China Dynamics signed a cooperation agreement with four business units under China Shipbuilding Industry Corporation (CSIC). The parties will develop new generation electric ships and new electric ferryboats, with the technology being applied in other suitable vessel types and promoted in Hong Kong and markets globally.

To meet demands for green transportation, the China Dynamics and CSIC extended their cooperation to develop new ships powered by new generation energy sources including hydrogen fuel cells, lithium batteries and diesel-electricity hybrid engine and related systems.

These sources will be initially introduced in Hong Kong and the Guangdong-Hong Kong-Macao Bay Area, and then in major cities around the world including Paris, Moscow, London, New York, Venice and Amsterdam. The systems aim to meet demand for clean inland water and coastal water transports.

With ferry transportation continuously developing, the electric vessels market is expected to see rapid development. In the Mainland, since the State Council issued the 'Three-Year Action Plan to Win the Blue Sky Defense War', all municipal authorities have hastened formulating rectification measures, including looking into subsidizing conversion of electric ferries, among others, to help achieve green shipping.

In Hong Kong, a plan is to encourage those bidding for ferry service tenders to use environmentally friendly ships and equipment to help limit air pollutant emissions.

Mr. Cheung Ngan, Chairman of China Dynamics, mentioned:

The Group is very pleased with this partnership with CSIC dedicated to developing electric vessel business that has huge market potential. CSIC has the most comprehensive vessel related capabilities in the Mainland, whereas China Dynamics boasts leading technologies for offering new energy vehicle technology solutions and whole vehicle - engine and all components - manufacturing