Hydrogen start-up H2 to build Hong Kong base as launchpad into overseas markets
by Shawn Johnson March 7, 2024 in Entrepreneurship
Hydrogen start-up H2 to build Hong Kong base as launchpad into overseas markets
Hong Kong green-energy start-up H2 Solution, which makes hydrogen fuel-cell systems, wants to set up its operations in the city’s science and technology park as a springboard into overseas markets.
Managing director Alvin Yee Rong said the company is in talks with Hong Kong Science and Technology Parks Corp to participate in its incubation program and become a tenant at its facilities in Pak Shek Kok.
“This is a good place for us to showcase successful application cases on which we can develop overseas business,” he said during the Hong Kong Greentech Summit last week. “The Hong Kong government is paying great attention to hydrogen energy development,” he said, noting that the city’s electrical and engineering standards are in line with developed markets.
To support its expansion plans, Yee said H2 Solution aims to raise at least HK$50 million (US$6.4 million) in its first round of financing from strategic and private investors in the middle of this year. He said more funding may be required depending on the outcome of a venture in Nepal.
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Alvin Yi Rong, managing director of hydrogen start-up H2 Solution. Photo: Handout
“We want to deploy Chinese technology overseas by packaging it to meet foreign standards,” Yi said. His company is in discussions with the Nepalese government to produce green hydrogen using its system and supply renewable energy to areas not served by the country’s power grid.
Currently, the company has several projects in the pipeline in Hong Kong. It has commissioned various government departments to employ its system to generate electricity for emergency rescue operations in the country’s parks, and to host community events as part of Hong Kong’s “Night Vibes” campaign to boost the local economy. Also supplied electricity to off-grid sites to support.
Another plan includes replacing diesel-fueled boats in fishing communities at Yim Tin Tsai Island off Sai Kung and hydrogen-generated power at the Kai Tak Sports Park from next year, said H2 Solution consultant Zion Lee Sheng-yuk. Including supplying.
In addition, H2 Solution has also signed a provisional agreement with tour operator Kam Y Holidays to retrofit its buses with hydrogen fuel-cell engines, and as a supplemental clean-burning fuel to its high-end buses. Adding hydrogen has been discussed with Chu Kong Shipping. Speed ferry, Lee added.
H2 Solutions was founded in October last year. The company is majority owned by Qian Wei, founder and owner of Foshan Cleanest Energy Technology, based in Foshan, southern Guangdong province, a major hub of hydrogen energy deployment in China’s public transportation and equipment manufacturing.
Students ride bicycles in front of the main entrance of Tsinghua University building in Beijing. Photo: Shutterstock
Produces the cleanest fuel-cell stack, where water is split into oxygen and hydrogen through chemical reactions with the use of catalysts. Both Yi and Qian previously worked as fuel-cell technology researchers at Tsinghua University in Beijing.
In mainland China, hydrogen buses, trucks, forklifts and trams have been commercialized for some years. Hydrogen could account for 10 percent of energy consumption, and cumulative sales of hydrogen-making equipment could reach 1 trillion yuan (US$139 billion) by 2060, when China aims to reach its carbon-neutral goal. UBS estimated in a November report.
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Commercial deployment of hydrogen in Hong Kong is hindered by regulations that ban its use as a fuel, as it is classified as a “flammable gas” under the Dangerous Goods Ordinance. The changes are imminent, as Hong Kong gave in-principle approval to nine hydrogen test projects between March and October last year.
to run trials on hydrogen buses, a refueling station in Yuen Long, a hydrogen-fueled light rail vehicle in Tuen Mun, and a tube trailer to deliver hydrogen to a rail vehicle to facilitate the creation of a supply chain for hydrogen-based transportation. has allowed. ,
In October, the government initiated a study to amend the Gas Safety Ordinance to include hydrogen as a fuel. Preparatory work for legislative amendments covering the production, storage, transportation and application of hydrogen fuel is expected to begin early next year.
Source: www.scmp.com
