The world’s largest solar company, Longi Green Energy Technology Co., has made a debut in the hydrogen market, according to industry publication Solarzoom.
As most energy companies are making a shift to hydrogen as an alternative to carbon fuel, Xi’an Longi Hydrogen Technology Co. was about $52 billion on Friday’s close after the decision. Shares saw a rise as much as 4.9% on Tuesday morning in Asia.
The firm, the world’s biggest solar company, manufactures panels, cells, and wafers. It was registered on March 31 in China.
In a 2020 interview, President Li Zhenguo stated that a combination of storage and solar energy would be the cheapest form of energy worldwide by the end of the decade. The firm has long-term plans, whereupon finding the direction, it will not begrudge money on R&D, he added.
Longi’s shareholders include Shanghai Zhuqueying Private Equity Investment Fund Partnership and Xi’an Longi Green Energy Venture Capital Management Co.
Sustainability is the primary goal of today’s energy companies and figuring out how to scale up and cut costs of cleaner hydrogen output will help create economically viable solutions for day-to-day lives.