German tech giant Voith launches hydrogen storage joint venture in WND

Voith and Weifu sign a cooperation agreement on high-pressure hydrogen storage systems. [Photo/Wuxi Daily]

German multinational technology company Voith and Weifu Group, which is based in the Wuxi National Hi-Tech District, also known as Wuxi New District (WND), signed a strategic cooperation agreement on type IV high-pressure hydrogen storage systems on Feb 22.

Both parties will establish joint ventures in Germany and Wuxi to cover major markets in Europe, America, and Asia. They aim to collaborate on advancing hydrogen storage technology and expanding the use of hydrogen storage bottles in transportation, electricity, and other industrial fields. The total investment for the project is approximately 120 million euros ($130.35 million), with expected revenues exceeding 1 billion euros after reaching full production.

Toralf Haag, president of Voith, expressed confidence in the promising prospects of Wuxi's hydrogen storage industry. He stated that Voith will integrate Weifu's strengths to enhance the competitiveness of hydrogen storage products, thus adding momentum to the development of Wuxi's new energy industry.

Zhao Jianjun, mayor of Wuxi, expressed hopes for extensive cooperation between Voith and WND in decarbonization. He also emphasized the district's commitment to providing quality services and creating a favorable environment for foreign-funded enterprises in Wuxi.

Headquartered in Heidenheim an der Brenz, Germany, Voith Group was founded in 1867 and is a global leader in the new energy field. It possesses leading advantages in renewable energy and decarbonization technology, with over 22,000 employees and business operations spanning more than 60 countries.