Aug 26, 2021 03:58 AM

Energy Insider: China Completes First Underground Hydrogen Storage Well

In today’s Caixin energy news wrap: Shandong to work out action plan for reducing emissions; Aluminum Corp. of China’s net profit surges on price hike; Shunfeng International Clean Energy sells solar power station assets; Yangmei Chemical swings to profit; Hunan Zhongke to raise $340 million for lithium battery projects.

China’s first underground hydrogen storage well completes construction

State energy giant Sinopec built a new hydrogen refueling station in Southwest China's Chongqing, making hydrogen storage well technology available in China for the first time. The hydrogen refueling station, with a designed capacity to supply 1,000 kilograms daily, will provide services for Chongqing's first batch of hydrogen demonstration buses and logistics vehicles. It can also provide other services, including gas refueling and charging, to meet the hydrogen demand of 100 hydrogen fuel cell vehicles per day. The company plans to build 30 hydrogen refueling stations under the 14th Five-Year Plan.

Beijing-Tianjin-Hebei included in China’s first hydrogen vehicles demonstration clusters

Led by Beijing, the Beijing-Tianjin-Hebei region has become one of the first hydrogen fuel cell vehicle demonstration city clusters in China, the Beijing Municipal Finance Bureau said Monday on its WeChat channel. The approval was jointly given by five central government bodies. The region would have 5,300 hydrogen vehicles on the road during the four-year demonstration period, according to a development plan issued last week by the Beijing Municipal Bureau of Economic and Information Technology.

Shandong to work out action plan for reducing emissions

Local authorities in East China’s Shandong province said the province will work out an action plan for peaking carbon dioxide emissions before 2030 and designate key cities and industries to achieve the carbon-peaking goal. The province will also launch a pilot program for low-carbon communities and “near-zero emissions” demonstration projects. Meanwhile, the province will strengthen the control of carbon dioxide emissions and call for a 4% reduction in such emissions by vehicles and 3.5% by ships by 2025.

China to strengthen safety management in energy storage industry

The National Development and Reform Commission and the National Energy Administration asked for public comment on the safety management of electrochemical energy storage stations to further promote the healthy development of the domestic storage industry. The draft measures make specific requests in safety management for the industry, covering project access, product manufacturing and quality, power connection and dispatch, and maintenance.

Aluminum Corp. of China’s net profit surges on aluminum price increases

Aluminum Corp. of China Ltd. (601600.SH) reported record half-year earnings Tuesday as aluminum prices rebounded strongly from the pandemic on recovering demand in the first half. The company posted net profit of 3.08 billion yuan ($476 million) in January-June, up 8,511% from a year earlier. Revenue rose 43.55% to 120.74 billion yuan. The company said its subsidiaries acquired the gallium metal assets from Chinalco Rare Earth & Metals Co. Ltd. for 392 million yuan.

Shunfeng International Clean Energy sells solar power station assets

Shunfeng International Clean Energy Ltd. signed agreements with CPI Xinjiang Energy Chemical Industry Ltd. to sell seven solar power stations with a total capacity of 190 megawatts, accounting for 24.9% of the company’s total installed capacity. The deal brought Shunfeng International 538 million yuan ($83 million), which the company said it will mainly use to repay debt.

Yangmei Chemical swings to profit

Yangmei Chemical Co. Ltd. (600691.SH) reported a net profit of 336 million yuan ($52 million) in the first half, swinging from a net loss of 618 million yuan a year earlier, the company said Tuesday. The company attributed the stronger profitability to a recovery in the chemical market and improved operational performance of its subsidiaries.

Tianjin Port’s cargo throughput exceeds 300 million tons

Cargo throughput at Tianjin Port in the northern city of Tianjin exceeded 300 million tons as of Aug. 24, benefiting from cooperation with major Chinese ports and efforts to improve container logistics chains. The container throughput of the port surpassed 12.48 million TEUs (twenty-foot equivalent units) in the period, up 15.8% year-on-year, reaching a record high over the period.

Hunan Zhongke to raise $340 million for lithium battery projects

Hunan Zhongke Electric Co. Ltd. (300035.SZ) plans to raise 2.2 billion yuan ($340 million) through a private placement. Proceeds will be mainly invested in two lithium ion battery anode materials plants with annual capacity of 50,000 tons and 30,000 tons. It will also invest in a graphitization processing project, which will have an annual production of 45,000 tons.

Jinko Power unveils $31 million share buyback plan

Leading Chinese solar company Jinko Power Technology Co. Ltd. (601778.SH) plans to buy back as much as 200 million yuan ($31 million) of its shares during 12 months starting Aug. 25. The proposed repurchases will be made at a price of as much as 9.2 yuan each. The company said the shares will be for the company’s staff incentive program.

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