Thermax, Fortescue Future Industries forge green hydrogen partnership in India
Thermax, an Indian energy and environment solutions provider, is joining forces with Fortescue Future Industries (FFI), an Australian green energy and green technology company, to explore opportunities for green hydrogen in India.
In this regard, both parties have inked a memorandum of understanding (MoU) to study the possibility of green hydrogen projects, including new manufacturing facilities.
Thermax and Fortescue Future Industries plan to jointly develop fully integrated green hydrogen projects for industrial and commercial customers in the country.
According to Thermax, green hydrogen production on an industrial scale will be a significant step forward in decarbonizing the hard-to-abate sectors in India including refineries, steel, and fertilizers.
The MoU between the parties is also a consideration of their possible collaboration in the creation of new manufacturing facilities that will support sustainable energy development projects within India.
The Performance-Linked Incentive (PLI plan) in India’s National Green Hydrogen Mission, could be used by the partners to set up an entirely new production capacity.
In addition to meeting the demands of the domestic market, electrolyzers, and subsystems can be used to export to other countries, said Thermax.
Ashish Bhandari — Thermax MD and CEO 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 favorable policies and incentives.
“Furthermore, the recent approval of the National Green Hydrogen Mission by India’s Union Cabinet, which aims to increase domestic production of green hydrogen to 5 MMT per annum by 2030 and reduce fossil fuel imports by over Rs. 1 lakh crore, is a significant boost. With all these factors working in our favor, we are confident that our association will be successful.”
Through Fortescue Metals Group’s expertise in managing large-scale projects within its iron ore business is said to give its green energy arm – Fortescue Future Industries a solid foundation to move into manufacturing projects in green hydrogen.
Thermax said that it will its extensive expertise in EPC and supply chain in the partnership.
Mark Hutchinson — Fortescue Future Industries CEO said: “FFI is on a mission to replace fossil fuels by producing green electrons from renewable energy and then converting these green electrons into green hydrogen. Through the National Green Hydrogen Mission, the Indian Government has shown that it is committed to developing its green hydrogen industry to help the country decarbonize.
“We are thrilled to be working with Thermax and believe that this MOU with a company of such high standing will help us in our mission to eliminate emissions.”