Jinshan Energy (00663.HK) announced that on April 4, 2022, Zhuhai Jinwei Environmental Protection Technology Co., Ltd. (the company's wholly-owned subsidiary) entered into a joint venture agreement with Yipai hydrogen Energy Technology (Shanghai) Co., Ltd., under which the parties agreed to set up a joint venture company to carry out (including) the research and development of hydrogen fuel cells and key components in Ordos, Inner Mongolia, China. (ii) R & D, production and sales of hydrogen fuel cell heavy trucks; (iii) hydrogen fuel cell heavy truck operation; and (iv) hydrogenation station operation.

Zhuhai Jinwei and first hydrogen Energy will each contribute 50 million yuan to the joint venture company, each holding a 50 per cent stake in the joint venture company. After the establishment of the joint venture company, the joint venture company will be owned by Zhuhai Jinwei and first hydrogen Energy by 50% and 50% respectively.

The Board is of the view that the establishment of the joint venture company marks the Group's strategic action to further develop and expand its energy storage business and identify new environmentally friendly energy projects by leveraging its rich experience and expertise in fuel cell integration, battery system development and control system research on ╱ applications.