Shares of CBAK Energy Technology, Inc. (NASDAQ: CBAT) declared that it has inked a memorandum of cooperation with prominent European hydrogen energy. CBAK Energy has entered into this collaboration agreement to boost the growth of hydrogen fuel cells.

Through this collaboration, both the firms will be able to take advantage of the competitive edge of each other in technological modernization and industrial assets as well as exchange ideas on industry development. Furthermore, both the firm will also be to use the opportunity to cooperate on various projects.

Shares of CBAK Energy soared 10.39% as it gained +0.57 at the time of writing on Monday. The firm has recorded a trading volume of 2.16 million as compared to the average volume of 10.40 million. CBAK’s share went up 1534.72% from its 52-week low and went down -48.38% from its 52-week high. CBAK Energy has a total market capitalization of $532.79 million at the time of writing.

The main benefits of hydrogen fuel are that it includes zero emissions, higher energy conversion rate, and low noise as compared to the diesel engine. Such benefits contribute to an improvement in the energy composition, lessen pollution, lessen the greenhouse effect, and add to the sustainable growth of society.