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Larsen & Toubro Ltd (L&T), mentioned it has entered right into a Memorandum of Understanding (MoU) with HydrogenPro AS, a Norway-based electrolyser expertise and manufacturing firm to faucet the rising Inexperienced Hydrogen market.
Below this settlement, L&T and HydrogenPro will collectively work in direction of establishing of a three way partnership in India for Gigawatt-scale manufacturing of alkaline water electrolysers primarily based on HydrogenPro expertise for Indian market and different choose geographies.
“The proposed three way partnership in India is according to L&T’s strategic imaginative and prescient to be current throughout the inexperienced vitality worth chain and HydrogenPro’s technique of building a world manufacturing footprint to take care of price management and guarantee native presence,” L&T mentioned In an announcement.
S.N. Subrahmanyan, CEO & MD, L&T mentioned, “The vitality trade is present process a tectonic shift with Inexperienced Hydrogen rising as a key gasoline sooner or later vitality basket. This can be a win-win partnership given our intensive relationship throughout the vitality trade, deep EPC expertise on this sector, and profitable ongoing collaborations with many MNCs and HydrogenPro’s focus to remain forward of the curve, so far as expertise management is anxious.”
“We’re extraordinarily happy to enter this Memorandum of Understanding with L&T, an E&C powerhouse which is the right companion to ascertain HydrogenPro within the Indian market, an enormous and rising vitality market with super potential for hydrogen-based options,” mentioned Elling Nygaard, CEO of HydrogenPro. India is well-suited for Inexperienced Hydrogen manufacturing because of the low era prices of renewable electrical energy from abundantly out there photo voltaic PV and wind energy sources, L&T mentioned. Inexperienced Hydrogen demand in India is estimated to develop as much as 2 mmtpa by 2030 according to the nation’s Inexperienced Hydrogen Mission, which might name for investments upward of $60 billion.
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