Hexagon Purus and CIMC Enric form partnership for investment in China

OSLO, NORWAY: Hexagon Purus and CIMC Enric introduced the signing of funding agreements to set up a joint manufacturing facility in Shijiazhuang, Hebei and the CIMC-Hexagon New Energy Technologies administration workplace and engineering hub in Beijing Daxing District International Hydrogen Development Zone.

In addition, the Shijiazhuang and Beijing Daxing governments have made a strong dedication to support the event of the CIMC-HEXAGON enterprise of their areas through 2030.

 * Construction of the brand new composite cylinder and systems manufacturing facility in Shijiazhuang is anticipated to commence in Q2 2022, and the facility will home Type three and Type four hydrogen cylinder manufacturing and systems meeting capacity.

 * The CIMC-HEXAGON New Energy Technologies administration workplace and engineering hub will be located in Beijing Daxing District International Hydrogen Development Zone, one of China’s main areas for development of hydrogen applied sciences and application scenarios.

 * The facilities will set a benchmark for extremely automated manufacturing of composite hydrogen pressure vessels from 350 to 700 bar intended for the Chinese and Southeast Asian markets.

 * The product portfolio includes hydrogen fuel storage systems for on-road vehicles, rail and maritime applications.

 * The new facility is anticipated to create a number of hundred jobs in Shijiazhuang and Beijing and additionally will support enterprise for regional suppliers.

“As a half of our global expansion program, CIMC-HEXAGON will become the hub for excessive high quality and extremely automated manufacturing of high-pressure composite hydrogen storage cylinders and systems for China and Southeast Asia. We are looking ahead to making a contribution to the native transportation sector, addressing the substantial growth potential for hydrogen technology inside the area as a dependable provider of superior technology,” says Morten Holum, CEO of Hexagon Purus.

Leo Yang, CEO of CIMC ENRIC adds, “CIMC ENRIC, through CIMC-HEXAGON and the broad spectrum of Hydrogen associated merchandise and services of CIMC HYDROGEN, offers a distinctive portfolio of total options to vehicle fleet owners, railway and maritime operators. Shijiazhuang has been CIMC Enric’s manufacturing base for over two decades. We are assured that this environment offers our Joint Venture with Hexagon Purus a contemporary and industrialized environment that may ship a aggressive and extremely expert workforce, in addition to strong support from the native government”.

Groundbreaking

CIMC-HEXAGON, along with native Shijiazhuang authorities expect to provoke construction of the facility in Q2 2022.

Powerful Alliance

CIMC Enric is a number one global provider of cryogenic and compressed gas storage and transportation options and producer of clear energy equipment, headquartered in Shenzhen, People’s Republic of China. CIMC Enric is listed on the Stock Exchange of Hong Kong (ticker: 3899.HK). Hexagon Purus, a global chief in Type four hydrogen cylinder and battery electrical systems technology, is listed on the Oslo Stock Exchange (ticker: HPUR.OL).

The cooperation is a extremely compelling partnership: Hexagon Purus’ world class Type four hydrogen cylinder and systems applied sciences and design with over 20 years of heritage and security track record – and CIMC Enric’s extensive experience in gas system development tailor-made to the Chinese market and its long-standing relationships with large Chinese vehicle producers (OEMs) and gas distribution companies.

The three way partnership will serve the fast-growing demand of the Chinese marketplace for safe, light-weight and cost-efficient compressed hydrogen storage solutions. Relevant industrial requirements for Type four cylinders are currently being established by the Chinese government. The three way partnership will additionally support the transition to zero emission mobility options in Southeast Asia.

About the market

China, the world’s largest auto market with over 28 million vehicles sold annually, has set its sights on making a world-leading marketplace for fuel cell electrical vehicles (FCEVs) inside two decades. As forecasted by industry experts based on Chinese policymakers’ planning, the market will develop from greater than 7,000 FCEVs by finish of 2020, to 1.3 million FECVs by 2035. It is additionally anticipated that hydrogen will account for roughly 10% of primary energy consumption in China by 2050.

The preliminary focus of the Chinese hydrogen technique is on fuel cell electrical buses and commercial vehicles. This will enhance public consciousness and showcase the security of hydrogen. The Association of Southeast Asian Nations (ASEAN) introduced its collective ambition to obtain 23% renewable energy integration into its energy system by 2025, and much extra by 2035.

The shift to zero emission vehicles is pushed by the desire to enhance air excessive quality and reduce CO2 emissions, in addition to to extend energy independence by using large quantities of hydrogen already available in China. In addition, hydrogen provides cost-efficient storage for surplus renewable energy from wind and solar.

www.hexagonpurus.com

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