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HydrogenPro signs MoU with L&T for Manufacturing Hydrogen Electrolysers in India

01/27/2022 | 02:37am EST
HydrogenPro AS (OSE: HYPRO) today announced that it has entered into a
memorandum of understanding (MoU) with Larsen & Toubro (L&T), an Indian
multinational engaged in EPC Projects, Hi-Tech Manufacturing and Services, for a
partnership to tap the emerging Green Hydrogen market.

Under this agreement, L&T and HydrogenPro will jointly work towards setting up
of a joint venture in India for Gigawatt-scale manufacturing of Alkaline Water
Electrolysers based on HydrogenPro technology for Indian market and other select
geographies. The proposed joint venture in India is in line with L&T's strategic
vision to be present across the green energy value chain and HydrogenPro's
strategy of establishing a global manufacturing footprint to maintain cost
leadership and ensure local presence. 

Commenting on the occasion, Mr. S N Subrahmanyan, CEO & MD, L&T said, "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
MoUwith HydrogenPro. This will be a win-win partnership given our extensive
relationship across the energy industry, deep EPC experience in this sector and
successful ongoing collaborations with many MNCs and HydrogenPro's focus to stay
ahead of the curve as far as technology leadership is concerned".

"We're extremely pleased to enter this Memorandum of Understanding with L&T, an
E&C powerhouse which is the perfect partner to establish HydrogenPro in the
Indian market, a huge and growing energy market with tremendous potential for
hydrogen-based solutions," said Mr. Elling Nygaard, CEO of HydrogenPro.

"We are looking forward to this exciting journey and make this partnership work
for creating sustainable infrastructure for the future. The Green Hydrogen
industry is at a nascent stage with an immense potential to offer great
opportunities. This partnership is a right step in creating clean, green and
sustainable future," said                                     Mr. Subramanian
Sarma, Whole Time Director (Energy), L&T. 

India has made the world's largest expansion plan for renewable energy
transition, with a target of 175GW of renewables by 2022 and 500 GW by 2030. 

India is well suited for Green Hydrogen production due to the low generation
costs of renewable electricity from abundantly available solar PV and wind power
sources. The country aims to be among the world's largest Green Hydrogen hubs
and has plan for using the same across the sectors. It can also provide India
the energy security by reducing the ever-increasing energy import bill and a
pathway to green alternative for "hard-to-abate" industries, like refineries,
fertilisers, steel, and transport. 

Green Hydrogen demand in India is estimated to grow up to 2 MMTPA by 2030 in
line with the nation's Green Hydrogen Mission, which would call for investments
upward of $60 billion.  


About HydrogenPro:

HydrogenPro designs and supplies customized hydrogen plants in cooperation with
global partners and suppliers, all ISO 9001, ISO 45001 and ISO 14001 certified.

The Company was founded in 2013 by individuals with background from the
electrolysis industry, which was established in Telemark, Norway by Norsk Hydro
in 1927. We are an experienced engineering team of leading industry experts,
drawing upon unparalleled experience and expertise in the hydrogen and renewable
energy industry.

Our core product is the alkaline high-pressure electrolyser. With the new
electrode technology, they are able to increase the efficiency of each unit by
14% to reach 93% of the theoretical maximum. This is a significant step forward
as the cost of electric power, depending on market prices, amounts to 70-90% of
the cost of producing hydrogen, the value of such increased efficiency equals
approximately the investment cost for the entire plant in a Total Cost of
Operation perspective. The Company is targeting a production cost for green
hydrogen of USD 1.2 per kg in 2022.

For more information, please contact: 
Elling Nygaard, CEO, +47 90 84 41 94, elling@hydrogen-pro.com
Martin T. Holtet, CFO, +47 92 24 49 02, martin@hydrogen-pro.com


About L&T:

Larsen & Toubro is an Indian multinational engaged in EPC Projects, Hi-Tech
Manufacturing and Services. It operates in over 50 countries worldwide. A
strong, customer-focused approach and the constant quest for top-class quality
have enabled L&T to attain and sustain leadership in its major lines of business
for eight decades.

Media Contacts:
Yuvraj Mehta 						
Head, Corporate Brand Management & Communications		 
Yuvraj.mehta@larsentoubro.com / +91 85888 88272	        

Ketan Bondre
Head, Media Relations
ketan.bondre@larsentoubro.com / +91 98205 36572

Click here for more information

© Oslo Bors ASA, source Oslo Stock Exchange

Stocks mentioned in the article
ChangeLast1st jan.
HYDROGENPRO AS 8.73% 11.96 Real-time Quote.-20.05%
LARSEN & TOUBRO LIMITED 1.31% 1924.7 End-of-day quote.1.57%
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