Weichai Power buys into nascent global solid fuel cell market

Weichai Power, the subsidiary of Weichai Group, has signed a strategic agreement with the United Kingdom's solid oxide fuel cell supplier Ceres Power - to strengthen its position in the new energy power supply industry.

The move means Weichai Power is breaking into the cutting-edge solid oxide fuel cell, or SOFC market, and is a major step in the company's efforts to adopt new power sources.

Weichai agreed on May 16 to buy a 20 percent stake in Ceres Power for 40 million ($53.26 million). It will also establish a joint venture with Ceres Power before 2020 in Weifang.