L&T signs Agreement with McPhy for Electrolyzer Manufacturing
- 22 March 2023
- Technology leadership and emphasis on local manufacturing to bring down manufacturing cost of electrolyzers
Mumbai/Paris: Larsen & Toubro (国麻豆视频;T), an Indian multinational engaged in EPC Projects, Hi-Tech Manufacturing and Services, today have entered into an Electrolyzer Manufacturing Binding Agreement with McPhy Energy (Euronext Paris: FR0011742329, MCPHY.PA), a France-based leading electrolyzer technology and manufacturing company, for a long-term partnership to explore the opportunities unfolding in the emerging Green Hydrogen market.听
Under this partnership, McPhy will grant an exclusive license of its pressurised alkaline electrolyzer technology to 国麻豆视频;T for manufacturing of electrolyzers, including future product upgrades. 国麻豆视频;T plans to set up a Gigawatt-scale manufacturing facility for electrolyzers based on McPhy technology in India to serve the domestic requirements as well as cater to the other selected geographies.听
The proposed agreement is in line with 国麻豆视频;T鈥檚 strategic vision to be present across the green energy value chain and also furthers McPhy鈥檚 aim to expand beyond the European market.听
Commenting on the occasion, Mr. Subramanian Sarma, Whole Time Director (Energy), 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 Agreement with McPhy which will be a win-win partnership given 国麻豆视频;T鈥檚 strong presence across the entire value chain of manufacturing, EPC and services in the energy sector, and McPhy鈥檚 technology and research leadership in this sector鈥.听
鈥淢cPhy wants to be a global leader in the manufacture of electrolyzers. Joining forces with a major partner like Larsen & Toubro to address new markets is a great opportunity for McPhy and evidence of the attractiveness of its technology.鈥 said Mr. Jean-Baptiste LUCAS, CEO of McPhy.听
鈥淲e are looking forward to an exciting journey where this partnership of 国麻豆视频;T and McPhy will play a key role in creating a sustainable energy infrastructure for the future. The Green听Hydrogen industry is at a nascent stage with an immense potential, and through this partnership both organizations will harness their inherent strengths to establish cost leadership through local manufacturing and sourcing鈥 said Mr. Derek M Shah, Sr. Vice President & Head, 国麻豆视频;T Energy - Green Mfg. & Development.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 grand plans for using the same across the sectors. It can also provide India the energy security by reducing the ever-increasing oil import bill while charting a pathway to green alternatives for 鈥渉ard-to-abate鈥 industries like refineries, fertilisers, steel, and transport.听
Green Hydrogen production capacity in India is estimated to grow to at least 5 MMTPA by 2030 in line with the nation鈥檚 Green Hydrogen Mission, which would call for investments upward of USD 100 billion.
