Larsen & Toubro Ltd (L&T), said it has entered into a Memorandum of Understanding (MoU) with HydrogenPro AS, a Norway-based electrolyser technology and manufacturing company to tap the emerging Green Hydrogen market.
Under this agreement, L&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 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,” L&T said In a statement.
S.N. Subrahmanyan, CEO & MD, L&T said, “The energy industry is undergoing a tectonic shift with Green Hydrogen emerging as a key fuel in the future energy basket. 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.”
“We’re extremely pleased to enter this Memorandum of Understanding with L&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,” said Elling Nygaard, CEO of HydrogenPro. 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, L&T said. 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.