Expanding its footprint in the Chinese hydrogen market, automotive technology company Faurecia has acquired one of China’s largest high-pressure tank manufacturers.
The company yesterday (16th Feb) announced the acquisition of CLD to push forward its development of homologated type III and IV hydrogen storage tanks.
As part of the deal the two companies will jointly manufacturer the hydrogen solutions. Faurecia will benefit from CLD’s 200 employees and two plants, which boast a capacity of 30,000 tanks per year.
Commenting on the transaction, Mathias Miedreich, Faurecia Clean Mobility Executive Vice-President said, “CLD is the right partner for Faurecia to accelerate hydrogen mobility in China.”
“By 2030, China will represent a market of at least one million fuel cell vehicles. Through our complementary technologies and industrial expertise, we will further develop CLD’s leadership.”
Jiang Jiang, Chairman of CLD, added, “We are very pleased to welcome Faurecia, one of the global leading technology companies, through its investment in CLD equity.”
“We believe that by joining the strengths of both parties, Faurecia_CLD will become one of the major fuel cell tank manufacturers in China.”