HydrogenPro signs MoU with Larsen & Toubro for Manufacturing Hydrogen Electrolysers in India

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  • India has made the world’s largest expansion plan for renewable energy transition
  • Green Hydrogen demand in India is estimated to grow up to 2 MMTPA by 2030

HydrogenPro AS (OSE: HYPRO) announced that it has entered into a memorandum of understanding (MoU) with Larsen & Toubro (L&T), an Indian multinational engaged in EPC Projects, Hi-Tech Manufacturing, and Services, for a partnership to tap the emerging Green Hydrogen market.

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Under this agreement, L&T and HydrogenPro will jointly work towards setting up a joint venture in India for Gigawatt-scale manufacturing of Alkaline Water Electrolysers based on HydrogenPro technology for the 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.

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India has made the world’s largest expansion plan for renewable energy transition, with a target of 175GW of renewables by 2022 and 500 GW by 2030.

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 plans to use 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 alternatives for “hard-to-abate” industries, like refineries, fertilizers, 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.

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