HyAxiom Enters China Market with Master Agreement for Proprietary Fuel Cell Technology Use

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Nov 21, 2022, 07:56 ET

EAST HARTFORD, Conn., Nov. 21, 2022 /PRNewswire/ -- HyAxiom, Inc., a leading global fuel cell and hydrogen solutions provider, announced today it has entered into a master agreement with Doosan Fuel Cell Co., Ltd (DFCC), and ZKRG Smart Energy Technology Co., Ltd. (ZKRG) of Foshan, China. The agreement will allow DFCC and ZKRG to use HyAxiom's proprietary technology in phosphoric acid fuel cells (PAFC) to increase a greener power generation market in China.

Collaborating on this framework with a partner in China is a milestone for HyAxiom as it expands its carbon-free footprint around the globe. The company's affiliate, DFCC, has already installed four 440-kilowatt hydrogen fuel cells in the Nanhai District of Foshan, China's southern Guangdong province to provide electricity and heat to apartment buildings and business buildings.

Under the master agreement, DFCC will supply 105MW-equivalent hydrogen fuel cells to ZKRG and form a joint venture with ZKRG, which will build a manufacturing facility in the Guangdong province to manufacture, sell and service fuel cells under various licenses to be granted by HyAxiom.

"We are proud of our fuel cell technology and welcome this opportunity to support DFCC and ZKRG," said Jeff Hyungrak Chung, President & Chief Executive Officer of HyAxiom. "This master agreement will help us to continue to supply hydrogen solutions globally while supporting entities committed to climate change and decarbonization."

With the announcement of mid- and long-term plans for the hydrogen energy industry — 2021 through 2035 — by the Chinese government, the demand for hydrogen fuel cells capable of combined heat and power (CHP) is expected to increase. The master agreement will be a stepping-stone for HyAxiom to further its global presence using its PAFC technology.

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About HyAxiom

HyAxiom is a leading global fuel cell and hydrogen solutions provider, enabling reliable, cost-competitive and carbon-free energy sources for industrial and commercial uses. Combining the legacy of UTC Power's fuel cell development and the expertise of parent Doosan Group, HyAxiom's mission is to accelerate a sustainable energy future by delivering a full spectrum of hydrogen-based solutions for both stationary and mobile power. HyAxiom develops, manufactures and services PureCell, a proprietary phosphoric acid fuel cell (PAFC) unit. Building upon its expertise in fuel cell technology, HyAxiom is developing next-generation clean hydrogen production technologies and additional clean fuel cell solutions for mobile and stationary applications. More information is available at hyaxiom.com.

SOURCE HyAxiom, Inc.