Hydrexia Holding Limited (Hydrexia) and Baowu Magnesium Technology Co., Ltd. (Baowu Magnesium) 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. 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.

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.