We­ichai buys 20% stake in Ceres Power

China Daily - - BUSINESS -

Au­to­mo­bile and equip­ment man­u­fac­tur­ing firm We­ichai Power signed a strate­gic co­op­er­a­tion deal on Wed­nes­day with Bri­tish solid ox­ide fuel cell maker Ceres Power. Un­der the agree­ment, We­ichai, which is listed in both Hong Kong and Shen­zhen, plans to pay more than 40 mil­lion pounds ($54 mil­lion) for a 20per­cent stake in Ceres Power, de­vel­oper of SteelCell, a lead­ing low­cost SOFC tech­nol­ogy. The two also agreed to es­tab­lish a joint ven­ture for fuel cell sys­tem man­u­fac­tur­ing by 2020 in Weifang, Shan­dong prov­ince, where We­ichai is head­quar­tered. in Ja­pan to tap the grow­ing Asian tourism mar­ket. Tourism prod­ucts in global des­ti­na­tions are avail­able with a 24-hour Ja­panese lan­guage ser­vice on Trip.com, a sub-brand of Ctrip. Ctrip bought US tourismthemed so­cial net­work­ing plat­form Trip.com late last year as part of its ef­forts to ven­ture over­seas and serve global trav­el­ers. Ja­pan is Asia’s sec­ond-largest tourism mar­ket and has great busi­ness op­por­tu­ni­ties for Ctrip, said its CEO Jane Sun. granted a spe­cific project waiver by the US au­thor­i­ties with the sup­port of the French and Euro­pean au­thor­i­ties, it said. neg­a­tive growth of 3.6 per­cent.

Newspapers in English

Newspapers from China

© PressReader. All rights reserved.