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CIMC-Hexagon and Shijiazhuang Government Sign Investment Agreement


(28 March 2022 – Hong Kong) CIMC Enric Holdings Limited (“CIMC Enric” or “the Company”) together with its subsidiaries (the "Group") (Stock Code: 3899.HK) is pleased to announce today that its hydrogen joint ventures with Hexagon Purus, CIMC-Hexagon Hydrogen Energy Development Limited (“CIMC-Hexagon”), has signed an investment agreement with Luancheng District Government of Shijiazhuang City, Hebei Province (the “Government”) to build hydrogen cylinder production lines in Shijiazhuang in the second quarter of 2022, with product portfolios that will include hydrogen cylinders and supply systems for road vehicles, railroads and marine applications.

The new manufacturing facilities in Shijiazhuang will include the construction of new production lines for composite hydrogen cylinders, systems for the transportation sector. It will be capable of manufacturing and assembling Type III and Type IV hydrogen cylinders, and will become a benchmark for highly automated production facilities for composite high-pressure hydrogen cylinders ranging from 35MPa and above (including 70MPa) for the China and Southeast Asian markets. The Government has also pledged to support the local business development of CIMC-Hexagon and provide various assistance.

Shijiazhuang is the capital city of Hebei Province and one of the key cities in the Beijing-Tianjin-Hebei Economic Zone, and is adjacent to Baoding, one of the demonstration city of Beijing-Tianjin-Hebei hydrogen fuel cell vehicle demonstration clusters. Thanks to its location, the joint ventures will be able to actively participate in the demonstration city cluster and provide high-pressure hydrogen cylinders and integrated hydrogen supply system equipment for hydrogen fuel cell vehicles in various scenarios such as urban logistics, long distance transportation and suburban passenger transportation.

On March 23, the National Development and Reform Commission (NDRC) of China issued the Medium and Long-term Development Plan for Hydrogen Industry (2021-2035), which proposes to make hydrogen energy an important component of the national energy system and emphasizes the orderly promotion of demonstration applications in the transportation sector, including focusing on promoting the application of hydrogen fuel cells in medium and heavy-duty vehicles and actively exploring the application of fuel cells in ships and other fields to continuously expand the market size of hydrogen energy applications in the transportation sector. On the other hand, ASEAN has also announced its determination to achieve a 23% share of renewable energy in its total energy mix and a 35% share in its electricity mix by 2025, which will also provide a wide market for hydrogen-related equipment applications.

Mr. Yang Xiaohu, Executive Director and General Manager of CIMC Enric, said, " For more than 20 years, Shijiazhuang has been CIMC Enric's production base for intelligent manufacturing and the cradle of our hydrogen energy business development. We believe that with the strong support of the local government, CIMC-Hexagon will embark on the fast track of modern and intelligent development, providing a safe, high-standard and rich product portfolio and mobile distribution equipment of high-pressure hydrogen cylinders and integrated solutions for vehicle, railroad and ship enterprises, actively participating in hydrogen energy city demonstration clusters, and helping the development of the national hydrogen industry chain.”

Mr. Morten Holum, CEO of Hexagon Purus, noted, “As part of our global expansion plan, CIMC-Hexagon will become a center for high quality and highly automated manufacturing of high-pressure composite hydrogen cylinders and systems in China and Southeast Asia. We are looking forward to making a contribution to the local transportation sector, addressing the substantial growth potential for hydrogen technology in the region as a reliable supplier of advanced technology.”