MingZhu to deploy 700 hydrogen fuel cell vehicles

MingZhu Logistics Holdings Ltd. announced a major next-gen fuel transport cooperation, under which it will deploy 700 new-generation hydrogen fuel cell vehicles.

On December 21, 2022, Mingzhu entered into a Letter of Intent with Shenzhen Kameng Automobile Sales and Services Co., Ltd. (the “Kameng”), an authorized dealer of Dongfeng Liuzhou Automobile Co., Ltd. (the “Dongfeng Liuzhou”).

Based on the LOI, Mingzhu shall purchase 700 hydrogen fuel cell vehicles from Kameng and the vehicles shall be delivered from May 5, 2023 to October 5, 2023. This LOI is an important step to execute the strategic agreement entered among and between Mingzhu, Shenzhen National Hydrogen New Energy Technology Co., Ltd (the “National Hydrogen”) and Dongfeng Liuzhou on October 20, 2022.

According to the strategic cooperation agreement, the companies will jointly work together to help drive the high-quality development of the hydrogen fuel cell energy industry in Yantian District, including the realization of the “double carbon” goal, with port logistics, sanitation, cold chain logistics, and more in China’s global marine center city.

The Company, National Hydrogen and Dongfeng Liuzhou are committed to leveraging their respective expertise, business platforms, networks and resources spanning from port and cold chain logistics, through hydrogen fuel cell applications, including commercial and consumer vehicles. Using the hydrogen fuel cell vehicle scenario application as the starting point, the three companies explored a new cooperation model for hydrogen fuel cell vehicles, under which MingZhu will deliver and operate of 700 hydrogen fuel cell vehicles by the end of 2023 across its existing logistics transportation network. This includes cold chain cargo transportation distributed across cities in the Pearl River Delta region, bulk cargo transportation in Xinjiang region and port container transportation at Yantian Port Terminal.

Mr. Jinlong Yang, Chairman and Chief Executive Officer of MingZhu Logistics Holdings Limited, commented, “The importance of supply chain and fuel security reached a critical level during the pandemic. Our customers are making strategic decisions to add optionality into their logistics networks as they seek to derisk the high prices and volatility of traditional gas and diesel. Hydrogen fuel cells have a significant potential to be the alternative our customers want, and by partnering with two leaders in the space we will be able to accelerate our timeline, while reducing the otherwise costly R&D investment required. We view this as a win win win for MingZhu, our customers and our partners.”

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