MingZhu Logistics Holdings Ltd. (NASDAQ: YGMZ) (“MingZhu”) announced an agreement with Dongfeng Liuzhou Motor Company ("Dongfeng Liuzhou") and Shenzhen Guoqing New Energy Technology Company ("Guoqing Technology"). All three companies will work together to advance the competitiveness of the hydrogen fuel cell industry. MingZhu, with the help of the other two companies, is aiming to deploy 700 new-generation hydrogen fuel cell vehicles by the end of 2023.
MingZhu is a 4A-Grade trucking service provider with a large fleet of more than 1500 trucks that services 29 regions throughout China. MingZhu is a key player in China’s “Belt and Road” initiative, which will help link key economic sectors throughout the country’s regions through strong transportation channels. The company has expressed a strong desire to invest in environmentally-friendly transportation vehicles to usher in a new wave of Chinese transportation and economic development.
This agreement is a key step in the direction of having more energy-efficient vehicles and an expanded network of transportation services. MingZhu will be deploying these vehicles across its strong existing transportation network; this includes cold chain cargo transportation across cities in the Pearl River Delta region, port container transportation at Yantian Port Terminal and bulk cargo transportation in the Xinjiang region.
Hydrogen fuel cell vehicles are similar to electric vehicles as they are zero-emission but instead of an electric battery, the vehicle generates electricity through an onboard fuel cell using hydrogen as its main power source. Guoquing Technology was the first enterprise in Shenzhen to successfully commercialize hydrogen fuel cell vehicles in mass production. As gas and diesel prices continue to rise, MingZhu’s shift towards more environmentally friendly vehicles should prove advantageous.
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 for MingZhu, our customers and our partners.”
Established in 2002 and headquartered in Shenzhen, China, MingZhu Logistics Holdings Limited is a 4A-rated professional trucking service provider. Based on the Company’s regional logistics terminals in Guangdong Province, MingZhu Logistics Holdings offers tailored solutions to our clients to deliver their goods through our network density and broad geographic coverage across the country by a combination of self-owned fleets, tractors and trailers and subcontractors’ fleets. For more information, please visit ir.szygmz.com.
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