Lion Energy partners with Foton Mobility, hydrogen fuel cell (HFC) bus provider to Australia and associated with the Foton Group.
Lion Energy Ltd (“Lion” or “Company”; ASX: LIO) advise that it has signed a Memorandum of Understanding (MoU) with Foton Mobility Pty Ltd (“Foton Mobility”). Foton Mobility is part of the True Green Mobility Group and aims to bring hydrogen fuel cell buses to Australia, with commensurate sales support.
True Green Mobility, part of the True Green Positive Impact Group, is one of Australia’s leading zero-emission mobility groups, with investments in companies such as Nexport, Gemilang, EV Direct and various other cleantech operations.
Foton Mobility plans to introduce a range of hydrogen bus products in the coming years, commencing with a first 12.5-metre low floor city bus, powered by Toyota Fuel cells. Foton Mobility is associated with Foton Group, part of the largest China commercial vehicle group, Beiqi Group.
Lion Energy Partners with Foton Mobility, Hydrogen Fuel Cell (HFC) Bus Provider to Australia and Associated with the Foton Group
Beiqi Foton is the OEM of Cummins engines and Daimler Trucks. Notably, Foton has already sold more than 44,119 units of new energy vehicles around the world including 648 hydrogen buses. (Source: www.fotonmobility.com.au).
Transit Systems, a SeaLink Travel Group company, has earlier announced that it has ordered from Foton the “first hydrogen buses to service public transport contracts in the country” (Source: www.transitsystems.com.au) Under the MOU, Lion and Foton Mobility will jointly market to bus fleet operators to offer integrated hydrogen mobility solutions.
Mr Tom Soulsby, Lion’s Executive Chairman, said
We are pleased to partner with Foton Mobility in the knowledge that Foton Group are a leading provider of buses to world markets and this combination means that they can adapt the buses to the local environment.
“Foton is yet another key relationship for us in the hydrogen value chain”.
The MoU is non-binding and it is possible that a partnership may not eventuate. No party is obliged to proceed with any potential opportunity. The MoU is for an initial term of two years but may be terminated by either party upon one month’s written notice.
The Company cautions that there can be no certainty that a suitable hydrogen opportunity will be identified as a result of this work. Further, there can be no certainty that any conditions precedent to progressing such an opportunity (including, without limitation, compliance with ASX Listing Rules 11.1.2 and/or 11.1.3 to the extent applicable) will be satisfied.
Key Highlights:
- Partnership signed with Foton Mobility, hydrogen fuel cell (HFC) bus provider to Australia and associated with the Foton Group
- Foton Group’s buses use the Toyota Fuel Cell technology add has already sold more than 44,000 units of zero emission buses including 648HFC buses
- Under the MOU, Lion and Foton Mobility will jointly market to bus fleet operators to offer integrated hydrogen mobility solutions.
READ the latest news shaping the hydrogen market at Hydrogen Central
Lion partners with Foton Mobility, December 6, 2021
