Recently, Narada registered a joint venture company - Zhejiang Narada Hydrogen Energy Technology Co., LTD. (referred to as "Narada Hydrogen Energy"), which is controlled by Narada. This practice aims to strengthen the hydrogen energy business layout and promote the development of related businesses in the hydrogen energy industry.
Narada Hydrogen Energy will focus on the research of renewable energy hydrogen production technology. The company is committed to becoming a global service provider of green power hydrogen production systems and solutions. Meanwhile, it will focus on developing hydrogen energy storage and its downstream application projects based on Narada's main business of energy storage.
The hydrogen energy industry is growing. The fluctuating and intermittent of renewable energy generation makes hydrogen energy uniquely relevant and valuable in the context of a carbon-neutral strategy.
Through "electricity-hydrogen" conversion, fluctuating green electricity can be converted into hydrogen energy for long term storage, transport and energy use. Hydrogen energy is clean, environmentally friendly and has a high energy density compared to other energy sources. It is known as the "ultimate energy source of the 21st century".
Hydrogen energy development and application has become an important part of the global energy system with the gradual maturation of hydrogen energy technology.
Narada jointly established and invested in Sunrise Power Co., Ltd. to lay out the fuel cell and hydrogen energy storage business in 2001.
Sunrise Power was the first joint-stock enterprise in China dedicated to the industrialization of fuel cells. It owns the core technology of fuel cell as the National Engineering Research Center for Fuel Cell and Hydrogen Source Technology. The company has realized the industrialization of fuel cells. Currently, Sunrise Power is further improving the product life of fuel cells to meet the operational requirements in the field of energy storage and developing multi-scenario application demonstrations on the power generation side of energy storage.
The establishment of Narada Hydrogen Energy will help Narada to promote the integration of hydrogen energy, electricity and other energy systems. Additionally, it will help the company to form a modern energy supply system that is diversified, complementary and integrated, which will enhance the company's core competitiveness.
