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EKPO and Suzhou SND Government sign a joint investment and funding agreement to deliver on EKPO’s “Go-to-market” strategy in China

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DGAP-News: ElringKlinger AG / Key word(s): Expansion
EKPO and Suzhou SND Government sign a joint investment and funding agreement to deliver on EKPO’s “Go-to-market” strategy in China
06.09.2022 / 11:23 CET/CEST
The issuer is solely responsible for the content of this announcement.

EKPO and Suzhou SND Government sign a joint investment and funding agreement to deliver on EKPO’s “Go-to-market” strategy in China

  • EKPO strengthens its commitment in China with establishment of Chinese subsidiary

  • Joint investment and funding agreement signed between EKPO and local government (SND)

  • Production of first fuel cell stacks on site in Suzhou before the end of this year

Dettingen/Erms (Germany), September 6th, 2022  +++ EKPO Fuel Cell Technologies GmbH (EKPO) is significantly expanding its activities in China. For this, the company will initially invest a volume in mid-single-digit million euro at its site in Suzhou. Humphrey Chen, Board Member of the now established Chinese subsidiary of EKPO, attended an official ceremony in the presence of numerous government representatives to seal a joint declaration between EKPO and the local government (SND). The signed agreement outlines EKPO’s planned investments and SND's supporting subsidies. This agreement furthers EKPO’s involvement in the local Hydrogen ecosystem, after the establishment of the Chinese subsidiary EKPO China also in Suzhou, formally completed in legal terms in June.

"China is a key future market for EKPO. Our market-leading stack technology offers high-performance products and makes a decisive contribution to sustainable mobility in the world's largest automotive market," says Dr. Gernot Stellberger, EKPO's managing director responsible for strategic issues. "The establishment of EKPO China at the Suzhou site provides EKPO with an excellent basis to further tap the potential of the Chinese fuel cell market. This is the logical next step in establishing local value creation in fuel cell technology in China. The goal is to manufacture the first stacks in Suzhou before the end of this year."

The investments in Suzhou and the establishment of EKPO Chinese subsidiary are key to serve the Chinese market and create a base for fuel cell technology in Asia. This production capacity complements the installation of a fuel cell test bench at the beginning of the year, in materializing EKPO's ambitions in China, against the background of very positive feedback from several successful fuel cell projects with local customers.


For further information, please contact on behalf of EKPO Fuel Cell Technologies:
ElringKlinger AG
Dr. Jens Winter
Vice President Strategic Communications
Phone: +49 7123 724-88335
E-Mail: press@ekpo-fuelcell.com

About EKPO Fuel Cell Technologies

EKPO Fuel Cell Technologies (EKPO), headquartered in Dettingen/Erms (Germany), is a leading joint venture in the development and large-scale production of fuel cell stacks for CO2-neutral mobility. The company is a full-service supplier for fuel cell stacks and components used in passenger cars, light commercial vehicles, trucks, buses, as well as in train and marine applications. Within this context, the company is building on the industrialization expertise of two established international automotive suppliers - ElringKlinger and Plastic Omnium.

The aim of the joint venture is to develop and mass-produce high-performance fuel cell stacks in order to further advance CO2-neutral mobility - whether on the road, rail, water or off-road.


06.09.2022 CET/CEST Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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Language:

English

Company:

ElringKlinger AG

Max-Eyth-Straße 2

72581 Dettingen/Erms

Germany

Phone:

071 23 / 724-0

Fax:

071 23 / 724-9006

E-mail:

jens.winter@elringklinger.com

Internet:

www.elringklinger.de

ISIN:

DE0007856023

WKN:

785602

Listed:

Regulated Market in Frankfurt (Prime Standard), Stuttgart; Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Tradegate Exchange

EQS News ID:

1436151


 

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