(Yicai Global) Aug. 27 -- China Automotive Engineering Research Institute, a heavy duty vehicle consultancy, will invest CNY500 million (USD70 million) to build a national quality control and certification center for hydrogen vehicles in southwestern Chongqing, a new hotbed of emerging technologies related to the zero-emission fuel.

CAERI penned an investment agreement with the management committee of Liangjiang New Area regarding the 12.7-hectare project, the Chongqing-based firm said in a statement yesterday. The construction period is expected to be five years.

The center will become the first advanced hydrogen product testing center in China, the company said, adding that once completed, it will provide consulting and certification services to other companies. 

In recent years, Chongqing has attracted various hydrogen firms with its preferential policies. The region will produce its first hydrogen vehicle in 2022, according to the municipal government's plan. 

CAERI's [SHA: 601965] share price rose 3.3 percent to CNY7.54 (USD1.10) this morning while the Shanghai Composite Index climbed 1.8 percent.

Editor: Emmi Laine