Thermax partners with Fortescue Future Industries to foray into green hydrogen market

Energy and environment solution provider Thermax on Friday announced its foray into the green hydrogen market in partnership with Australia-based Fortescue Future Industries (FFI).

Thermax and FFI plan to explore opportunities to jointly develop fully integrated green hydrogen projects for commercial and industrial customers in India, a statement said.

Thermax Ltd, an energy and environment solutions provider, and Fortescue Future Industries (FFI), an Australia-based green energy and green technology company, have signed a memorandum of understanding (MoU) to explore green hydrogen projects, including new manufacturing facilities, in India.

The production of green hydrogen at an industrial scale would be a major step forward in decarbonising hard-to-abate industries in India, such as refineries, fertilisers and steel, it stated.

Also Read: IndiGo, SpiceJet shares fall amid market-wide sell-off; Maharashtra cuts VAT on jet fuel 

The MoU between Thermax and FFI also contemplates the potential collaboration of the parties in the development of new manufacturing facilities to support green energy projects in India.

The Performance Linked Incentive (PLI scheme), under India's National Green Hydrogen Mission, could be leveraged for setting up any new manufacturing capacity.

In addition to meeting the domestic requirements, electrolysers and subsystems could potentially be used for export internationally.

Thermax will bring its vast experience in EPC and supply chain to the collaboration.

Ashish Bhandari, MD & CEO, Thermax, said, "The collaboration with Fortescue Future Industries is perfectly timed to leverage the massive potential of the Indian green energy market that presents a multitude of opportunities, backed by favourable policies and incentives."

FFI CEO Mark Hutchinson said, "This MOU with a company of such high standing will help us in our mission to eliminate emissions."

Click here to get more stock market updates I Zee Business Live