The signing ceremony for the capital increase of ZHEJIANG REIN HYTEC was held in Shanghai United Assets and Equity Exchange (SUAEE) recently. Publicly listed by SUAEE, the transaction was made by SINOPEC Capital, the leading investor, together with 10 other well-known domestic industrial and financial investors. The funds raised from this round of financing will be used for the R & D and production line construction of hydrogen and other clean energy or gas storage, as well as transportation equipment, accelerating the industrialization and commercialization of ZHEJIANG REIN HYTEC’s hydrogen business.

Focusing on SINOPEC Group's goal of building “China’s No. 1 hydrogen energy company”, SINOPEC Capital has invested in a number of representative enterprises in the upstream, midstream and downstream of the hydrogen energy industry chain, actively building its presence in the key technologies and core segments in the field of hydrogen energy. As a growing comprehensive hydrogen energy solution provider, ZHEJIANG REIN HYTEC covers the whole value chain of hydrogen production, storage, transportation, utilization and refueling. It has not only realized the domestic substitution of many products, but also been one of the few enterprises constantly remaining profitable in the hydrogen energy industry. Particularly, ZHEJIANG REIN HYTEC’s storage and transportation tanks have a high market share in SINOPEC's hydrogen refueling station system, bringing obvious synergetic strength and great collaborative potential between the two sides.

Sinopec Capital also signed a strategic cooperation agreement with ZHEJIANG REIN HYTEC during the ceremony, marking more extensive and in-depth cooperation in key areas including hydrogen storage and transportation containers, carbon fiber, etc., and the promotion of the development of the hydrogen energy industry chain.