Bosch plans to bring 100 stationary fuel cell plants online this year, providing energy to consumers such as data centers, industrial producers, and residential areas, thanks to the investment.

Dr. Volkmar Denner went on to say that his company’s recent joint venture with China’s Qingling Motor Group will see both companies manufacture fuel cell power trains, with a prototype fleet of 70 trucks expected to be on the road by the end of 2021.

According to Bosch’s CEO, the green hydrogen market in the EU would be worth €40 billion ($48 billion) by 2030, with annual growth rates of 65 percent.

Dr. Volkmar Denner made the remark at Bosch’s annual press conference, where he also estimated that the demand for mobile fuel cell components could be worth around €18 billion ($21 billion) by the end of the decade.