(Yicai Global) Feb. 14 -- Shares in Chinese chemicals maker Hongda Xingye Group have jumped 7.3 percent this morning on a deal to borrow hydrogen fuel technology from Japan's Asahi Kasei.
Its share price [SHE:002002] was trading at CNY4.39 (63 US cents) as of 10.53 a.m.
Hongda Xingye said yesterday it had obtained the rights to use Asahi Kasei's world-class hydrogen-producing technology in chloralkali plants over the next three years ot make high purity hydrogen in gas, liquid and solid forms. It did not disclose financial details.
The pair will also work together in developing hydrogen storage and transport and their potential applications.
Hongda Xingye has been building hydrogen filling stations in Inner Mongolia Autonomous Region and local affiliate Wuhai Chemical runs a chloralkali production plant that emits hydrogen as a byproduct.