FTXT Energy Technology Ltd, a Chinese-based specialist in fuel cell systems for the transportation sector, has announced the signing of a Memorandum of Understanding with an Omani firm aimed at exploring strategic cooperation in the field of hydrogen fuel cell commercial vehicles.
"The signing of this strategic cooperation is an important reflection of the formal establishment of a hydrogen energy strategic partnership between the two parties. It marks a significant step for GWM Hydrogen-FTXT in its layout of the Middle East market. Additionally, it will provide new impetus for the green energy transition and environmental protection in the Middle East region," said FTXT in a statement.
Under the MoU, both parties will jointly explore the establishment of research and development, production, sales, and related service sites, technical support, and after-sales services for hydrogen fuel cell commercial vehicles in Oman and other Middle Eastern countries. Together, they aim to develop the hydrogen fuel cell commercial vehicle market in the Middle East and promote the internationalization of the hydrogen energy industry, the Chinese partner further noted.
Significantly, FTXT Energy Technology is a subsidiary of Great Wall Motor (GWM), China''s largest SUV and pickup manufacturer, which enjoys an expanding presence in the global electric car market.
A specialist in the development, production and sales of fuel cell and hydrogen storage systems and components, FTXT currently operates five R&D centers in Shanghai and Baoding (China), Canada, Japan, and Germany. Its portfolio of products includes fuel cell engines, stacks, on-board hydrogen storage systems, on-tank valves and pressure regulators.
FTXT says it plans to leverage its extensive experience in the field of hydrogen energy to collaborate with vehicle manufacturers to provide Omani partner Synergy with advanced hydrogen fuel cell technologies and products, as well as hydrogen energy vehicles.
"Synergy will be responsible for market development and localization operations," it said. "By fully leveraging their respective industrial, technological, and resource advantages, they plan to create and complete demonstration operations of hydrogen fuel cell vehicles in the Sultanate of Oman within the next 2-3 years. They are actively promoting the construction of hydrogen energy infrastructure and diversified applications of hydrogen energy scenarios, providing strong support for the development of the hydrogen energy industry in the Middle East."
A Memorandum of Understanding has been signed between FTXT Energy Technology Ltd., a Chinese company that specializes in fuel cell systems for the transportation industry and Synergy Investment LLC, an Omani company, to collaboration in the area of hydrogen fuel cell commercial vehicles. Synergy Investment LLC has business interest in the clean energy, e-mobility and associated green economy sectors. Great Wall Motor (GWM), a SUV and pickup manufacturer in China with a growing footprint in electric vehicle market, owns FTXT Energy Technology.
The MoU calls on both parties to work together in R&D, manufacturing, sales, and associated service facilities, as well as technical assistance and post-purchase services, for commercial hydrogen fuel cell vehicles in Oman and other Middle Eastern nations. Objective of MoU is to advance use of hydrogen for commercial vehicles in Middle East .
FTXT has research and development facilities in China (Shanghai and Baoding), Canada, Japan, and Germany. It is into development, manufacturing, and distribution of fuel cell and hydrogen storage systems and components. Its products include pressure regulators, on-tank valves, stacks, fuel cell engines, and on-board hydrogen storage systems.
SHANGHAI, Nov 21 (Reuters) - As EV makers in China wage an intense price war to prop up slowing demand, Chinese brands with strong hybrid lineups are emerging as winners, attracting consumers with vehicles with long range that can cost less than gasoline cars.
The emerging trend may provide a glimmer of hope for global automakers such as Toyota (7203.T) and Honda who are pursuing "multi-pronged" electrification strategies, as electric vehicle (EV) sales lose momentum in Europe and the U.S., partly because of high auto financing costs.
One-third of total vehicle sales by Toyota, the world''s top-selling automaker, are already hybrids and the company reported a 34% surge in hybrid sales in the six months to end-September, outpacing 9% growth in overall revenue.
Experts warn that foreign brands now face a growing threat from Chinese rivals that have conquered the domestic hybrid market and are looking overseas, emboldened by their strength as the world''s lowest-cost EV producer after heavy investment in supply chains.
In the United States, most hybrid powertrains sell at a $1,500 to $2,000 premium to combustion models, but in China, some hybrids are offered at a slight discount to gasoline models and can be as much as 23% cheaper than pure EVs.
The popularity of these hybrids is so strong that the segment is now half as big as the pure EV market and accounts for 12% of total passenger vehicle sales, according to data from China Association of Automobile Manufacturers (CAAM).
Li Auto (2015.HK), the most popular extended-range hybrid seller in China, has thousands of customers waiting for delivery of its new large SUVs, a stark contrast with many other brands grappling with an unsold inventory buildup.
"The extended-range hybrids are the best option for Chinese drivers who want... a solution to driving range anxiety, better fuel efficiency, smarter driving features and lower prices," said Yale Zhang, managing director at the consultancy Automotive Foresight.
A PHEV can be driven directly by the electric motor or the gasoline engine. An EREV has a larger battery pack and runs on electricity only, with its gasoline engine serving as a power bank to recharge the batteries when they run low.
CHINA THREAT The growing popularity of PHEVs and EREVs from Chinese firms, which dominated the top 10 best-selling EREV or PHEV models, have not only affected sales of gasoline cars but also gasoline hybrid vehicles (HEV), a segment Toyota pioneered with the Prius in late 1990s.
Sales of HEVs in China, which Toyota still dominates with four top-selling models, tumbled 15%, while gasoline car sales dropped 11%, underscoring potential challenges facing foreign automakers.
HEVs use gasoline for the main powertrain and come with a relatively small battery pack that is recharged during braking and used for auxiliary power. The sales slump for that type in China is partly a result of from government policy, which favours battery-driven hybrids by offering tax cuts for EVs, PHEVs and EREVs.
A foreign automaker was the first to crack the EREV market in China, only to cede it to local rivals: in 2017, General Motors (GM.N) launched the Buick Velite 5 as the first extended-range hybrid in China, two years before Li Auto started volume production.
Stellantis (STLAM.MI) is investing $1.6 billion in Leapmotor and is interested in bringing the Chinese partner''s EREV hybrids to Europe, according to people with knowledge of the matter.
Stellantis told Reuters it does not exclude the possibility of cooperation with Leapmotor on new energy technology products. Leapmotor did not respond to a request for comment.
About China electric vehicle market oman
As the photovoltaic (PV) industry continues to evolve, advancements in China electric vehicle market oman have become critical to optimizing the utilization of renewable energy sources. From innovative battery technologies to intelligent energy management systems, these solutions are transforming the way we store and distribute solar-generated electricity.
When you're looking for the latest and most efficient China electric vehicle market oman for your PV project, our website offers a comprehensive selection of cutting-edge products designed to meet your specific requirements. Whether you're a renewable energy developer, utility company, or commercial enterprise looking to reduce your carbon footprint, we have the solutions to help you harness the full potential of solar energy.
By interacting with our online customer service, you'll gain a deep understanding of the various China electric vehicle market oman featured in our extensive catalog, such as high-efficiency storage batteries and intelligent energy management systems, and how they work together to provide a stable and reliable power supply for your PV projects.
Related Contents
