India: Thermax's stock rose 1.16% to Rs 2,202.30 after the company announced it had signed a memorandum of understanding (MoU) with Fortescue Future Industries (FFI) to explore green Hydrogen projects, including new manufacturing facilities in India. The MoU allows the companies to pursue opportunities to develop integrated green hydrogen projects for commercial and industrial customers in India, as well as potentially collaborate in developing new production sites specifically for furthering renewable energy projects in India.
The National Green Hydrogen Mission of India announced a Performance Linked Incentive (PLI) scheme that could be used to set up any new manufacturing capacity. Under this scheme, electrolysers and subsystems can not only be used to meet domestic requirements, but also exported internationally.
Ashish Bhandari, MD & CEO of Thermax, has stated that the collaboration with FFI is well-timed to take advantage of the vast potential of India's green energy sector. There are many possibilities presented by supportive and encouraging policies and incentives. On top of that, the newly approved National Green Hydrogen Mission looks to increase domestic production of green hydrogen to 5 MMT per annum by 2030, With all these factors in our favour, we are sure that this partnership will be a success.
Mark Hutchinson, CEO of FFI, announced that the company is on a bold mission to replace fossil fuels with green electrons from renewable energy which will be then converted into green hydrogen. India has shown its commitment to develop a green Hydrogen industry through the National Green Hydrogen Mission, which aims to decarbonise the country. FFI is proud to be collaborating with Thermax, one of India's leading companies and hopes that this partnership would help them reach their goal of eliminating emissions.
FFI, an Australia-based global green energy company, has made a commitment to creating green Hydrogen - a zero Carbon fuel - from 100% renewable sources. When using green Hydrogen, the only by-product is water. It's clean, sustainable energy that will power the future.
Thermax provides revolutionary solutions in several areas, including heating, cooling, power, water and waste management, air pollution control and chemicals. With factories in India, Europe and Southeast Asia, the firm offers sustainable products that are both efficient and eco-friendly. By using their expertise to deploy resources such as energy and water wisely, Thermax helps companies to be more productive without compromising the environment.
