A new joint venture between Element 1 Corp (e1) and China Aqueous Group (CAG) has been started up in Hong Kong to mass produce and commercialise hydrogen (H2) generators and fuel cell power systems for the Chinese market.
Named Aqueous Hydrogen Energy Limited (AHE), the venture will combine e1’s proprietary H2 generation technology and CAG’s H2 and fuel cell electrical generators to create power solutions for telecom base stations throughout China.
AHE will be headquartered in Hong Kong and will produce, market, and sell H2 generators under a royalty bearing technology licensing agreement with e1. Production will take place in both Hong Kong and mainland China.
The company estimates demand for AHE fuel cell power systems to be greater than 10,000 units annually within the next four to five years.
Ownership stake in the newly formed company is split 70:30 between CAG and e1, respectively.
A statement called AHE a “strong alliance,” stating that it will enable the Chinese market to “benefit from the innovations in H2 and fuel cell technologies.”
Dr. David Edlund, Chairman and CEO of e1, highlighted, “CAG has impressive manufacturing capabilities and sales channels, and is already deploying fuel cell power solutions in significant volumes, which makes them an ideal partner. Together we look forward to addressing the large, unmet clean power needs in China’s telecom market.”
The North Pacific rim country is committed to deploying sustainable and environmentally friendly ways of producing energy. China’s energy agency recently announced that it plans to spend $361bn on renewable power generation by 2020.