ABB, a technology company, has signed a statement of intent with Peric, a Chinese hydrogen producer.

As a result, the two firms aim to work together to expedite the use of hydrogen as an energy source.

According to the “Memorandum of Understanding,” the two firms seek to see how combining their expert talents might lower hydrogen generation costs.

Peric Hydrogen Technologies Co Ltd in China, according to ABB, has been engaged in the field of hydrogen generation for over 60 years. Future electrolysers, which are required to split water into hydrogen and oxygen using electricity, will be created in collaboration with ABB. Because hydrogen consumption has more than quadrupled since 1975 and is expected to continue to rise.

Peric will do this by incorporating a wide range of ABB products from the automation, electrification, and digital solutions areas into the collaborative project. Peric believes that producing hydrogen as efficiently as possible is critical.