(Yicai Global) Sept. 15 -- SPIC Hydropower Technology Development Co., a subsidiary of Beijing-based State Power Investment Corp., recently concluded an agreement with Tenghua Hydropower Technology Co. and Bestone Asset Management Co. to jointly set up a hydrogen power commercialization investment fund with USD153.8 million (CNY1 billion).

The objective of the move is to promote the development of the hydropower industry.

The fund will invest primarily in innovative firms along the hydropower industry chain, power conversion and transformation technologies, relevant application projects, and the commercialization of clean energy related research findings.

"The global energy industry is going through some major changes, and we're very confident in the future of hydropower technology," the 21st Century Business Herald quoted SPIC General Manager Zhang Yinguang as saying. New energy products such as lithium batteries are not eco-friendly in a strict sense because waste batteries pose an even greater threat to the environment than conventional energy resources, Zhang said. Hydropower is completely environmentally-friendly, and its electricity conversion is relatively stable, said Zhang.