Sinopec Launches $690 Million Fund for Hydrogen Energy Investments
Key Ideas
- Sinopec, China's state oil and gas major, establishes a 5 billion yuan fund focused on hydrogen energy investments.
- The fund aims to support early-stage investments and incubation of key materials, equipment, and technologies in the hydrogen value chain.
- External partners include Shandong New Growth Drivers Fund Management Co and Yantai Guofeng Investment Holding Group Co.
- Sinopec has taken equity stakes in 13 hydrogen energy companies and operates 11 hydrogen supply centers and 144 refueling stations in China.
Sinopec, China's state oil and gas major, has announced the establishment of a venture capital fund dedicated to hydrogen energy with an initial size of 5 billion yuan ($690 million). This fund is the largest of its kind in China and will focus on investments across the hydrogen value chain, targeting early-stage opportunities with high growth potential. Managed by Sinopec Private Equity Fund Management Co, the fund's external partners include Shandong New Growth Drivers Fund Management Co and Yantai Guofeng Investment Holding Group Co. In addition to the fund, Sinopec has acquired equity stakes in 13 companies involved in the hydrogen industry chain and has developed 11 hydrogen supply centers for fuel cells along with 144 hydrogen refueling stations throughout China. This strategic move by Sinopec underscores the company's commitment to investing in sustainable technologies and promoting the adoption of hydrogen energy in the country's energy landscape.