Posted Jan 11, 2023, 7:56 AM
PARIS (Agefi-Dow Jones)–Automotive supplier Plastic Omnium announced on Wednesday the creation of a joint venture with Rein, a subsidiary of Chinese state-owned energy company Shenergy Group, to produce and market storage systems high pressure hydrogen fuel for commercial vehicles.
This joint venture, which will be consolidated in the accounts of Plastic Omnium, provides for the establishment of production capacities in Shanghai, in order to respond to the growth of the Chinese market. “A pilot line of type IV high-pressure hydrogen tanks will be set up in 2025 and a new mega-factory with an annual capacity of 60,000 high-pressure hydrogen tanks should be operational from 2026”, indicated the French industrialist. in a press release.
In addition, Plastic Omnium and Shenergy Group have signed a memorandum of understanding to extend their strategic cooperation to building hydrogen ecosystems and contributing to China’s carbon neutral roadmap.
The financial details of these agreements have not been disclosed.
However, these initiatives reflect Plastic Omnium’s desire to become a major player in hydrogen mobility. Since 2015, the group controlled by the Burelle family has invested more than 300 million euros to increase its expertise, its product portfolio and its industrial footprint across the entire hydrogen value chain.
In this area, Plastic Omnium plans to invest 100 million euros on average each year to achieve sales of 300 million euros in 2025 and 3 billion euros in 2030.
-Dimitri Delmond, Agefi-Dow Jones; +33 (0)1 41 27 47 31; [email protected] ed: VLV
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January 11, 2023 01:56 ET (06:56 GMT)