In order to build and sell high-pressure hydrogen storage systems for commercial vehicles, Plastic Omnium and Rein, a division of the Chinese state-owned energy giant Shenergy Group, have formed a joint venture.
In order to satisfy the expansion of the Chinese market, this joint venture, which will be included in Plastic Omnium’s financial statements, calls for the development of production facilities in Shanghai. The French firm stated in a statement that “a pilot line of type IV high-pressure hydrogen tanks will be set up in 2025 and a new mega-plant with an annual capacity of 60,000 high-pressure hydrogen tanks should be operational from 2026.”
Additionally, a memorandum of agreement was signed between Plastic Omnium and Shenergy Group to continue their strategic partnership in the development of hydrogen ecosystems and the advancement of China’s pathway toward carbon neutrality.
These agreements’ financial details weren’t made public.
These activities, however, are a reflection of Plastic Omnium’s ambition to dominate the hydrogen mobility market. The company owned by the Burelle family has made more than €300 million in investments since 2015 to broaden its knowledge, product offering, and industrial footprint along the whole hydrogen value chain.
In order to reach a turnover of 300 million euros in 2025 and 3 billion euros in 2030, Plastic Omnium wants to invest 100 million euros on average annually in this sector.