(Yicai Global) Nov 7 -- French industrial gas supplier Air Liquide Group has agreed to take a stake in a new hydrogen energy firm proposed by Chinese energy giant Sinopec.
Air Liquide's Chief Executive Benoit Potier and Sinopec Group Chairman Dai Houliang signed the agreement at the Great Hall of the People in Beijing yesterday while discussing heightened cooperation in the hydrogen energy field, Sinopec said in a statement the same day. It did not disclose when it will found the new firm or how much Air Liquide would invest.
Sinopec is in the midst of setting up a new company dedicated to the research and development of hydrogen energy and construction of related infrastructure. It hopes to bring on board leading international companies in the sector as long-term investors to help build an industrial chain and ecosystem for the industry.
The two firms are no strangers to one another, having founded three joint ventures in the past. One of these is a 50-50 joint venture named Air Liquide-BYPC Gases.
Through the latest company, Air Liquide and Sinopec will push new applications for hydrogen energy and fuel-cell vehicles and promote these across China, the statement added.
State-owned Sinopec began moving into the hydrogen industry chain in September when it picked up a stake in Shanghai Re-Fire Technology, a domestic supplier of hydrogen fuel cell systems. Its 117-year-old partner already has a wealth of experience in the sector, having built nearly 120 hydrogen stations around the world.
Editor: James Boynton