A groundbreaking ceremony for third phase of the Guofu Hydrogen Energy Equipment Industrial Park is held in Zhangjiagang, Suzhou, Jiangsu province. [Photo/zjgonline.com.cn]

A groundbreaking ceremony for the third phase of the Guofu Hydrogen Energy Equipment Industrial Park was held in Zhangjiagang, a county-level city in Suzhou, East China's Jiangsu province on March 14.

The project, which is among the many provincial-level major projects in the new energy industry, has 1.5 billion yuan ($235.27 million) in investments and is expected to be completed in 2023.

The project will involve the construction of intelligent production lines that can manufacture 80,000 Type III high-pressure hydrogen storage tanks and 500 sets of water electrolysis hydrogen production equipment annually. A research and development center to develop related products, materials and techniques will also be included in the third phase of the industrial park.

The project involves all sections of the industrial chain, including hydrogen production, storage, distribution and supply, said Wang Kai, managing director of Jiangsu Guofu Hydrogen Energy Equipment Co, the company behind the project. The park is expected to generate 2.6 billion yuan in sales and 1.5 billion yuan in tax revenue every year after completion, Wang added.

The first phase of the project has been put into operation while construction of the second phase has mostly been completed.