Under the terms of this new agreement, the two companies will jointly work towards establishing a joint venture in which to expand electrolyser manufacturing capacity and promote hydrogen’s use in India.
The gigawatt scale manufacturing site will specialise in creating alkaline water electrolysers based currently on HydrogenPro’s established electrolysis technology.
This could provide a massive boon not just for the Indian hydrogen economy but also for the growing Asian hydrogen economy as demand for the clean energy carrier continues to grow with staggering momentum.
The proposed joint venture in India is in line with L&T’s strategic vision to be present across the green energy value chain and HydrogenPro’s strategy of establishing a global manufacturing footprint to maintain cost leadership and ensure local presence.
With the development of this manufacturing site and joint venture, the companies will help India in achieving its target of 175GW of renewable by 2022 and 500GW by 2030.
Sekharipuram Narayanan Subrahmanyan, CEO & Managing Director at Larsen & Toubro, said, “The energy industry is undergoing a tectonic shift with green hydrogen emerging as a key fuel in the future energy basket. We are delighted to have signed this MoU with HydrogenPro.
“This will be a win-win partnership given our extensive relationship across the energy industry, deep EPC experience in this sector and successful ongoing collaborations with many MNCs and HydrogenPro’s focus to stay ahead of the curve as far as technology leadership is concerned.”
Formed in April 2021, the Indian Hydrogen Alliance (IH2A) is dedicated to the creation of a hydrogen value-chain and economy in India as the country strives to achieve a target of net zero greenhouse gas emissions by 2070, a goal which was laid out by Prime Minister Narendra Modi at the COP26 climate summit.
Currently the third largest emitter of carbon dioxide in the world today, following China and the US, India needs to start moving now – and IH2A aims to greatly support this. An industry-led coalition of global and Indian companies, IH2A works with private sector partners, the government, and the public to ensure that costs of hydrogen production are brought down, and a local supply chain for hydrogen and industrial, power and transport sector demand is created.
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