German new energy giant Voith inks hydrogen storage project deal with Chinese auto firm

This undated photo shows an exterior view of Weifu Group in Wuxi, east China's Jiangsu Province. Germany's Voith Group on Thursday signed a strategic cooperation agreement with Chinese state-owned enterprise Weifu Group to develop and promote high-pressure hydrogen storage systems.

Voith and Weifu, a renowned auto parts maker in the city of Wuxi, east China's Jiangsu Province, will focus on the research, development, large-scale production and application of the storage systems.

With an approximate total investment of 120 million euros (129.8 million U.S. dollars), the two companies will establish joint ventures in Germany and Wuxi to cover the European, U.S. and Asian business markets. (Xinhua)