Voith establishes hydrogen joint venture with Chinese tech group Weifu

German technology firm Voith has recently signed a strategic cooperation agreement with Weifu High Technology Group, including the establishment of two joint ventures, towards research, development, production and application of hydrogen storage systems. 

According to the company, one of the JV is designed for the global market excluding China in which Voith is the controlling majority shareholder with Voith HySTech GmbH at the Garching site near Munich, Germany. The second joint venture for the Chinese market is majority-owned by Weifu. 

For Voith, Weifu is the ideal complementary partner, bringing with it the relevant know-how in the area of scaling automotive applications and supply chains as well as offering important access to the Chinese market, the company added. Weifu has already been active in the hydrogen sector for several years.

"Through the cooperation with the Weifu Group, we can jointly leverage the great potential of the hydrogen market. Both companies are pioneers in the field of hydrogen-powered systems for mobility applications and complement each other perfectly", said Toralf Haag, CEO of the Voith Group. 

Due to the high market dynamics and the need for investment, a partnership is the logical next step for Voith to further accelerate developments in the field of hydrogen and to leverage the great market potential. 

Weifu is striving to become a leading supplier of core components for hydrogen fuel cells and electrolyzers. The company already has components for hydrogen technologies in its existing portfolio.

The agreement was concluded with the help of the German tech major Bosch, which has been researching the development of hydrogen fuel cells together with Weifu since the beginning of 2022, also holding strategic shares in the Chinese company.