Since March 1, Shandong will be exempt from highway tolls for hydrogen energy vehicles, becoming the first province in the country to implement free high-speed hydrogen energy vehicles.

Truck drivers said that the implementation of a policy of exempting hydrogen vehicles from highway tolls in Shandong Province has reduced their operating costs, and one car can save more than 40,000 yuan in highway tolls a year. Liu Yan, general manager of a hydrogen energy technology company in Weifang, Shandong, said: Since the hydrogen refueling station was put into operation at the end of 2022, from the previous daily hydrogenation capacity of more than 60 kg to the current daily injection volume of 600 kg. After the Shandong Expressway was free, the number of hydrogenated vehicles is now increasing every day, including hydrogen-powered vehicles in other provinces.

As the country's support for the hydrogen energy industry has increased, the confidence of some related production companies has also increased dramatically.

The person in charge of a hydrogen energy vehicle manufacturing plant in Qingdao, Shandong, told the reporter that currently they mainly produce hydrogen energy vehicles such as buses, buses, and cold chain logistics vehicles.

In the first quarter of this year, they sold a total of 270 hydrogen-powered vehicles, a significant increase compared to 45 units sold in the same period last year. With the introduction of a policy of exempting hydrogen energy vehicles from highway tolls in Shandong Province, the downstream demand side of hydrogen energy vehicles has become more active, and many interested customers have increased their inquiries. According to the data, in 2023, China's hydrogen energy vehicle production and sales volume was about 5,600 units and 5,800 units, respectively, up about 55% and 72% year-on-year respectively. With various policy support, hydrogen energy vehicles will enter a period of acceleration in hydrogen energy vehicles.

The National Energy Administration issued the “Guiding Opinions on Energy Work 2024", which proposes to accelerate the cultivation of new energy business formats and models. Strengthen the follow-up and evaluation of new energy storage pilot demonstrations, and promote the progress of the new energy storage technology industry. Prepare relevant policies to accelerate the high-quality development of the hydrogen energy industry, promote hydrogen energy technology innovation and industrial development in an orderly manner, steadily carry out hydrogen energy pilot demonstrations, focus on developing hydrogen production from renewable energy sources, and expand hydrogen energy application scenarios.

Hydrogen energy-related concept companies:

Weichai Power (02338): As the largest manufacturer of heavy trucks and liquefied natural gas truck engines in China, the company also manufactures power systems, gearboxes, and axles for the heavy truck supply chain. The agency expects the company to benefit from factors such as the upgrading of heavy trucks and the increase in the penetration rate of liquefied natural gas.

Sinotruk (03808): In February of this year, Sinotruk Group exported 14,000 heavy trucks, once again setting a record for domestic heavy truck exports in a single month. In 2023, Sinotruk Group exported 130,000 heavy trucks throughout the year, an increase of 47% over the previous year, and achieved export revenue of 42.9 billion yuan, an increase of 55% over the previous year, setting the best record in history. The agency believes that the penetration rate of heavy gas trucks is expected to increase further in 2024.

CIMC Enruico (03899): Recently, the first domestic commercial liquid hydrogen sphere tank designed and developed by Zhangjiagang CIMC Shengdayin Cryogenic Equipment Co., Ltd., a unit of the company's CIMC Hydrogen Liquid Hydrogen Division, officially started construction in Fuyang, Anhui. According to reports, the liquid hydrogen sphere tank in the project is a double-layer vacuum spherical container with a total volume of 400 cubic meters and a liquid hydrogen load capacity of more than 25 tons. It is one of the core equipment in the “Key Equipment and Safety Research for Liquid Hydrogen Production, Storage, and Charging” project of the “Renewable Energy and Hydrogen Energy Technology” key project of the National Key Research and Development Program.

Beijing Electromechanical Co., Ltd. (00187): Jingcheng Co., Ltd. mainly manufactures gas storage and transportation equipment and is currently cooperating with major car manufacturers to further expand the gas storage and transportation market. The company said that the 70 MPa high-pressure aluminum liner carbon fiber fully wrapped composite gas cylinders (hydrogen storage cylinders) produced by the company have been used in batches in the field of hydrogen fuel cell vehicles and fuel cell backup power supplies.

Jinyuan Hydrogenation (02502): In June 2023, Jinyuan Hydrogen Energy signed a cooperation agreement with the committee designated by the government to coordinate matters relating to the Zhengzhou High-tech Industrial Development Zone. The agreement states that Jinma Energy must establish a project company in the Zhengzhou High-tech Zone. The project company plans to build 15 gas stations equipped with hydrogenation facilities in the Zhengzhou High-tech Industrial Development Zone within the next three to five years.