Business
Huadi International Group Co., Ltd. Announces Cooperation Agreement for the Development and Manufacturing of High-Pressure Hydrogen Storage Tank Stainless Steel Pipe
Wenzhou, China, Nov. 10, 2021 (GLOBE NEWSWIRE) -- Huadi International Group Co., Ltd. (“HUDI” or the “Company”) (NASDAQ: HUDI), a leading developer and
About this update from Huadi International Group Co., Ltd.
[{"type":"text","content":"Wenzhou, China, Nov. 10, 2021 (GLOBE NEWSWIRE) -- Huadi International Group Co., Ltd. (“HUDI” or the “Company”) (NASDAQ: HUDI), a leading developer and manufacturer of industrial stainless steel seamless pipes and tubes products in China, today announces that the Company entered into a strategic cooperation framework agreement (the “Agreement”) on October 28, 2021 with Zhejiang Lanneng Gas Equipment Limited (the “Lanneng”) to jointly develop and produce high-pressure hydrogen storage tank stainless steel pipe. Pursuant to the Agreement, both parties will start off using their respective resources advantages to formulate a manufacturing plan of the high-pressure hydrogen storage tank stainless steel pipe. Then, HUDI will be responsible for producing the stainless steel liner pipes and delivering qualified liner pipes to Lanneng according to the manufacturing plan. Lanneng will complete the production of the high-pressure hydrogen storage tank with liner pipes wrapped by carbon fiber. Mr. Di Wang, Chairman of the Company, commented: “We are excited to work with Lanneng under the framework of this cooperation agreement. Our cooperation targets on the development and production of hydrogen energy storage tank, which could be used for the new energy vehicles. In recent years, we have seen a substantial market switch from traditional fuel vehicles to new energy vehicles such as electronic vehicles. I believe the new energy vehicles will become the next super-hot sector, as it has more endurance and replenishment capacities comparing to the fuel vehicles. We are initiatively focusing on the technology of tankage in China and will show our business prospect in the vehicle industry in the future. We believe new energy vehicle is the trend for the coming future. “I am confident that our strong R&D capacities will enable us to rapidly develop new products and will further diversify our products mix. Our R&D capacity and operation development strategies constituted the main drivers of the Company’s business growth and will be continuously strengthened in the future to realize our long-term development plan in the new energy vehicle industry, which is a popular field to explore.” Mr. Wang added. About Zhejiang Lanneng Gas Equipment Limited Zhejiang Lanneng Gas Equipment Limited, founded in 2009, headquartered in Shangyu Economy & Technology ...