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.
