(Yicai Global) March 27 -- China's Hydrogen Valley New Energy Automobile has begun building its CNY12 billion (USD1.8 billion) industry park in Zhejiang province, a hub that will boast production facilities for the complete NEV supply chain.

The first phase of the park is set to enter trial operations in June next year with an annual production capacity of 30,000 hydrogen cells, a million kilowatt-hour lithium ion batteries and 150,000 automatic continuously variable transmissions, regional news outlet Zhejiang Daily reported yesterday.

The park will span almost one kilometer upon completion in 2022, when it will begin making hydrogen commercial and passenger vehicles and mass produce hydrogen-fueled trucks.

"We will set up a hydrogen industry research institute to develop fuel cells, autonomous driving, CVTs and equipment for hydrogen fueling stations, and gather and train talent in the hydrogen energy vehicle sector," said Chen Qiang, chairman of Hydrogen Valley. "It will become an influential industrial chain base in China in three to five years."

Hydrogen Valley is a private company headquartered in the Moganshan High-tech Industrial Development Zone, which was set up in Zhejiang in 2010 to explore intelligent vehicles, biomedicine and aviation.

Editor: James Boynton