Under a signed Memorandum of Understanding (MoU), the companies have set out to explore opportunities to jointly develop fully integrated green hydrogen projects for commercial and industrial customers.

H2 View understands the agreement also offers the potential for Thermax and FFI to collaborate on the development of new manufacturing facilities to support green energy projects in the country.

The companies say India’s Performance Linked Incentive (PLI scheme) under its National Green Hydrogen Mission could be leveraged for setting up any manufacturing capacity.

In January (2023), India approved a $2bn incentive plan to boost its green hydrogen developments in order to meet its goals of producing five million tonnes of green hydrogen per year by 2030.

Read more: India approves $2bn incentive plan to boost green hydrogen

“The collaboration with Fortescue Future Industries is perfectly timed to leverage the massive potential of the Indian green energy market that presents a multitude of opportunities, backed by favourable policies and incentives,” said Ashish Bhandari, Managing Director and CEO of Thermax.

This agreement comes as the latest in a string of MoUs for FFI to explore green hydrogen projects in regions across the globe. In January (2023) the company inked an agreement with Baker Hughes to collaborate on green hydrogen and geothermal projects.

Read more: Baker Hughes and FFI sign MoU to develop green hydrogen projects

Mark Hutchinson, CEO of FFI, commented, “Through the National Green Hydrogen Mission, the Indian Government has shown that it is committed to developing its green hydrogen industry to help the country decarbonise.”

He continued, “We are thrilled to be working with Thermax and believe that this MoU with a company of such high standing will help us in our mission to eliminate emissions.”