Zhejiang Hydrogen One Energy Technology Co., Ltd. was created by Element 1 Corporation (e1NA), Zhejiang Methanol Hydrogen Technology (ZMHT), and Zhejiang Element 1 (e1China) to drive methanol-based hydrogen-generating technology and market e1NA’s technology throughout Greater China.
The new JV will be able to market e1NA’s S-Series product for backup power generation, M-Series product for on-board vehicle hydrogen generation, and L-Series product for electric car charging, hydrogen refueling stations, and distributed power generation.
In Qingdao, Wuhan, Jiaxing, Wuxi, and other locations, the JV will collaborate with publicly traded enterprises to create integrated hydrogen production and filling facilities. Between 2022 and 2025, these public enterprises will invest in a network of hydrogen production and fuelling stations that will be erected across China.
When compared to gas and oil, the JV’s hydrogen generators employ methanol and water as fuel, resulting in cost-effective onsite hydrogen generation and a considerable reduction in carbon dioxide emissions and local air pollution. When employing renewable methanol, this energy generation may be completely carbon-free.
According to the terms of the agreement, ZMHT will control 70% of the new JV business and will contribute more funds in phases depending on market development. e1NA has given the JV an exclusive license for Greater China and will possess a 10% direct stake in the company. The JV will be 20 percent owned by e1China, an e1NA subsidiary firm.