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.