Weichai invests substantially in fuel cell technology through partnerships with Ceres Power UK and Ballard Power Canada.
On 25 June made Weichai and Ceres Power known to have concluded an agreement worth 40 million pounds for a 20% stake in Ceres Power.
Under this joint venture, the fuel cells are produced in Weifang, the place where the head-production center of Weichai is located.
The patented SteelCell technology by Ceres Power is based on CNG in combination with a low-cost fuel cell. For this cells no hydrogen infrastructure is required. An important argument for the cooperation is to meet the ambitious targets for the strongly reducing emissions for engines.
On 29 August made Weichai and Ballard consent Weichai a total of USD 163 M are going to invest in the Canadian Ballard power. This is equivalent to a stake of approximately 20%.
The focus of the Joint Venture is fuel cell technology, a type of power source that fuel used in the form of hydrogen and oxygen to produce energy where the only by-product is water. Fuel cells are increasingly become an optimal solution for feeding of stationary equipment and moving vehicles, such as buses, cars, trucks and even forklift trucks.
Ballard’s vision is to be the global player in the field of innovative and cleaner energy sources. They do for companies, houses and vehicles all over the world. In addition to investing its Ceres Power, Ballard Power and Weichai planning a broader strategic cooperation to put together a SOFC (solid oxide fuel cell) system for fuel cell range extension to China’s fast-growing electric powered bus market to develop further and more sustainable.
Weichai earned a turnover of 23.5 billion USD in 2017, with over 600,000 engines, 830,000 transmissions, 150,000 heavy trucks and fork-lift trucks in 200,000 were produced.
The intention is to invest 50 billion Yuan (6.25 billion euros) to a complete new-energy industry chain. This contains batteries, electric motors, drive lines and complete vehicles, as part of the 2020-2030 Strategy of the company.