BBN Report
MUMBAI/PORSGRUNN/January 27-2022: Larsen & Toubro (L&T), the Indian multinational engaged in EPC projects, Hi-tech manufacturing and services has entered a Memorandum of Understanding (MoU) with HydrogenPro AS, a Norway-based leading Electrolyser technology and manufacturing company for partnership to tap the emerging Green Hydrogen market, a statement from L&T said.
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 Indian market and other select geographies, the statement added.
Green energy value chain
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.
S N Subrahmanyan, CEO & MD, L&T noted that 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,” Subrahmanyam added.
Elling Nygaard, CEO of HydrogenPro said L&T, the E&C powerhouse is the perfect partner to establish HydrogenPro in the Indian market, a huge and growing energy market with tremendous potential for hydrogen-based solutions.
He said his company 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,” said Subramanian Sarma, whole time director (Energy), L&T.
Target for Renewables
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.
