Zhitong Finance App News, Weifu Hi-Tech (000581.SZ) announced that the company signed a “Memorandum of Cooperation” with Voith GmbH & Co.KGAA (hereinafter referred to as “Voith Group”) on February 22, 2024. The two sides will give full play to their respective advantages and carry out in-depth strategic cooperation in R&D and industrialization of type IV high-pressure (70MPa) hydrogen storage system products. The two sides plan to jointly carry out investment activities at home and abroad. Among them, overseas (German) investment activities mainly cover the European and American markets, and domestic (Wuxi, China) investment activities mainly cover the Chinese market. Based on the “Memorandum of Cooperation” mentioned above, the company and Voith Group recently decided on the following two-step implementation plan:
Step 1: Set up a German joint venture and jointly increase capital. The company plans to purchase 40% of its wholly-owned subsidiary Voith HyStech GmbH (hereinafter referred to as “HyStech”) from Voith Industrieverwaltung GmbH (hereinafter referred to as “Voith”) using a cash transaction consideration of 33 million euros through its wholly-owned subsidiary Weifu Holding ApS (hereinafter referred to as “SPV”). After the acquisition is completed, Voith holds 60% of the shares and SPV holds 40% of the shares; the two sides plan to further increase the joint venture Hystech's share ratio according to the business plan, with a total capital increase of 56 million euros, of which SPV will invest 22.4 million euros.
Step 2: Investment Intent. The company plans to jointly invest 26 million euros with the joint venture Hystech to establish a joint venture in China. The company holds 51% of the shares and the joint venture HysTech holds 49% of the shares. Among them, the company invested 13.26 million euros, and the joint venture Hystech invested 12.74 million euros. After the transaction is completed, the Chinese joint venture will become a holding subsidiary of the company and will be included in the scope of the company's consolidated statements.
According to the announcement, the company has formulated a strategic blueprint for four major business segments, including “green hydrogen energy,” clarifying that renewable energy systems and hydrogen storage business are one of the company's strategic development directions. Cooperating with Voight Group's IV bottle business will help achieve this strategic goal, help the company form cooperation with the industry's superior resources, further expand the layout of the company's hydrogen energy industry, and promote the development of the company's hydrogen energy business, which is in line with the interests of all shareholders of the company.