Key Points of Collaboration:
- Thermax Limited and Fortescue Future Industries (FFI) signed an MoU to explore green hydrogen projects in India.
- The partnership aims to develop fully integrated green hydrogen projects for commercial and industrial clients in India, including the establishment of new manufacturing facilities.
- The production of green hydrogen at an industrial scale could decarbonize hard-to-abate industries such as refineries, fertilizers, and steel in India.
- The Performance Linked Incentive (PLI) scheme under India’s National Green Hydrogen Mission could be used for setting up any new manufacturing capacity.
- Electrolysers and subsystems developed through this partnership could be used for export purposes.
- FFI is in the process of building a world-leading Green Energy Manufacturing Centre in Gladstone, Queensland, with an initial output capacity of 2GW per annum.
- Thermax will leverage its vast experience in EPC and supply chain to drive the collaboration forward.
- The recent approval of India’s National Green Hydrogen Mission by the Union Cabinet provides an added impetus to the collaboration between Thermax and FFI.
Details of Collaboration:
Thermax Limited Collaborates with Fortescue Future Industries to Explore Green Hydrogen Projects in India
Thermax Limited, a renowned provider of energy and environment solutions, and Fortescue Future Industries (FFI), a leading green energy and green technology company based in Australia, have signed a Memorandum of Understanding (MoU) to investigate green hydrogen projects in India. The partnership aims to develop fully integrated green hydrogen projects for commercial and industrial clients in India, including the establishment of new manufacturing facilities.
The production of green hydrogen at an industrial scale could prove to be a significant milestone in decarbonising hard-to-abate industries such as refineries, fertilisers, and steel in India. The partnership between Thermax and FFI also includes exploring the possibility of collaborating on developing new manufacturing facilities to support green energy projects in India. The Performance Linked Incentive (PLI) scheme under India’s National Green Hydrogen Mission could potentially be used for setting up any new manufacturing capacity.
Apart from meeting domestic requirements, electrolysers and subsystems developed through this partnership could also be used for export purposes. FFI’s expertise in managing large-scale projects in its iron ore business provides a strong foundation for the company’s green energy arm to expand into green hydrogen manufacturing projects. Currently, FFI is in the process of building a world-leading Green Energy Manufacturing Centre in Gladstone, Queensland. The first phase of the project involves constructing an electrolyser manufacturing facility with a targeted initial output capacity of 2GW per annum.
Thermax, on the other hand, will leverage its vast experience in EPC and supply chain to drive the collaboration forward. The collaboration between Thermax and FFI comes at a time when India’s green energy market presents a plethora of opportunities, backed by favourable policies and incentives. The recent approval of India’s National Green Hydrogen Mission by the Union Cabinet, aimed at increasing domestic production of green hydrogen to 5 MMT per annum by 2030 and reducing fossil fuel imports by over Rs. 1 lakh crore, provides an added impetus.
Expressing his views on 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 added, “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.”
About Thermax:
Thermax Ltd provides comprehensive solutions to the energy, environment, and chemical industries. The company’s range of offerings comprises boilers, heaters, absorption chillers/heat pumps, power plants, solar equipment, air pollution control equipment/systems, water and waste recycling plants, ion exchange resins, performance chemicals, and related services.
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