In revealing the joint venture today (April 4), additional electrolysers will be created in a bid to support the growing green hydrogen business and support the industry will reducing the cost of the generation process.
This will be achieved by adding further electrolysers for the market. By having more enter the economy, it makes the systems less expensive and rare meaning that the overall cost to produce green hydrogen comes down as a result.
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Aimed to support the Indian hydrogen economy, it could provide the country with the driving force to be a real contender for the champion of green hydrogen and additionally become a global hotspot for the generation of the clean energy carrier.
The tripartite venture is a synergistic alliance that brings together the strong credentials of L&T in designing, executing, and delivering EPC projects, IndianOil’s established expertise in petroleum refining along with its presence across the energy spectrum, and the expertise of ReNew in offering and developing utility-scale renewable energy solutions.
Mr. SN Subrahmanyan, CEO & Managing Director of Larsen & Toubro, said, “India plans to rapidly march ahead in its decarbonisation efforts and production of Green Hydrogen is key in this endeavour.
“The IndianOil-L&T-ReNew JV will focus on developing Green Hydrogen projects in a time-bound manner to supply Green Hydrogen at an industrial scale.
“While L&T will bring its strong EPC credentials to the table, IOC being India’s premier oil refiner with extensive capabilities in chemical processes and refining has established deep R&D capabilities in many aspects of green hydrogen value chain, and ReNew Power has in a short time established itself as a leading renewable energy supplier and has built itself a very strong reputation.
“We consider this partnership as a significant step in India’s quest for alternative energy.”
Shrikant Madhav Vaidya, Chairman of IndianOil, said, “Being the Energy of India, we are committed to powering India’s drive towards carbon neutrality by leveraging the power of green hydrogen.
“IndianOil is forging this alliance to realise India’s green hydrogen aspirations, which is in sync with the Honourable Prime Minister’s vision of making India a green hydrogen generation and export hub.
“To start with, this partnership will focus on green hydrogen projects at our Mathura and Panipat refineries. Alongside, other green hydrogen projects in India will also be evaluated.
“While the usage of hydrogen in the mobility sector will take its due time, however the refineries will be the pivot around which India’s green hydrogen revolution will materialise in a substantial way.”
Exclusive: All you need to know about the Indian Hydrogen Alliance
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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