Hexagon Purus to Sell Stake in China JV to CIMC Enric for 2026 Funding

Hexagon Purus plans to sell a stake in its Chinese hydrogen storage joint venture to CIMC Enric, which will fully fund the JV's operations throughout 2026. This arrangement aims to minimize cash outflows while maintaining a presence in the Chinese market. Established in 2021, the JV produces hydrogen storage systems for the Asian market. The effective sale follows a 39% drop in Hexagon's 2025 revenues due to reduced activity in hydrogen sectors. The partnership is viewed as a step toward improving capital efficiency.

Published Mar 24, 2026

Hexagon Purus will sell a stake in its Chinese hydrogen storage joint venture to CIMC Enric, which will finance the JV's operations for 2026 in exchange for a larger ownership share. This move aims to reduce cash outflows while retaining a market presence in China.

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The JV, established in 2021, produces Type 4 composite hydrogen cylinders and aims to capitalize on increasing Chinese government support for hydrogen. Following a 39% revenue drop in 2025, Hexagon's CEO indicated the arrangement is part of an ongoing portfolio review focused on capital efficiency. The JV is currently seeking certification to operate in China, with efforts to simplify its structure for better competitiveness.