Expanding the use of clean hydrogen in the transportation sector is a challenge China's MingZhu Logistics Holdings (NASDAQ-CM: YGMZ) and its partners are tackling head on.
MingZhu, which has a fleet of more than 1,500 trucks servicing 29 regions throughout China, is teaming up with Dongfeng Liuzhou Motor Company, a subsidiary of Dongfeng Motor Group Company (US-OTC: DNFGY) and Shenzhen Guoqing New Energy Technology Company to work together and deploy 700 hydrogen fuel cell vehicles by the end of next year.
Mingzhu said it will use the vehicles across its extensive transportation network, which includes cold chain cargo transportation throughout cities in the Pearl River Delta region, where the Pearl River flows into the South China Sea; container transportation at the Yantian Port Terminal, a deep-water port in Shenzhen in China's southern Guangdong province, and bulk cargo transportation in the remote Xinjiang region of northwestern China.
Unlike the electric batteries in electric vehicles, hydrogen fuel cell vehicles generate electricity through an onboard fuel cell using hydrogen as its main source.
According to a report released by the International Energy Agency in June 2019, there were about 11,200 hydrogen-powered cars on the road worldwide. The report noted that "existing government targets call for that number to increase dramatically to 2.5 million by 2030."