Green exports: Ceres Power teams up with Weichai Power in play for China’s electric bus market
Ceres Power, the firm behind the SteelCell energy storage technology, has announced a new partnership with Chinese car parts manufacturer Weichai Power in a bid to secure a stake in China’s fast-growing electric bus market.
The deal will see Ceres Power work with Weichai to jointly develop and launch a Solid Oxide Fuel Cell (SOFC) range extender system for electric buses, using Weichai’s client network for distribution across China.
“China has set very ambitious targets to significantly reduce air pollution and our bus transportation system is key to this,” said Tan Xuguang, chairman and CEO of Weichai, in a statement. “We believe there is considerable scope to develop a compelling range of new power system products for the Chinese market and in Ceres Power, we are confident we have found the right partner in the field of solid oxide fuel cell, with globally leading technology to bring our vision to fruition.”
As part of the deal, Weichai has taken a 10 per cent stake in Ceres, worth £17m, with scope for a further £23.2m of investment dependent on commercial agreements being finalised.
The Chinese government has backed fuel cell mobility as a potential solution to the country’s air pollution crisis, with plans for hydrogen recharging stations and a target to have one million FCEVs in service by 2030.
SOURCE: Business Green