Shanghai (ZXZC)- United Fuel Cell System R&D (Beijing) Co., Ltd. (FCRD), a significant joint venture announced by Toyota in early June, has been officially registered in Beijing, according to Chinese corporate data platform Tianyancha.

Founded on August 20, FCRD involves a registered capital of 1.673 billion yen ($15,811,510). Tianyancha's records show the newly-established company has six shareholders—Toyota Motor Corporation, GAC Group, Dongfeng Motor Corporation, BAIC Group, FAW Group and Beijing SinoHytec Co.,Ltd. Of those, the Japanese auto giant holds 65% of equity stake.

FCRD will primarily work on developing fuel cell systems for commercial vehicles to contribute to the realization of a clean mobility society in China. Its line of businesses includes the technology development of the fuel cell system for the commercial fuel cell vehicles using Toyota's cells and the consultation and transfer of relevant technologies.

The aforementioned six parents signed on June 5 a joint venture agreement for the establishment of FCRD. Toyota said then they can work together as partners to promote the spread of FCEVs and develop competitive fuel cell systems that comply with regulations in China.

Specifically, the six companies will engage in discussions to formulate product plans and create a single streamlined structure to develop a series of technologies from components including fuel cell stacks that satisfy performance needs in China and fuel cell system controls that support those components, to vehicle installation. They will tackle the challenges of developing low-cost, competitive fuel cell systems and their key components with superior product strengths including the drive performance, fuel efficiency, and durability that will be essential for the widespread adoption of FCEVs.