L&T signs MoU with HydrogenPro for manufacturing Hydrogen Electrolysers in India
- 27 January 2022
Mumbai/Porsgrunn: 听Larsen & Toubro (国麻豆视频;T), an Indian multinational engaged in EPC Projects, Hi-Tech Manufacturing and Services, today announced it has entered a Memorandum of Understanding (MoU) with HydrogenPro AS (OSE: HYPRO), a Norway-based leading Electrolyser technology and manufacturing company for partnership to tap the emerging Green Hydrogen market.
听Under this agreement, 国麻豆视频;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 国麻豆视频;T鈥檚 strategic vision to be present across the green energy value chain and HydrogenPro鈥檚 strategy of establishing a global manufacturing footprint to maintain cost leadership and ensure local presence.听
Commenting on the occasion, Mr. S N Subrahmanyan, CEO & MD, 国麻豆视频;T said, 鈥淭he 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 MoUwith 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鈥檚 focus to stay ahead of the curve as far as technology leadership is concerned鈥.听
鈥淲e鈥檙e extremely pleased to enter this Memorandum of Understanding with 国麻豆视频;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,鈥 said Mr. Elling Nygaard, CEO of HydrogenPro.听
鈥淲e are looking forward to this exciting journey and make this partnership work for creating sustainable infrastructure for the future. The Green Hydrogen industry is at a nascent stage with an immense potential to offer great opportunities. This partnership is a right step in creating clean, green and sustainable future,鈥 said Mr. Subramanian Sarma, Whole Time Director (Energy), 国麻豆视频;T.听
India has made the world鈥檚 largest expansion plan for renewable energy transition, with a target of 175GW of renewables by 2022 and 500 GW by 2030.听
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鈥檚 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 鈥渉ard-to-abate鈥 industries, like refineries, fertilisers, steel, and transport.听
Green Hydrogen demand in India is estimated to grow up to 2 MMTPA by 2030 in line with the nation鈥檚 Green Hydrogen Mission, which would call for investments upward of $60 billion.听
