India : Thermax to invest heavily in green hydrogen production with new electrolyser plant
Thermax Ltd. is investing in green hydrogen production by setting up a solid oxide electrolysers plant in India, following a partnership with Ceres Power. The company aims to manufacture and sell SOEC modules, targeting industries like steel and petrochemicals for decarbonisation. CEO Ashish Bhandari is optimistic about boosting profit margins as Thermax focuses more on green energy solutions.
Thermax Ltd. is preparing for a major investment to boost its green hydrogen production capabilities by setting up a solid oxide electrolysers manufacturing plant in India. This follows its recent partnership with UK-based Ceres Power Ltd., aimed at advancing solid oxide electrolysis cell (SOEC) technology for green hydrogen production.
As part of the agreement, Thermax will manufacture, sell, and service stack array modules using Ceres’ SOEC technology. Over the next two years, the company also plans to build a manufacturing facility, develop the necessary supply chain, and localise key components.
Ashish Bhandari, CEO of Thermax, mentioned that the company is ready to invest hundreds of crores in this venture, adjusting the investment based on the project’s success at each stage.
Bhandari highlighted the growing importance of green hydrogen for industries such as steel, petrochemicals, and fertilisers, which are hard to decarbonise. He believes that solid oxide technology will accelerate India’s green transition.
Currently, 70% of Thermax’s order book is focused on green energy solutions, with the remaining 30% on traditional fossil fuel projects. Bhandari expressed optimism that the company’s shift towards green technology would improve its profit margins in the future, despite one-time hits in the bio-CNG and project sectors in the first quarter.
Source Link : https://www.manufacturingtodayindia.com/thermax-to-invest-heavily-in-green-hydrogen-production-with-new-electrolyser-plant
Recommended for you
