East China's Shanghai recently signed an agreement with Japanese company Tanikawa – a leading industrial park developer – to erect a major new hydrogen energy industry center that will house number of specialist companies in the city's Anting town.

The project will cost 430 million yuan ($59.30 million) and will see Tanikawa develop plots along Anting town's Xiechun Road to create an international hydrogen energy hub spanning 54,000 square meters. Construction is slated to begin in December.

On completion in 2025 and at full capacity, the facility is projected to generate an annual output value of 1 billion yuan and 100 million yuan in tax revenue.

Key tenants already lined up include hydrogen energy firms from Jiangsu, Suzhou and even Sweden.

The deal is part of Shanghai's efforts to cultivate emerging industries and upgrade its economic drivers through technological innovation. Local officials see hydrogen as a strategic new growth area.

Tanikawa said the project allowed it to capitalize on the "Internet + Big Data + Investment Promotion" trend transforming the project investment landscape.

"Digital platforms integrating industrial supply chain data allow us to much more efficiently evaluate projects, select sites and handle investment promotions," said Tanikawa executive Zhang Huiwen.

An artist's rendering of the new hydrogen energy industrial center in Shanghai's Anting town. [Photo/eastday.com]