SinoHytec, Toyota co-invest 1.9 billion yen in joint fuel cell venture in China

Published: Dec 17, 2024 18:49

Source: gasgoo

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The total capital injection amounts to 1.9 billion yen (approximately 89.61 million yuan), with SinoHytec contributing 950 million yen (around 44.81 million yuan).

Beijing (Gasgoo)- On December 16, Beijing SinoHytec Co., Ltd. ("SinoHytec") announced that it will jointly increase capital investment in its joint venture, Toyota SinoHytec Fuel Cell Co., Ltd. ("Toyota SinoHytec"), alongside Toyota Motor Corporation ("Toyota Motor"). The total capital injection amounts to 1.9 billion yen (approximately 89.61 million yuan), with SinoHytec contributing 950 million yen (around 44.81 million yuan).

Following the capital increase, the registered capital of Toyota SinoHytec will rise from 4.5 billion yen to 6.4 billion yen (about 302 million yuan), while SinoHytec and Toyota Motor will each maintain their 50% ownership stake.

The joint venture, established in June 2021, focuses on producing and commercializing fuel cell systems to support the adoption of fuel cell electric vehicles (FCEVs).

Leveraging Toyota's advanced fuel cell technology and localized R&D, the company designs systems that meet the diverse power output requirements of China's commercial vehicle market. These systems offer high power, reliability, longevity, and cost efficiency, suitable for buses, coaches, logistics vehicles, and trucks.

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