Hydrogen company pursues several H2 projects in Hong Kong, with sights set on overseas markets
March 13, 2024H2 Solution plans to set up shop in the city’s science and tech park.
Hong Kong-based hydrogen company, H2 Solution, is in talks with Hong Kong Science and Technology Park Corp as it seeks to take part in its incubation program. The H2 startup, which specializes in the manufacturing of hydrogen fuel cell systems, was launched in October 2023. The company wants to become a tenant at the science and technology park facilities in Pak Shek Kok to make its ambition of bringing its tech to overseas customers a reality.
Expanding overseas.
According to H2 Solution Managing Director Elvin Yi Rong, the company’s objective is to “develop overseas business”. Yi explained that the park is an ideal place for H2 Solution to “demonstrate successful application cases”. The aim is to use these cases to develop its international business endeavours.
The hydrogen company wishes to deploy Chinese tech overseas and deliver it in a way that is suitable to international standards. One of the overseas projects it hopes to put into action is working with the Nepalese government to use H2 Solution’s systems to generate renewable hydrogen and supply green power to regions that are not currently connected to Nepal’s power grids.
The hydrogen company has ambitious financing goals.
H2 Solution is seeking a minimum of HK$50 million ($6.4 million) in its first round of financing by the middle of the year to fund its plans to expand overseas. The goal is to secure the first round of financing from strategic and private investors. The company may have a second round of funding if the Nepal project takes off.
Its overseas goals aside, for now, the startup is honing in on providing its technology and expertise to Hong Kong to deliver clean power solutions for various projects in the city.
H2 Solution is pursuing several hydrogen projects in the city.
Yi said that the Hong Kong government is focusing more on developing hydrogen energy, adding that the electrical and engineering standards of the city are in line with developed hydrogen markets.
This is great news for the hydrogen company, as it already has multiple projects in development for Hong Kong. Among H2 Solution’s plans include:
- Discussing with various governments about using its hydrogen fuel cell systems to produce power for emergency rescue works at country parks.
- Providing electricity to sites that are off grid to support community events for the purpose of giving the local economy a boost, as part of the city’s “Night Vibes” campaign.
- Replacing diesel-powered fishing boats with hydrogen power in Yim Tin Tsai island offshore of Sai Kung.
- Providing hydrogen energy at the Kai Tak Sports Park, starting next year.
- Discussing the addition of H2 as a complementary fuel for Chu Kong Shipping’s high-speed ferries.
- A provisional agreement with Kam Wai Holiday to retrofit its tour buses with hydrogen fuel cell engines.
Hong Kong needs to catch up to mainland China.
Although hydrogen-powered vehicles and equipment – including hydrogen buses, trucks, trams, and forklifts – have been commercialized for years in mainland China, commercial deployment of H2 in Hong Kong has been stalled by regulations. Under the Dangerous Goods Ordinance, the use of hydrogen as a fuel is banned in the city due to it being classified as a “flammable gas”.
On the upside, changes to these regulations will come into effect soon as nine hydrogen trail projects received in-principal approval from Hong Kong.
H2 Solution is a hydrogen company that is showing it has plenty of potential to help Hong Kong overcome its H2 hurdles and speed up its transition to clean energy. One of the reasons for its potential is the hydrogen company is majority-owned by founder and owner of Foshan Cleanest Energy Technology, Qian Wei. Based in Guangdong province, Foshan Cleanest Energy Technology is a major hub for hydrogen power deployment in China’s equipment and public transport manufacturing.
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