To manufacture electrolyzers in India
Larsen & Toubro has entered into an Electrolyzer Manufacturing Binding Agreement with McPhy Energy (Euronext Paris: FR0011742329, MCPHY.PA), a France-based leading electrolyzer technology and manufacturing company, for a long-term partnership to explore the opportunities unfolding in the emerging Green Hydrogen market.
Under this partnership, McPhy will grant an exclusive license of its pressurised alkaline electrolyzer technology to L&T for manufacturing of electrolyzers, including future product upgrades. L&T plans to set up a Gigawatt-scale manufacturing facility for electrolyzers based on McPhy technology in India to serve the domestic requirements as well as cater to the other selected geographies.
The proposed agreement is in line with L&T's strategic vision to be present across the green energy value chain and also furthers McPhy's aim to expand beyond the European market.
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