Yunnei Power won a USD139,5M order of a key part for what is expected to become the world’s biggest hydrogen energy storage project.
Shares of Yunnei Power surged by 10 percent after the diesel engine supplier said it has won a CNY1 billion (USD139.5 million) order of a key part for what is expected to become the world’s biggest hydrogen energy storage project.
Yunnei’s stock price [SHE: 000903] jumped by the exchange-imposed limit to CNY2.82 (US 40 cents) intraday.
The company will design and produce a fuel battery power generation system for CCCC Mechanical & Electrical Engineering, the engineering, procurement, and construction contractor of a massive hydrogen project in Huai’an county, Hebei province, the Kunming-based supplier said in a statement. Yunnei will be in charge of transporting installing, and testing the products. The buyer agreed the order will be delivered between May 2024 and December 2025.
The Huai’an project will generate 200 megawatts of power and store 800 megawatt hours of energy for the northern region to reduce its carbon footprint. It aims to absorb excessive clean electricity coming from State Grid Jibei Electric Power, a unit of the state-owned electric utility, which will be returned to the grid later on to stabilize supply, according to an institute of Tsinghua University.
Huai’an is a county level region under the city of Zhangjiakou, which is rich in wind and solar power resources and has been named one of China’s demonstration zones for renewable energy since 2015.
READ the latest news shaping the hydrogen market at Hydrogen Central
China’s Yunnei Jumps 10% After Scoring Key Order for Pioneering Hydrogen Project, August 10, 2023
