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

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
min.chen@grove-auto.com
www.grove-auto.com