Hans Energy, a Hong Kong-listed company, is set to become the majority shareholder in Citybus, with the aim of accelerating the adoption of hydrogen-powered transport.

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Hans Energy, a Hong Kong-listed company, is set to become the majority shareholder in Citybus, with the aim of accelerating the adoption of hydrogen-powered transport. - SCMP

Quick Summary:

The acquisition vertically integrates the energy supplier and key end-user’, Hans Energy CEO Yang Dong says, adding that its strategic development of the hydrogen industry’ aligns with Citybus’s net-zero emissions goal.

Hong Kong plans to reach carbon neutrality by 2050 according to its climate action plan announced in 2021, and electrification of vehicles and ferries is a top priority in that net-zero strategy.

Zero-emissions vehicles based on hydrogen fuel cells, which only emit water, have huge potential in heavy transport such as buses and trucks, and could complement battery-powered electric vehicles to help decarbonise the sector.