Faurecia has announced that it has acquired a majority of CLD, one of China's largest high-pressure tank manufacturers.

The transaction will be completed once regulatory approvals are obtained in China.

Faurecia and CLD will develop and manufacture homologated type III and IV hydrogen storage tanks for the Chinese market. Headquartered in ShenYang, CLD has around 200 employees and 2 plants in Liaoning with a capacity of 30,000 tanks per year. The company is already an established and recognized player providing homologated hydrogen tanks to leading Asian commercial and light vehicle automakers.

Mathias Miedreich, Faurecia Clean Mobility EVP, said: "CLD is the right partner for Faurecia to accelerate hydrogen mobility in China. By 2030, China will represent a market of at least one million fuel cell vehicles. Through our complementary technologies and industrial expertise, we will further develop CLD's leadership."

"We are very pleased to welcome Faurecia, one of the global leading technology companies, through its investment in CLD equity. We believe that by joining the strengths of both parties, Faurecia_CLD will become one of the major fuel cell tank manufacturers in China," said Mrs Jiang Jiang, Chairman of CLD.

As hydrogen mobility gains momentum, Faurecia says it is uniquely positioned to develop hydrogen storage systems and distribution services as well as fuel cell systems (through Symbio, a joint venture with Michelin). This scope represents 75% of the full system value chain, Faurecia maintains.  By 2030, Faurecia forecasts the annual hydrogen vehicle production to be two and half million vehicles. Faurecia says it is committed to continue to invest significantly with the ambition to become a world leader in hydrogen mobility.