May 16, Weifang diesel power and the world's leading solid oxide fuel cell (SOFC) Suppliers UK Siris Power Holdings Limited (Ceres) in Shandong Weifang signed a strategic cooperation agreement, Weichai power to invest in more than 40 million pounds to subscribe to the new issue of Ceres, a part of the shares, After the completion of the subscription to 20%, and join hands with Ceres Power plan to set up a joint venture in Weifang, China, in the field of solid oxide fuel cell cooperation.

In the new and old kinetic energy conversion of Shandong Province, Weichai undertakes the construction of the new energy industry Park as a major project. In Weichai 2020-2030 strategy, the new energy business as the future direction of development, Weichai plans to invest 50 billion yuan to build a new energy power industrial Park, to build a comprehensive vehicle, machine, powertrain systems, batteries, motors, new energy power industry chain, to achieve the goal of leading the global industry development.

This time with Ceres Power signed a strategic cooperation agreement, Weichai in the new and old kinetic energy conversion of the substantive step, will help Weichai power in Shandong to build a new energy powertrain system for domestic commercial vehicle companies to provide first-class new energy solutions, help push the company's industrial restructuring, in the new energy technology to achieve leadership.

Under the terms of the agreement, Weichai Power intends to invest more than 40 million pounds in the form of a portion of its share offering, holding a 20% per cent stake in Ceres. At the same time, the two sides will jointly set up a joint venture in Weifang, China, 2020 ago to promote the commercialization of SOFC technology in the Chinese market. Ceres Power will exclusively authorize the joint venture in the Chinese market to use Steelcell® technology to produce fuel cell systems, stacks and batteries for buses, trucks and specific electricity markets. In order to promote the process of industrialization, Weichai power and Ceres Power will jointly develop the first phase of CNG-fuelled 30kW Steelcell® fuel cells, for electric bus to increase the range system, is expected to complete the early 2019.

As a kind of fuel cell technology, solid oxide fuel cell (SOFC) is a new generation fuel cell technology, which has the potential advantages of low cost, high efficiency and flexible fuel application, and can generate energy from traditional natural gas, gasoline, diesel, renewable biogas or hydrogen. With this strategic cooperation, Weichai Power will help to commercialize the technology of SOFC in China by leveraging the advantages of resources in the Chinese market and the technical advantages of Ceres.

Weifang Diesel Power Chairman Tan Xuquang said: Building beautiful China, promoting the transformation of the new and old energy in Shandong, Weichai power as the backbone of China's equipment manufacturing industry, has the responsibility and confidence to carry the new and old energy conversion banner, the world's most important resources, the most advanced technology, the highest end of talent to attract to Shandong, In Shandong Province, the new and old kinetic energy conversion to play a role in the vanguard. Ceres Power is the global leader in SOFC technology, the two sides signed a strategic cooperation agreement, Weichai actively promote the 2020-2030 strategic deployment, but also weichai in the new energy industry Park layout of the important drop. We look forward to working with Ceres power to add new impetus to the development of China's new energy industry.

Phil Caldwell, chief executive of Ceres Power, said: "The signing of the strategic Cooperation Agreement with Weichai forces is an important milestone for Ceres power, and we are delighted to establish a partnership with Weichai forces." Weichai in the Chinese market has a very good customer base, for our Steelcell® technology to enter the Chinese market, especially the full access to the commercial vehicle market provides an opportunity, at the same time Weichai Power has a successful international cooperation experience, we are full of confidence and expectations of the future cooperation between the two sides.

Ceres Power, a company based on the London Stock Exchange, is a new generation, Low-cost fuel cell technology leader with a unique Steelcell® technology from the British Imperial College, which has been developing for nearly 16 years and has about 50 patents, It has advantages of good robustness, high power density and low manufacturing cost. At present, its products cover residential, data centers, commercial power generation and automotive four applications.

Weichai Power as China's most comprehensive strength of the automotive and equipment manufacturing Group, which covers power assembly, vehicle, intelligent logistics and automotive parts and other business sectors, facing the future, the company proposed 2020-2030 strategy, that is, to 2020 Weichai traditional business to surpass world-class level, To 2030 Weichai new energy business to lead the global industry development.