BEND, Ore. & JIAXING, China--(BUSINESS WIRE)--Element 1 Corp (dba e1), and Shanghai Dingzan Equity Fund Management Co., Ltd. (Dingzan) are pleased to announce that they have formed a Joint Venture Company (JVCo) named Zhejiang Element One New Energy Technology Co., Ltd.
Over the last five years, e1 has become deeply rooted in China, with existing licensee partnerships and new demonstration projects. e1’s strategy is to enable its Chinese partners to rapidly achieve scale, significantly drive down product costs, satisfy local content objectives for locally manufactured hydrogen generators, and address the pending hydrogen shortage for fuel cell heavy duty motive applications. Under the terms of the Joint Venture Agreement, e1 personnel will provide technical and engineering services and support through Zhejiang Element One New Energy Technology Co. The announced JVCo will engage firms directly throughout China who desire to license e1’s world class proprietary hydrogen generation technology for clean energy applications such as power for telecom base stations and for transportation related applications such as fuel cell powered buses, trucks, automobiles, and marine vessels, all of which require hydrogen fuel.
Dave Edlund, e1’s Chairman and CEO said, “We are very excited about our partnership with Dingzan which provides for the establishment of a Jiaxing-based JVCo in China to facilitate the rapid commercialization of our technology throughout the region. Our JVCo operation with Dingzan represents a critical part of e1’s localization strategy to provide China with better access to e1’s hydrogen generation technology to support an unprecedented level of market interest for fuel cell applications in China, the largest market in the world.” Dr. Edlund continued, “With e1’s technology leadership, we believe the JVCo is uniquely positioned to address the fast-growing market for distributed hydrogen generation in China.”
Benny Weng, the CEO of Dingzan, said, “e1 owns advanced technologies and products in the hydrogen generation sector. The business model is quite efficient to develop the fast-growing China market. I believe Zhejiang Element One will be the leader in the hydrogen industry in China, helping the sector move forward.” He added, “We are going to seek more opportunities in manufacturing business besides the current technology licensing program in order to generate revenues faster and healthier. With heavy local connections and capital market help, we are confident to build up a star company with e1 team.”
Shanghai Dingzan Equity Fund Management (Shanghai) Co., Ltd.
Dingzan was established in 2016 in Shanghai with registered capital of 100 million RMB. Dingzan invests into tens of New Third Board public listed companies nationally, also provides financial consulting services to public and private companies.
Element 1 Corp:
Element 1 designs and develops novel processes to enable commercialization of clean-energy and alternative-energy technology. Through licensing our IP to strategic partners, our mission is to significantly reduce the waste and pollution associated with flaring natural gas, and to reduce barriers to adoption of fuel cells for a range of applications. For more information about Element 1, please visit www.e1na.com.