On March 20, 2022, GCL new energy (00451) and poly GCL energy (03800) jointly announced that the long-term natural gas procurement framework agreement signed on December 19, 2021 between GCL new energy Hong Kong Investment Co., Ltd. (“GCL new energy Hong Kong”), an indirect wholly-owned subsidiary of GCL new energy, and poly GCL Natural Gas Investment Co., Ltd. (“poly GCL natural gas”) of GCL group, has expired.
According to the announcement, since the preconditions of the framework agreement have not been met on March 18, 2022, the framework agreement has not been fulfilled, and GCL new energy Hong Kong will not pay a deposit or any other compensation or payment to poly GCL natural gas. GCL new energy stressed in its announcement that it will continue to develop hydrogen energy business, and its hydrogen energy strategy consists of blue hydrogen and green hydrogen.
It is understood that the expiration of the framework agreement only means that GCL new energy will not pay the deposit in exchange for the exclusive period of 12 months, while GCL new energy and poly GCL natural gas will continue to explore other cooperation opportunities.
Under the background that decarbonization has become a global goal, GCL new energy will combine the main application fields and market prospects of hydrogen energy and form the unique competitiveness of GCL new energy for sustainable development in the direction of including (but not limited to) green electricity hydrogen production. It is committed to becoming an international major hydrogen energy supplier and integrated energy management service provider.
