy powertrain system in Shandong and provide first-class domestic commercial vehicle companies. New energy power solutions will help boost the company's industrial restructuring and lead in new energy technologies. According to the contents of the agreement, Weichai Power intends to invest more than 40 million pounds in the way it subscribes for some of its shares, and holds 20% of Ceres Power. At the same time, the two parties will jointly establish a joint venture company in Weifang, China, by 2020 to promote the commercialization of SOFC technology in the Chinese market. Ceres Power will exclusively authorize joint ventures in the Chinese market to use SteelCell® technology to produce and sell fuel cell systems, stacks and cells for passenger cars, trucks and specific power generation markets. To promote the industrialization process, Weichai Power and Ceres Power will jointly develop a 30kW SteelCell® fuel cell fueled with CNG for the first time in the first half of 2019. Solid oxide fuel cell (SOFC), as a kind of fuel cell technology, belongs to a new generation of fuel cell technology and has potential advantages such as low cost, high efficiency, and flexible application of fuel. It can be from traditional natural gas, gasoline, diesel, and renewable energy. Biogas or hydrogen generates energy. With this strategic cooperation, Weichai Power will use the resource advantages in the Chinese market and the technical advantages of Ceres Power to promote the commercialization of SOFC technology in the Chinese market. Tan Xuguang, chairman of Weichai Power, stated that: Building beautiful China and promoting the conversion of old and new kinetic energy in Shandong, Weichai Power, as the backbone enterprise of China's equipment manufacturing industry, has the responsibility and confidence to pick up the banner of the transformation of old and new kinetic energy and put the world’s most important Resources, the most advanced technology, and the most talented people have attracted Shandong, and they have played a leading role in the transformation of old and new kinetic energy in Shandong Province. Ceres Power is the global SOFC technology leader. The signing of the strategic cooperation agreement between the two parties is an important deployment of Weichai to actively promote the 2020-2030 strategy, and is also an important drop for Weichai in the layout of the New Energy Industrial Park. We look forward to working with Ceres Power to add new impetus to the development of China's new energy industry. Phil Caldwell, CEO of Ceres Power, stated that the signing of a strategic cooperation agreement with Weichai Power is an important milestone for Ceres Power and we are very pleased to establish a partnership with Weichai Power. Weichai has a very good customer base in the Chinese market, which provides an opportunity for our SteelCell® technology to enter the Chinese market, especially to fully enter the commercial vehicle market. At the same time, Weichai Power has successful international cooperation experience and we are full of future cooperation between the two parties. Confidence and expectation. Ceres Power, a company listed on the London Stock Exchange AIM, is a new generation, low-cost leader in fuel cell technology. Its unique SteelCell® technology, derived from Imperial College in the United Kingdom, has continued research and development for nearly 16 years. About 50 patents have advantages such as good robustness, high power density, and low manufacturing cost. Currently, its products cover residential, data center, commercial power generation and automotive applications. Weichai Power, as one of the automotive and equipment manufacturing groups with the most comprehensive strength in China, covers a number of business segments such as powertrains, complete vehicles, smart logistics, and auto parts, and faces the future. The company has proposed a 2020-2030 strategy. That is to say, Weichai's traditional business will surpass the world-class level by 2020, and by 2030 Weichai's new energy business will lead the development of the global industry. 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Weichai Power signed a strategic cooperation agreement with Siris Power Holdings Co., Ltd. in Weifang, Shandong
On May 16, 2018, Weichai Power and the world’s leading solid oxide fuel cell (SOFC) supplier, Ceres Power, signed a strategic cooperation agreement in Weifang, Shandong. Weichai Power intends to invest more than 4,000 yuan. Ten thousand pounds subscribed for some new shares of Ceres Power. After the completion of the subscription, the shareholding ratio reached 20%. Together with Ceres Power, it plans to establish a joint venture in Weifang, China to conduct comprehensive cooperation in the field of solid oxide fuel cells.