(Yicai Global) Nov. 26 -- China Energy Engineering said it plans to invest CNY10 billion (USD1.6 billion) in setting up two new units to push its hydrogen and digital technology businesses.

One of the units, tentatively known as China Energy Engineering Hydrogen Energy Development, will receive half of the funds, the Beijing-based firm said today.

The move, which is still subject to regulatory approval, aims to drive the state-owned company’s hydrogen energy business and create an integrated development platform, it said.

Another planned unit will be China Energy Engineering Digital Technology, which will get the rest of the investment funds. China Energy Engineering said it will transform its digitization process and build a digital industry development platform. 

The outlays will not materially impact China Energy Engineering's financial status nor operating results, the company said, adding that they are part of its business development and strategic planning. 

China Energy Engineering also said today that a four-firm consortium, led by its unit China Gezhouba Group, had been selected to build a section of the intercity railroad for the Shenzhen Metropolitan Area in the Greater Bay Area, which comprises southern Guangdong province, Hong Kong and Macao.

The contract is worth CNY14.2 billion, and Gezhouba will undertake almost 59 percent of the construction work, it said.

Founded in 2014, China Energy Engineering provides industry chain services for Chinese and overseas electric power and infrastructure industries, mostly covering energy and electricity, water utilities, railways and roads, ports and waterways, municipal engineering and environmental protection.

The firm’s shares [SHA:601868] closed down 1.8 percent today at CNY2.13 (3 US cents) apiece. 

Editor: Tom Litting