On September 8, 2023, Mr. Wu Pinfang, Chairman of Jiangsu Guofu Hydrogen Energy Equipment Co, Ltd. ("GUOFUHEE") and Mr. Shukui Zhao, Director of Evergreen Cryogenics, a U.S. company, signed a joint venture agreement in Shanghai and Singapore through an online signing ceremony. According to the agreement, the two parties will jointly invest and establish a joint venture company in Singapore to engage in the development and optimization of hydrogen liquefaction process packages at 15 TPD, 30 TPD and above scale.

Based on the agreement, the joint venture will carry out research and development of large-scale hydrogen liquefaction process packages in accordance with market demand, and optimize the existing technologies and processes to improve the stability and reliability of the products to meet the needs of customers. The joint venture plans to complete the development of 15TPD and 30TPD hydrogen liquefaction process packages and the integration and development of key equipment configurations, and build at least one 15TPD or 30TPD hydrogen liquefaction plant in China and put it into operation by 2023 to 2025, and build and put into operation at least three 15TPD or 30TPD hydrogen liquefaction plant projects in China and overseas by 2025 to 2027, and meet the listing requirements in Hong Kong, Singapore and the United States by 2027-2030. The JV agreement marks the full integration of the two companies' strengths and resources for more efficient R&D and commercialization.

Hydrogen is a clean, carbon-free fuel that, whether burned or fed into a fuel cell to generate electricity, generates water as the only by-product and produces no greenhouse gas like CO2. However, only hydrogen produced with zero emissions, such as from renewable energy sources, etc., will be recognized as green hydrogen.Singapore aims to achieve carbon neutrality (i.e. net zero emissions of greenhouse gases) by 2050. Despite of its limited renewable energy resources, how to meet domestic energy demand and promote sustainable development while addressing climate change has been one of the key issues for Singapore.

Liquid hydrogen is the storage method with the highest hydrogen density, which is also the state of hydrogen with the highest quality and purity. Liquid hydrogen can be stored and transported more compactly and efficiently than by high-pressure hydrogen and pipeline, and is extensively used in energy, chemical, and high-end manufacturing industries, and also plays an important role in advanced technologies such as superconducting energy storage.In countries where land and resources are scarce, the uniqueness of liquid hydrogen and its high quality development and applications make it the most compelling product in the renewable energy market, and international trade of liquid hydrogen has already begun and liquid hydrogen is set to receive more and more attention.

Promote clean energy, combat climate change and advance sustainable development

Evergreen Hydrogen Pte. Ltd. is wholly owned subsidiary of Evergreen Cryogenics established in Singapore. Evergreen Cryogenics is a leading process technology developer and licensor engaged in design, engineering and licensing services for hydrogen liquefaction technology.

GUOFUHEE Holdings Pte. Ltd. is a wholly owned subsidiary of GUOFUHEE established in Singapore.