China’s Weichai acquires a 20% stake in British fuel cell manufacturer Ceres Power Ltd

Beijing. May 18. Silkroadnews - China’s Weichai Power Co. today signed a cooperation agreement with British solid oxide fuel cell, SOFC, supplier Ceres Power Ltd. to buy a stake in the company and set up a joint venture in China to commercialize SOFC technology in the Chinese market, YicaiGlobal business portal reports.
Weichai Power plans to spend more than £40 million ($54 million) on purchase of new shares issued by Ceres Power in order to take a 20% stake in the company. The joint venture will be established in Weifang City, Shandong Province in East China.
The joint venture will receive an exclusive license to use Ceres Power’s SteelCell technology in China and will manufacture and sell fuel cell systems for cars, trucks and electricity markets.