Singapore - In a significant move to advance Singapore’s hydrogen mobility ecosystem, Hycee Pte. Ltd. (Hycee), the Singapore-based subsidiary of Jiangsu Guofu Hydrogen Energy Equipment Co., Ltd. (GUOFUHEE), has formally entered into a strategic cooperation agreement with INNEOVA Engineering Pte Ltd (INNEOVA) in Singapore, a company under the Nasdaq-listed INNEOVA Holding. This partnership aims to leverage the core strengths of both entities to foster comprehensive, in-depth collaboration across Singapore's hydrogen energy value chain.

Hycee serves as a strategic platform of GUOFUHEE for penetrating the Singapore market, focusing on the design and R&D of hydrogen equipment. Its parent company, GUOFUHEE, is a leading expert in the design, manufacturing, and technical services for hydrogen equipment spanning production, storage, transportation, refueling, and application. INNEOVA brings over 55 years of extensive experience in Singapore's automotive sector, specializing in genuine and aftermarket parts supply. The company possesses deep local expertise in vehicle standards alignment, road permit acquisition, and operates a mature vehicle financing and leasing platform. Its recent push into green energy creates a highly synergistic partnership perfectly aligned with the needs of the hydrogen vehicle supply chain.

The agreement focuses on key segments of Singapore's hydrogen vehicle industry. GUOFUHEE will collaborate with automotive partners in China on the design, development, and manufacturing of 20 hydrogen-powered refuse collection vehicles, providing technical training to INNEOVA's service teams. Hycee, through the established hydrogen production and refueling joint venture H2G in Singapore, will provide dedicated refueling services for this fleet. INNEOVA will utilize its local regulatory experience to facilitate vehicle certification and road approval processes. Furthermore, the partners plan to offer operational leasing services for the vehicles, either through a new joint venture or by utilizing INNEOVA's existing platform. This integrated approach creates a closed-loop collaboration encompassing "Vehicle Manufacturing - Refueling Assurance - Regulatory Compliance - Operational Support."

To ensure swift implementation, the partners have outlined key milestones to be achieved in phases by 2026. These include completing vehicle development and certification, commissioning the H2G hydrogen refueling station, and targeting the delivery of up to 20 vehicles, thereby ensuring the orderly rollout of the integrated "vehicle-station linkage" model.

This partnership marks a crucial step in GUOFUHEE's strategy to expand its overseas hydrogen energy footprint. It is set to bolster Singapore's ongoing efforts in developing low-carbon transportation solutions and provides a practical model for the scalable development of regional hydrogen vehicle supply chains.