Leading manufacturer of electrolysers McPhy Energy has signed an agreement with Indian engineering and construction giant Larsen & Toubro (L&T) to grant L&T an exclusive license to manufacture electrolysers using McPhy’s pressurized alkaline electrolyser technology. L&T plans to build an electrolyser production facility on a gigawatt scale in India to meet domestic demand and the needs of other chosen regions. By lowering the country’s rising oil import costs and providing environmentally friendly alternatives for “hard-to-abate” industries, this move has the potential to make India one of the biggest hubs for green hydrogen in the world. The arrangement aligns with L&T’s strategic strategy to be present along the whole green energy value chain and will help McPhy achieve its goal of growing outside of the European market. This agreement between McPhy Energy and Larsen & Toubro to manufacture electrolysers using McPhy’s technology is a significant step in India’s pursuit of green hydrogen.
McPhy Energy Signs Deal with Larsen & Toubro to Manufacture Electrolysers in India
McPhy Energy, a leading French manufacturer of electrolysers, has signed a definitive agreement with Larsen & Toubro (L&T), an Indian engineering and construction giant. As part of the cooperation, McPhy will grant L&T an exclusive license to manufacture electrolysers, using its pressurized alkaline electrolyser technology, including future product enhancements. L&T plans to establish an electrolyser production facility on a gigawatt scale in India to satisfy domestic demand and the requirements of other selected regions. This arrangement will help McPhy achieve its goal of expanding beyond the European market and aligns with L&T’s strategic approach to being present along the whole green energy value chain.
India is an ideal location for green hydrogen production due to low production costs of renewable electricity from a plethora of readily available solar PV and wind power sources. India has ambitious plans to use green hydrogen across all industries and hopes to be one of the largest hubs for it in the world. By lowering the country’s increasing oil import expenses, it can also provide India with energy stability while paving the way for environmentally friendly alternatives for “hard-to-abate” industries like refineries, fertilisers, steel, and transportation.
Under the terms of the agreement, L&T will manufacture electrolysers using McPhy’s technology to meet the growing demand for green hydrogen in India. According to India’s Green Hydrogen Plan, the country’s green hydrogen production capacity is projected to increase to at least 5 MMTPA by 2030, necessitating investments of up to $100 billion.
Subramanian Sarma, Whole Time Director (Energy), L&T, stated that “The energy industry is undergoing a tectonic shift with green hydrogen emerging as a key fuel in the future energy basket. We are delighted to have signed this agreement with McPhy, which will be a win-win partnership given L&T’s strong presence across the entire value chain of manufacturing, EPC, and services in the energy sector, and McPhy’s technology and research leadership in this sector.”
Jean-Baptiste Lucas, CEO of McPhy, expressed that “McPhy wants to be a global leader in the manufacture of electrolysers. Joining forces with a major partner like Larsen & Toubro to address new markets is a great opportunity for McPhy and evidence of the attractiveness of its technology.”
In summary, this agreement between McPhy Energy and Larsen & Toubro to manufacture electrolysers using McPhy’s technology is a significant step in India’s pursuit of green hydrogen. This move has the potential to lower the country’s rising oil import costs and promote environmentally friendly alternatives for “hard-to-abate” industries while providing energy stability.
Don’t miss interesting posts on Famousbio
