KUALA
LUMPUR, Malaysia and SHANGHAI, July 3, 2024
/PRNewswire/ -- In conjunction with the recent Asia Pacific
Green Hydrogen Conference & Exhibition 2024 in Malaysia, Hydrexia Borneo Sdn Bhd, a
wholly-owned subsidiary of Hydrexia Holding Limited (Hydrexia), a
leading integrated hydrogen solution provider in China, and ICE SEDCE Hydrogen Sdn Bhd (ISHSB)
in Malaysia announced that the two
companies have signed a Heads of Agreement (HOA) to form a joint
venture for the development, operation and maintenance of hydrogen
refueling station (HRS) and hydrogen storage solutions. The HOA is
intended to leverage the technological and market strengths of both
companies to best meet the hydrogen development needs in
Malaysia.
Under the terms of the HOA, Hydrexia and ISHSB will form a joint
venture for the operation and maintenance of HRS and hydrogen
storage solutions for the Rembus depot of the Automated Rapid
Transit System, which is the first phase of the Kuching Urban
Transportation System (KUTS) project. The key joint venture
initiatives will be carried out in phases. Both companies will
jointly explore HRS and hydrogen storage business opportunities
leveraging Hydrexia's experiences and technologies in HRS and
hydrogen storage solutions.
This newly formed joint venture will further enhance Hydrexia's
market expansion strategy in Malaysia following a successful strategic
partnership with Lestari last month. Meanwhile, it further
reinforces the strong commitment of Hydrexia to serve the growing
hydrogen business needs in the region by collaborating with local
partners.
"We are excited about forming this joint venture with ISHSB.
This new venture will help us to further penetrate the Malaysian
hydrogen market by working with a trusted local partner like
ISHSB," said George Gan, the Chief
Executive Officer of Hydrexia Southeast Asia. "The new venture will
also help us to best utilize our hydrogen technology solutions to
serve the needs of our customers in Malaysia," Gan added.
"We are equally excited about this new joint venture with
Hydrexia and what it can potentially bring to sufficiently meet the
demand for HRS and hydrogen storage in our market," said Abdul
Jalil Maraicar, Group Managing Director of ICE Petroleum,
representing ISHSB. "We look forward to working with Hydrexia to
best utilize its technology capability and solutions to meet the
needs of our local hydrogen market. I am confident about the
prospects of this new joint venture,"Abdul
Jalil continued.
Hydrexia has been actively expanding its business operation in
the hydrogen markets in Southeast Asian countries where its
business has been growing rapidly, having secured strategic
partnership, joint venture, and business contracts in 2024.
Hydrexia is fully committed to serving the technology and solution
needs of its customers globally.
[About ISHSB]
ISHSB is a joint venture between ICE Petroleum and SEDC Energy
to develop the hydrogen production, storage and refuelling system
at Rembus depot for the ART system under the KUTS project in
Sarawak, Malaysia. ICE Petroleum
is an enabling partner for investment, development and owner
representation to help drive the energy transition agenda. SEDC
Energy is a wholly owned unit of Sarawak Economic Development
Corporation, established to enhance the global presence of
Sarawak's emerging new energy and
downstream oil & gas businesses.
[About Hydrexia]
Hydrexia Holding Limited is a leading integrated hydrogen
technology solution provider in China with global reach. The company
specializes in providing technology solutions for hydrogen
production, storage, transportation, and end-use applications.
Leveraging its solid R&D capabilities and industry-leading
technology, Hydrexia aims to effectively address the technology and
application needs across the global hydrogen industry value
chain.
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SOURCE Hydrexia