SHANGHAI, Jan. 12, 2024 /PRNewswire/ -- Hydrexia Holding Limited (Hydrexia), a leading hydrogen technology solution provider in China and Baowu Magnesium Technology Co., Ltd (Baowu Magnesium), a global leader in the field of light metal materials, today announced that the two companies have agreed to form a strategic partnership, leveraging the technology, production, and industry resource strengths of both companies in the hydrogen industry.
Under the planned strategic partnership framework, both companies will engage in substantial cooperations in several areas, including optimization of magnesium alloy hydrogen storage performance, production of core magnesium alloy raw materials, and processing and recycling of magnesium pellets.
Moreover, both companies have agreed to engage in a joint marketing initiative geared toward broadening industrial application scenarios of magnesium-based solid-state hydrogen storage and transportation technology. To this end, both companies will seek to establish application showcases using magnesium-based solid-state technology across various industry verticals.
"We are honored to work with an enterprise of Baowu Magnesium caliber. I believe our planned strategic partnership will create a win-win composition for both companies in the marketplace," said Alex Fang, the chairman and CEO of Hydrexia. "Leveraging the technology strengths and industry resources of our respective company, this partnership will further help broaden the industrial application scenarios of magnesium-based solid-state technology going forward," Fang added.
As the world's largest magnesium product producer, Baowu Magnesium possesses strong capability in magnesium product production and processing. This added capability in the supply chain will help enhance Hydrexia's ability in sufficiently meeting the growing demand for magnesium-based solid-state hydrogen storage and transportation products.
"We are pleased with the creation of this strategic partnership. The combination of Hydrexia's magnesium-based solid-state technology with our magnesium products will potentially expand the market horizon for magnesium technology end-use applications across new industry verticals," said Xiaoming Mei, the chairman of the board of Baowu Magnesium.
The partnership is expected to be executed starting January this year. Both companies will form designated working groups to engage in tasks in planned areas.
About Baowu Magnesium
Baowu Magnesium Technology Co. Ltd., formerly Nanjing Yunhai Special Metals Co. Ltd., is a China-based company engaged in the production, deep processing and sales of magnesium and aluminum alloy materials. The company's main products include aluminum alloys, magnesium alloys, magnesium alloy automotive die castings, aluminum extruded micro-air conditioning flat tubes, master alloys, aluminum extruded automotive structural parts and strontium metal. The company's products are mainly used in automotive lightweighting, consumer electronics, construction, and other fields.
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.
