|
Larsen & Toubro (L&T) said on Thursday it has signed a Memorandum of Understanding (MoU) with HydrogenPro AS, a Norway-based firm, for manufacturing hydrogen electrolysers in India.
Under this agreement, L& T and HydrogenPro will jointly work towards setting up of a joint venture in India for Gigawatt-scale manufacturing of Alkaline Water Electrolysers based on HydrogenPro technology for Indian market and other select geographies. "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," L&T said in a statement. Commenting on deal S N Subrahmanyan, CEO & MD, L&T 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." India has made the world's largest expansion plan for renewable energy transition, with a target of 175 GW of renewables by 2022 and 500 GW by 2030. "We're extremely pleased to enter this Memorandum of Understanding with L& T, an E&C powerhouse which is the perfect partner to establish HydrogenPro in the Indian market, a huge and growing energy market with tremendous potential for hydrogen-based solutions," Elling Nygaard, CEO of HydrogenPro, said in the statement. India is well suited for Green Hydrogen production due to the low generation costs of renewable electricity from abundantly available solar PV and wind power sources. The country aims to be among the world's largest Green Hydrogen hubs and has plan for using the same across the sectors. It can also provide India the energy security by reducing the ever-increasing energy import bill and a pathway to green alternative for "hard-to-abate" industries, like refineries, fertilisers, steel, and transport. Green Hydrogen demand in India is estimated to grow up to 2 MMTPA by 2030 in line with the nation's Green Hydrogen Mission, which would call for investments upward of $60 billion. (ANI)
|
