China's state oil and gas major, Sinopec, has announced the creation of a venture capital fund dedicated to hydrogen energy with an initial size of 5 billion yuan (approximately $690 million). This fund, the largest of its kind in China, will concentrate on making early-stage investments and supporting the development of crucial materials, equipment, and technologies in the hydrogen sector with significant growth prospects. Managed by Sinopec Private Equity Fund Management Co, a subsidiary of Sinopec Capital Co, this initiative involves partnerships with Shandong New Growth Drivers Fund Management Co and Yantai Guofeng Investment Holding Group Co. Furthermore, Sinopec has already acquired ownership stakes in 13 companies engaged in the hydrogen energy industry chain. The company has also played a pivotal role in expanding infrastructure by establishing 11 hydrogen supply centers for fuel cells and setting up 144 hydrogen refueling stations across various regions in China. This move signifies Sinopec's strategic focus on the hydrogen market and its commitment to driving the energy transition towards sustainable and innovative solutions for the future.