Linde signs MoU with Baowu Clean Energy to further develop China's hydrogen market
Guildford, UK, November 25, 2019 - Linde (NYSE: LIN; FWB: LIN) announced today that it has signed a memorandum of understanding (MoU) with Baowu Steel Group's new subsidiary, Baowu Clean Energy Ltd, to jointly cooperate on research and development to further develop China's hydrogen market for industrial and mobility applications. The two companies will work together to increase the accessibility of hydrogen to industries and advance the acceptance of hydrogen mobility solutions in China. Under the agreement, Linde and Baowu Clean Energy will also explore the option to invest in liquid hydrogen plants and infrastructure.
"We are delighted to build on our long-term partnership with Baowu Group with this latest cooperation to accelerate the development of hydrogen infrastructure and solutions for mobility and other industrial applications. Linde with its technology leadership in hydrogen is delighted to be the strategic partner for the Baowu Group as we work together to make hydrogen accessible for users across China," said Sanjiv Lamba, EVP & CEO Asia Pacific for Linde.
"This agreement with Linde marks an important new milestone in our long and successful partnership. Linde's expertise in hydrogen technology and solutions gives us the confidence that together we can transition to a cleaner low-carbon future for China," said Mr Guo Bin, Deputy General Manager, Baowu Steel Group.
Linde is a member of the global Hydrogen Council and the China Hydrogen Alliance which promotes hydrogen to help meet climate goals. The strategic agreement with Baowu follows Linde's recent joint venture with ITM Power and underscores the company's continued focus on delivering sustainable solutions in support of the global transition to cleaner energy.
Baowu Clean Energy is a subsidiary of Baowu Steel Group, one of the world's largest steel manufacturers. It was founded on 15 November 2019 to implement the Group's cleaner energy vision. The company will focus on the development of the hydrogen ecosystem in China, from production, to storage and distribution infrastructure and mobility concepts.
About Linde plc
Linde is a leading industrial gases and engineering company with 2018 pro forma sales of USD 28 billion (EUR 24 billion). The company employs approximately 80,000 people globally and serves customers in more than 100 countries worldwide. Linde delivers innovative and sustainable solutions to its customers and creates long-term value for all stakeholders. The company is making our world more productive by providing products, technologies and services that help customers improve their economic and environmental performance in a connected world.
For more information about the company, please visit www.linde.com.