Chinese automobile and equipment manufacturer Weichai Power is paying $54m (over £40m) for a 20% stake in British solid oxide fuel cell (SOFC) maker Ceres Power. A joint agreement to manufacture fuel cell systems in the Chinese city of Weifang by 2020 was also signed by the two firms, which will focus initially on a range extender that uses compressed natural gas to target China's booming electric-bus market. The deal gives Ceres access to China, the world's fastest growing fuel cell market and Weichai insight into Ceres' SteelCell technology.
Chinese automobile and equipment manufacturer Weichai Power is paying over £40m ($54m) for a 20% stake in British solid oxide fuel cell (SOFC) maker Ceres Power. A joint agreement to manufacture fuel cell systems in the Chinese city of Weifang by 2020 was also signed by the two firms, which will focus initially on a range extender that uses compressed natural gas to target China's booming electric-bus market. The deal gives Ceres access to China, the world's fastest growing fuel cell market and Weichai insight into Ceres' SteelCell technology.