Sinohytec plans to establish and operate a joint venture company with Toyota, contributing to the business of fuel cells.

Sinohytec, a leading high-tech company in global hydrogen and fuel cells market, announced to establish and operate a joint venture company with Japan-based car maker Toyota.

The registered capital of the joint venture is proposed to be 4.5 billion yen (approximately $41.1 million), with each party contributing 2.25 billion yen and accounting for fifty percent (50%) of the registered capital.

Based on the mutual recognition that the fuel cells (FCs) and their popularization may be a solution to environmental problems such as carbon emissions and air pollution, the two parties intend to establish a joint venture company whose main business is the production, sales and after-sales service of FCs.

Related article:https://www.asiatechwire.com/toyota-plans-to-produce-key-components-of-fuel-cell-vehicles-in-china-next-year.html