Guofu Hydrogen Energy and Singapore's INNEOVA Signed an Agreement to Jointly Build the Hydrogen Automotive Industry Chain in Singapore

Recently, Hycee Pte. Ltd., a Singaporean subsidiary of Jiangsu Guofu Hydrogen Technology Equipment Co., Ltd. (referred to as "Hycee"), and INNEOVA Engineering Pte Ltd (parent company INNEOVA Holding listed on NASDAQ, stock code: INEO) officially signed a strategic cooperation agreement for the hydrogen vehicle industry chain in Singapore. Both parties will integrate core resources and engage in full-chain deep collaboration.

The two sides possess highly complementary industry chain advantages: As the core entity for Guofu Hydrogen's market layout in Singapore, Hycee focuses on the design and R&D of hydrogen equipment; Guofu Hydrogen mainly engages in the design, manufacturing, and technical services of "production, storage, transportation, refueling, and utilization" hydrogen equipment. INNEOVA has 55 years of experience in supplying genuine and after-sales parts for the automotive industry in Singapore, accumulating rich resources in local vehicle standard alignment, road permit processing, and operates a mature vehicle financial leasing platform, while actively expanding into the green energy sector in recent years.

The cooperation focuses on key segments of the hydrogen vehicle industry chain in Singapore, establishing a closed-loop collaboration model: Guofu Hydrogen, in conjunction with domestic automakers, completes the design, development, and manufacturing of 20 hydrogen-powered sanitation vehicles, and provides technical training to INNEOVA's service team; H2G, a hydrogen production and refueling joint venture under Hycee, offers dedicated refueling services for the vehicles; INNEOVA is responsible for promoting vehicle certification and road permit processing; both parties provide operational leasing services through a joint venture or by leveraging INNEOVA's existing platform, forming a complete chain from "vehicle manufacturing - refueling assurance - compliance access - operational support."

To accelerate implementation, both parties have clearly defined phased key milestones to be achieved by 2026: completing vehicle development and compliance certification, achieving operational status for H2G's hydrogen refueling station, with a target of delivering 20 vehicles, ensuring the orderly implementation of the "station-vehicle linkage" model.

This signing represents a significant step by Guofu Hydrogen in deepening its overseas hydrogen layout, contributing to the development of low-carbon mobility in Singapore, and providing a practical cooperation model for the regional hydrogen vehicle industry chain.