(Yicai Global) July 28 -- New-energy vehicle technology developer Broad-Ocean [SHE:002249] will take the lead to found a joint venture hydrogen cell company in Liaocheng, Shandong province with local bus manufacturer Zhong Tong Bus Holding Co. [SHE:000957] and the government of Liaocheng, the firms said yesterday.

The joint venture's registered capital will be USD74.1 million (CNY500 million). The Guangdong-based NEV group will contribute CNY440 million, and hold an 88-percent stake. Zhong Tong Bus' CNY50 million will give it a 10-percent share, while Liaocheng Development Zone Management Committee will grab 2 percent for CNY10 million.

The JV will produce, research and develop hydrogen power systems, parts, NEVs, purely electric vehicles, hybrids and NEV operation platforms, the companies said. The project plans to receive a total of CNY2.6 billion in investments in two stages. 

Zhong Tong Bus is a bus manufacturer. Its head office is in Liaocheng, Shandong province and it mainly produces fossil-fueled buses and hydrogen-powered ones. Shandong Provincial State-owned Assets and Administration Commission, Shandong Provincial Council for Social Security Fund, Liaocheng State-owned Assets Supervision and Administration Commission are all its indirect shareholders.