(NewsDirect)
MingZhu LogisticsHoldings Ltd. (NASDAQ: YGMZ) (“MingZhu”) announced anagreement with Dongfeng Liuzhou Motor Company ("DongfengLiuzhou") and Shenzhen Guoqing New Energy Technology Company("Guoqing Technology"). All three companies will work togetherto advance the competitiveness of the hydrogen fuel cell industry.MingZhu, with the help of the other two companies, is aiming to deploy700 new-generation hydrogen fuel cell vehicles by the end of2023.
MingZhu is a 4A-Grade truckingservice provider with a large fleet of more than 1500 trucksthat services 29 regions throughout China. MingZhu is a key player inChina’s “Belt and Road” initiative, which will help link keyeconomic sectors throughout the country’s regions through strongtransportation channels. The company has expressed a strong desire toinvest in environmentally-friendlytransportation vehicles to usher in a new wave of Chinesetransportation and economic development.
This agreement is a key step in the directionof having more energy-efficient vehicles and an expanded network oftransportation services. MingZhu will be deploying these vehiclesacross its strong existing transportation network; this includes coldchain cargo transportation across cities in the Pearl River Deltaregion, port container transportation at Yantian Port Terminal andbulk cargo transportation in the Xinjiang region.
Hydrogenfuel cell vehicles are similar to electric vehicles as theyare zero-emission but instead of an electric battery, the vehiclegenerates electricity through an onboard fuel cell using hydrogen asits main power source. Guoquing Technology was the first enterprise inShenzhen to successfully commercialize hydrogen fuel cell vehicles inmass production. Asgas and diesel prices continue to rise , MingZhu’s shifttowards more environmentally friendly vehicles should proveadvantageous.
Mr. Jinlong Yang,Chairman and Chief Executive Officer of MingZhu Logistics HoldingsLimited, commented, “The importance of supply chain and fuelsecurity reached a critical level during the pandemic. Our customersare making strategic decisions to add optionality into their logisticsnetworks as they seek to derisk the high prices and volatility oftraditional gas and diesel. Hydrogen fuel cells have a significantpotential to be the alternative our customers want, and by partneringwith two leaders in the space we will be able to accelerate ourtimeline, while reducing the otherwise costly R&D investmentrequired. We view this as a win-win for MingZhu, our customers and ourpartners.”
Established in 2002 and headquartered inShenzhen, China, MingZhu Logistics Holdings Limited is a 4A-ratedprofessional trucking service provider. Based on the Company’sregional logistics terminals in Guangdong Province, MingZhu LogisticsHoldings offers tailored solutions to our clients to deliver theirgoods through our network density and broad geographic coverage acrossthe country by a combination of self-owned fleets, tractors andtrailers and subcontractors’ fleets. For more information, pleasevisit ir.szygmz.com.
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