Thermax Ltd. and Fortescue Future Industries (FFI) of Australia have signed a Memorandum of Understanding (MoU) to explore green hydrogen projects, including new manufacturing facilities, in India.
Under the MoU, Thermax and FFI will plan to explore opportunities to jointly develop fully integrated green hydrogen projects for commercial and industrial customers in India.
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.
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, “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 decarbonise.”
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