Weifu High-Tech (000581, SZ) announced on the afternoon of January 10 that the company intends to establish a joint venture company for hydrogen fuel cell parts business with various parties. Among the partners, RBINT, a subsidiary of the global industrial giant Bosch, is on the list. At the same time, the listed company announced the establishment of a hydrogen energy business department and released a strategic plan for the development of hydrogen energy business.
The “Daily Economic News” reporter found that in recent years, Bosch has vigorously deployed the hydrogen energy industry in China, including the construction of the Bosch Wuxi Hydrogen Fuel Cell Center, and the establishment of a hydrogen fuel cell joint venture with Qingling Motors. In fact, Bosch is the second largest shareholder of Weifu Hi-Tech. Investors have always had expectations for the cooperation between the two parties, and now it has been fulfilled.
However, the current A-share hydrogen energy concept is not as popular as last year, and it remains to be seen whether the “bomb” thrown by Weifu High-tech can arouse market repercussions.
Weifu Hi-Tech Releases Hydrogen Energy Strategic Plan
According to Weifu Hi-Tech’s announcement, the company and its subsidiaries IRD and Borit plan to jointly invest 500 million yuan with RBINT Company and Wuxi High-tech Zone New Kinetic Energy Industry Development Fund (Limited Partnership) (hereinafter referred to as the New Kinetic Energy Fund) to establish Wuxi Weifu Hydrogen Fuel Cell Technology Co., Ltd. (hereinafter referred to as Wuxi Weifu). Among them, listed companies contributed 225 million yuan (45%) with their own funds, 75 million yuan (15%) from IRD, 75 million yuan (15%) from Borit, and 75 million yuan from RBINT (15%) 15%), the new kinetic energy fund contributed 50 million yuan (accounting for 10%). After the establishment of Wuxi Weifu, Weifu Hi-Tech will directly and indirectly hold 75% of the company’s equity, and Wuxi Weifu will be included in the scope of the listed company’s consolidated statements.
According to the announcement, the business scope of Wuxi Weifu mainly covers fuel cell membrane electrodes, graphite bipolar plates, metal bipolar plates, catalysts, gas diffusion layers and other stack components, as well as BOP key components such as hydrogen isolation valves and hydrogen safety valves. Component engineering application development, manufacturing, etc.
Weifu Hi-Tech will build an Asia-Pacific base for hydrogen fuel cell core components business with Wuxi Weifu as the main body, and plans to add an additional investment of about 700 million yuan before 2025. The listed company stated that Wuxi Weifu will integrate the company’s hydrogen fuel cell core components related businesses, deepen cooperation with various strategic partners, and carry out product application development, supply chain, manufacturing, sales and services. After the establishment of the company, it will focus on implementing the strategic tasks of the second stage of small-scale market application and the third stage of large-scale growth of the company’s hydrogen fuel cell core components business strategic plan.
According to the “Announcement on Formulating the Outline of the Strategic Plan for the Development of Hydrogen Energy Business and the Establishment of the Hydrogen Energy Division” simultaneously disclosed by Weifu Hi-Tech on the afternoon of January 10, the company’s hydrogen fuel cell core components business will focus on the layout of membrane electrodes, graphite/metal In the fields of bipolar plates and BOP key components, it is actively extending to the core materials of stacks such as upstream catalysts and gas diffusion layers.
The strategic planning of Weifu High-tech’s hydrogen fuel cell core components business is divided into three stages. Among them, the second phase (2022~2025) plans to accelerate the establishment and operation of organizational planning, promote the construction of three major global bases, and realize small-scale market applications. The third stage (2026-2030) will further expand the market customer base, build large-scale industrialization capabilities, and achieve large-scale growth in market applications. In terms of hydrogen production business, the listed company said that from 2026 to 2030, it will realize the commercialization of system equipment and comprehensively strengthen its core capabilities.
“By 2025, the hydrogen energy business plans to invest about 3 billion yuan in total.” Weifu Hi-Tech said. In fact, the above-mentioned cumulative planned investment has been implemented about 800 million yuan, and the investment to be implemented is about 2.2 billion yuan.
In the hydrogen energy industry, Weifu Hi-Tech seems to have a certain technical accumulation. In 2020, the company’s hydrogen fuel cell core parts and components achieved sales revenue of 77.397 million yuan; in 2021, the company launched the PEM electrolysis water hydrogen production demonstration line project.
Bosch steps up its layout in China’s hydrogen vehicle field
It is worth mentioning that RBINT, one of the partners, is a subsidiary of the global industrial giant Bosch. As of the end of the first three quarters of 2021, Bosch held a 14.16% stake in Weifu Hi-Tech, making it the company’s second largest shareholder.
For China‘s hydrogen vehicle market, Bosch seems to be quite favored. As early as November 2019, Bosch invested in the construction of the Bosch Wuxi Hydrogen Fuel Cell Center in Wuxi. The battery center is Bosch’s first fuel cell center outside Germany. It is mainly used for R&D and trial production of hydrogen fuel cell powertrain related products. It has all test equipment and stack samples from key components to stacks and even fuel cell systems. Trial line. “The foundation stone of the Bosch Wuxi Hydrogen Fuel Cell Center is another key strategic move for Bosch to deploy the vehicle fuel cell market and actively promote its commercialization.” Relevant Bosch executives said at the time.
According to media reports, the Bosch Wuxi Hydrogen Fuel Cell Center was officially put into use in March 2021. At the same time, Bosch and Qingling Automobile jointly established Bosch Hydrogen Power System (Chongqing) Co., Ltd. (hereinafter referred to as Bosch Hydrogen Power). Bosch Hydrogen Power is mainly responsible for the development, application, assembly, sales and service of fuel cell systems.
In December last year, the Bosch Qingling fuel cell engine project started in Chongqing. It is reported that the project is expected to have a total investment of 2.4 billion yuan, and will build the first Bosch hydrogen fuel research and development center in China, a national fuel cell engine production base, and a national hydrogen energy commercial vehicle production base. The project is expected to be delivered by the end of May 2023.
Source of cover image: Photo Network-500604370