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Hydrexia and NovaAir Sign Memorandum of Understanding for Hydrogen Business Development in India

Hydrexia and NovaAir Sign Memorandum of Understanding for Hydrogen Business Development in India

NEW DELHI and SHANGHAI, June 24, 2024 /PRNewswire/ -- Hydrexia Singapore Pte Ltd, a wholly-owned subsidiary of Hydrexia Holding Limited (Hydrexia), a leading integrated hydrogen solution provider in China, and NovaAir Private Limited (NovaAir), a PAG investee company in India today announced that the two companies have inked a Memorandum of Understanding (MOU) to jointly develop the hydrogen market in India. The cooperation is intended to utilize the combined market skills and technologies of both companies to best meet the hydrogen development needs in India.

Under the scope of the MOU, Hydrexia and NovaAir will work closely to jointly explore potential business projects leveraging NovaAir's local business development capabilities as well as Hydrexia's technologies and solutions in hydrogen purifications, hydrogen refueling station (HRS) and hydrogen transportation and storage.

The planned cooperation adds significant values to Hydrexia's fast-growing market expansion in the Asian market following recent successful business initiatives in the region. The cooperation with NovaAir will further reinforce the strong commitment of Hydrexia to serve hydrogen business needs in the region by collaborating with local partners.

"The MOU adds a new dimension to the rapid growth of our business in Asia. We are extremely happy to work with NovaAir to develop the hydrogen market in India," 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 India," Gan added.

"We are happy to have chosen Hydrexia as our partner to develop the hydrogen market locally. Hydrexia has clearly demonstrated its technological competitiveness to address the market needs," said Gajanan Nabar, the Managing Director and Chief Executive Officer of NovaAir. "Our combined market skills and technologies will enable us to best serve the needs of the hydrogen market going forward," Nabar continued.

Hydrexia has been actively expanding its business operation in the hydrogen markets in Southeast Asian countries where its business has been growing rapidly, having secured strategic partnership, joint venture, and business contracts in 2024. Hydrexia is fully committed to serving the technology and solution needs of its customers globally.

[About NovaAir]

NovaAir is a manufacturer and supplier of high-quality industrial gases. Funded by PAG India, NovaAir brings to the table a unique combination of safety, operational reliability and economic efficiency, while supporting the customers with gases in the manufacturing process.

[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.

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