China energy major allocates $690m for hydrogen projects
China oil and gas major Sinopec has unveiled a $690m venture capital fund to support early-stage hydrogen investments and technologies.
The fund will be managed by Sinopec Private Equity Fund Management, a wholly owned subsidiary of Sinopec Capital.
The announcement provides further evidence of China’s pre-eminent position in hydrogen and follows $321m of funding from the Chinese finance ministry for regional hydrogen fuel cell vehicle demonstration projects, taking overall funding to $700m in the last three years.
Sinopec recently inaugurated the second phase of its Guangzhou Petrochemical Hydrogen Fuel Cell Supply Center, raising hydrogen production capacity to 15 tonnes daily.
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