(Yicai Global) June 19 -- Beijing SinoHytec has penned a deal with Slovenian commercial carmaker Tam-Europe, as the Chinese developer of hydrogen fuel cell technologies takes the first step in its European expansion.

The two firms will develop hydrogen fuel battery vehicles for European markets, applying them mainly to airport shuttle buses to nurture and foster the local hydrogen energy market, SinoHytec said on WeChat today, citing the deal signed on June 17. 

In recent years, SinoHytec has been focused on exploring overseas markets. It partnered with Chinese commercial vehicle giant Beiqi Foton Motor to ship small volumes of hydrogen fuel battery vehicles to Australia before it set up a research and development joint venture with Japan’s Toyota Motor in 2021.

Founded in 1947, Tam-Europe mainly makes airport shuttles and high-end buses. It owns passenger car welding, painting, and assembly production technologies, and has a more than 40 percent share of the European market. In 2013, state-owned textile machinery giant China Hi-Tech Group bought the Maribor-based firm. 

SinoHytec was set up in 2012 and went public in Shanghai in August 2020 and in Hong Kong this January. Its net loss widened 2.8 percent to CNY166 million (USD23.2 million) last year from 2021, while revenue jumped 17.3 percent to CNY738 million, according to its latest earnings report. 

Shares of SinoHytec [SHA: 688339] fell 0.5 percent to CNY80.69 (USD11.28) in Shanghai today, after opening up 1.6 percent. Its Hong Kong-listed stock [HKG: 2402] dropped 1.4 percent to HKD49.60 (USD6.35).

Editor: Martin Kadiev