Thermax added 1.16% to Rs 2,202.30 after the company said that it has signed a memorandum of understanding (MoU) with Fortescue Future Industries (FFI) to explore green hydrogen projects, including new manufacturing facilities in India.
According to the MoU, Thermax and FFI plan to explore opportunities to jointly develop fully integrated green hydrogen projects for commercial and industrial customers in India. It also contemplates the potential collaboration of the parties in the development of new manufacturing facilities to support green energy projects in India.The company said that the performance linked incentive (PLI scheme), under India's National Green Hydrogen Mission, could be leveraged for setting up any new manufacturing capacity. In addition to meeting the domestic requirements, electrolysers and subsystems could potentially be used for export internationally.
Ashish Bhandari, MD & CEO of Thermax said, The collaboration with FFI 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. Furthermore, the recent approval of the National Green Hydrogen Mission by India's Union Cabinet, which aims to increase domestic production of green hydrogen to 5 MMT per annum by 2030 and reduce fossil fuel imports by over Rs 1 lakh crore, is a significant boost. With all these factors working in our favour, we are confident that our association will be successful.
Mark Hutchinson, CEO at FFI 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. 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.
FFI, an australia-based global green energy company is committed to producing green hydrogen, containing zero carbon, from 100% renewable sources. Green hydrogen is a zero-carbon fuel, that when used produces primarily water.
Thermax offers integrated innovative solutions in the areas of heating, cooling, power, water and waste management, air pollution control and chemicals. Thermax has manufacturing facilities in India, Europe and Southeast Asia. The sustainable solutions Thermax develops for client companies are environment-friendly and enable efficient deployment of energy and water resources.
On a consolidated basis, Thermax reported 59% YoY rise in net profit to Rs 126 crore on a 27% YoY increase in operating revenue to Rs 2,049 crore for the third quarter of FY 2022-23.
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