(Yicai) April 12 -- China’s first hydrogen energy industry investment alliance was established in Shanghai’s Jiading district yesterday, according to a report.

The alliance will provide services for businesses at different growth stages and aims to improve the whole industrial chain for hydrogen energy and fuel cell production, storage, transportation, refueling, and usage, The Paper reported today.

The group consists of dozens of leading financial institutions, including National Green Development Fund, and Hengxu Capital, as well as hydrogen companies.

The Jiading Hydrogen Park will set up a liaison office to help connect the alliance’s internal and external resources, promote projects, and handle daily affairs, the report said.

The park has also signed a deal with Tianjin Anjie IoT Science and Technology, which will drive the promotion and application of green hydrogen energy, and make its storage and power generation a more environmentally friendly technological solution with better performance and lower costs.

The partnership with Anjie IoT will also explore the development of green hydrogen and green power solutions, the report said.

As a high-tech energy services enterprise in the Internet of Things sector, Anjie IoT said it has provided services for more than 2,000 users in China, helping them reduce energy usage by 15 percent on average.

Jiading Hydrogen Park is one of the first 26 special municipal parks in Shanghai, and it has helped in leading the development of China’s hydrogen industry. The park is home to nearly 60 hydrogen energy and smart auto industry projects, with total investment of more than CNY10 billion (USD1.4 billion).

Editor: Tom Litting