H2B2 Electrolysis Technologies (H2B2) and GR Promoter Group have announced the initiation of a joint venture to develop hydrogen solutions.
The co-venturers will hold a 50% share in their new company, GreenH Electrolysis, which will operate in the Indian market, with the possibility to extend their activity to other countries in Asia.
GreenH Electrolysis will engage in the manufacturing of water-based electrolyzers and the development of green hydrogen production plants based on off-taker agreements. It will cover the whole value chain of hydrogen, including the following features: innovation, design, engineering, manufacturing, integration, financing and O&M for modular hydrogen production systems and ad hoc/industrial solutions capabilities.
Through this strategic partnership, H2B2 and GR Promoter Group will integrate their complementary resources and expertise. H2B2, an established player in multiple hydrogen markets such as the United States, Europe, Middle East and Latin America, brings to GreenH Electrolysis two decades of experience in hydrogen production, processing, and technology development. GR Promoter Group will make a grand entry into the green hydrogen business by leading the project development and the O&M of the facilities thanks to its extended experience and knowledge in the construction and development of key infrastructures across the country.
The first project of the Indian company GreenH Electrolysis will be the deployment of an electrolyzer production plant. The plant will start at a production capacity of 100MW and will escalate into a hydrogen Gigafactory. Work is expected to start at the beginning of 2023.
GreenH Electrolysis is rooted in H2B2’s and GR Promoter Group’s understanding of the critical role hydrogen plays in India’s transition to decarbonization. According to Ashwin Agarwal, spokesperson for GR Promoter Group and co-director of the new local company, “as the hydrogen momentum accelerates in India, it is becoming increasingly key for our economy to put an active and strong focus on the multiple pathways hydrogen opens up on the road to achieve net zero emissions goals”. Currently, the country is the world’s third-biggest emitter of greenhouse gases.
In this context, Florencio Ferrera, representative of H2B2 and co-director of the joint venture has agreed on the opportunity partnerships like GreenH Electrolysis represent to set India on the global map of green hydrogen. “Today’s announcement is in line with H2B2’s objective to be present in the promising Indian Green Hydrogen market. We will work together to drive the growth of India’s hydrogen production capabilities thanks to our proven specialization in electrolyzers and hydrogen technology,” added Ferrera.
A year after India announced their National Hydrogen Energy Mission (NHM), aimed at meeting its climate targets and making the country a green hydrogen hub, the Government has pushed for different policies to achieve its ambitious goals. According to NITI Aayog, the premier policy think-tank of the Government of India, India should be able to have the world’s largest electrolysis capacity for green hydrogen generation of over 60 GW/5 million tonnes by 2030 for domestic consumption and the world’s largest electrolyzer annual manufacturing capacity of 25GW by 2028 for both domestic and international markets.
This growth will also impact the country’s self-reliance targets, allowing the economic giant to curb its dependence on energy imports. As both Ferrera and Agarwal admit, one of the main goals of their new alliance will be to increase India’s energy security, as the current country’s energy basket is dominated by imported fossil fuels.