Everllence remains committed to the Chinese market and is accelerating its investment in China in the hydrogen, carbon capture and storage (CCS) sectors, eyeing the massive development potential in the world's largest renewable energy consumer, said a top company official.

The company was formerly known as MAN Energy Solutions.

"China is a vital cornerstone of our global strategy, and Everllence will be investing more in China in these areas, as well as heat pumps, to help the government achieve its climate goals within or even ahead of schedule," said Uwe Lauber, CEO of Everllence, which is headquartered in Augsburg, Germany.

"As the world's largest renewable energy consumer and producer, China has always been playing and will continue playing a pivotal role in evolving our global strategy focused on enabling decarbonization across industries," he said.

Lauber unveiled the new company nameplate in Augsburg on Wednesday with the former MAN Energy Solutions, a provider of decarbonization solutions for the marine industry and several other industrial sectors, now operating under the new name of 'Everllence'.

Lauber said the enduring relationship with the Chinese market forms the bedrock of Everllence's commitment as it transitions from a component supplier to a comprehensive system integrator dedicated to helping customers achieve their decarbonization goals.

The CEO pointed to China's resolute commitment to its net-zero emissions targets as a key driver for enhanced collaboration, highlighting the significant alignment between China's decarbonization roadmap and Everllence's expertise in crucial technologies such as hydrogen production and utilization, CCS and advanced heat pump systems.

"China has a clear net-zero roadmap, and we possess the products and the know-how in these essential areas to be a valuable partner in their journey to reduce emissions," he said.

Lauber also underscored the strategic importance of China's dominant position in the global shipbuilding industry.

As a major supplier of both two-stroke and four-stroke engines, Everllence recently signed a 10-year low-speed engine license agreement with China State Shipbuilding Corp's (CSSC) in Shanghai, which will enable the two parties to continue green and low-carbon development, promote low- and zero-carbon engine joint development and research including ammonia and methanol fuel, and provide the world's leading vessel power solutions.

Since the first license agreement was inked in 1980, CSSC and Everllence have established an extensive cooperation over 45 years, it said.

The recent milestone exemplifies the deep-rooted and long-term nature of this collaboration, which spans over 45 years through a licensing agreement with CSSC. "This isn't about short-term projects, it's about long-term collaboration based on mutual understanding and demand-driven innovation," he said.

Recognizing the urgency of decarbonizing the existing global shipping fleet, Lauber sees Chinese shipyards as indispensable partners in this endeavor.

Furthermore, the significant potential for heat pump technology to replace fossil fuel-based heating systems, particularly in the colder northern regions of China, presents another crucial area of focus, he said, adding that the abundance of renewable energy in these regions further enhances the viability of heat pump deployment.

The burgeoning hydrogen sector, encompassing the entire value chain from production to development of synthetic fuels to storage, is also a key area of increasing focus for Everllence in China.

International agencies believe China's ambitious hydrogen energy development plan is setting the stage for "numerous opportunities" within its burgeoning clean energy sector.

James George, deputy resident representative of UNDP China, said China's hydrogen energy development plan for 2021-35 outlines ambitious paths as the nation strives to achieve its carbon peaking and neutrality targets.

China's hydrogen infrastructure is rapidly expanding, with 426 refueling stations built by June 2024. The adoption of fuel cell vehicles is also accelerating, surpassing 20,000 by the end of the previous year and continuing its swift upward trend.

Despite the current global economic landscape, Everllence remains optimistic about the growth prospects within China's energy sector, particularly in green marine solutions over the next five years.

The CEO expressed strong confidence in the potential of CCS, the hydrogen sector, and the retrofitting of ships to meet evolving environmental regulations.