Intensive Capital Inflow to Hydrogen Industry: Grove Hydrogen Auto Starts the 1st Round of Financing

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    SHANGHAI–(BUSINESS WIRE)–lt;a href=”https://twitter.com/hashtag/AutoShanghai2019?src=hash” target=”_blank”gt;#AutoShanghai2019lt;/agt;–Grove, China’s first hydrogen passenger car company, which attracted
    massive attention at the 2019 Shanghai Auto Show, officially launched
    the first round of financing. At the auto show, CICC’s fund,
    Everbright’s fund and Wuhan East Lake Guolong Equity Investment Fund
    Management Company signed a cooperation agreement with Grove Hydrogen
    Automotive.

    In 2018, 69.8% of China’s petroleum was imported and fossil energy still
    dominated the energy market. The non-renewable fossil resource results
    in environmental pollution by automobile exhaust, posing a diehard
    problem for sustainable development. To optimize energy structure, China
    attaches great importance to the hydrogen industry. In recent years,
    China has released several policies to accelerate hydrogen development.
    In 2019, the development roadmap of hydrogen is clearly defined in the
    government work report, which means hydrogen development is officially
    addressed on the agenda. Hydrogen fuel cell vehicles have superior
    advantages, such as good NVH performance, zero emission during
    operation, fast fuel filling and extra-long range. Hydrogen is an
    important energy pillar in China’s new energy vehicle development
    strategy. With the localization and mass production of hydrogen fuel
    cell technology, hydrogen vehicles will first overcome disadvantages of
    battery vehicles by long-range heavy-load models. At the same time, with
    more improvement on infrastructures such as hydrogen storage,
    transportation and refueling, hydrogen vehicles are bound to usher in a
    broader market.

    The cooperation shows that the three parties pay close attention to
    manufacturing of Grove hydrogen cars. It also manifests a strong support
    for hydrogen fuel cell car development in Wuhan and a positive response
    to the national energy strategy.

    In the future, Grove will cooperate with more excellent partners both
    home and abroad. Grove will open up for global oriented innovation and
    integrate world leading resources to respect the earth and its
    customers, realizing its dream in a new era of hydrogen cars.

    Grove is a brand of the Grove Hydrogen Automotive Company Limited,
    registered in Wuhan, China.
    Born in 2016 and Registered in 2018
    under parent company Institute of Geosciences and Environment (IGE).
    Operating
    Design and Development in Wuhan and Barcelona Spain, with Production
    Facilities in Wuhan
    and several other locations to be announced
    during 2019 Grove is a Global car company aiming to offer a truly clean
    Automotive experience from Manufacturing to enjoyment of the car.

    Contacts

    Tracy Chen
    Manager Corporate Communications
    [email protected]
    www.grove-auto.com