(Yicai Global) Dec. 18 -- Shandong Shida Shenghua Chemical Group Co. [SHA:603026] will work with China University of Petroleum (East China) to jointly develop new energy technologies such as hydrogen fuel and lithium-ion batteries, the company stated yesterday.

Shida Shenghua has inked a cooperative agreement with a research institute under the university to research, develop and transfer original innovations relating to hydrogen fuel cells and lithium-ion batteries the research institute develops to commercialize these scientific research gains, per the statement.

The institute will set up research teams based on the needs of the company, which will contribute the required space, equipment and other research necessities, the statement added.