The six Indian enterprises emerged as successful bidders for incentives to establish facilities to produce electrolysers, a vital component necessary for green hydrogen generation.
According to a statement from the Solar Energy Corporation of India (SECI), the bids were in response to players to set up a 1.5GW manufacturing capacity for electrolysers,
The mission is intended to result in 5 million metric tonnes of renewable hydrogen production capability by 2030. In addition to setting up two green hydrogen.
The mission is projected to result in the development of 5 million metric tonnes per year of green hydrogen generation capacity by 2030. Furthermore, to establish two green hydrogen hubs.
The six enterprises received a total of Rs 1,776 crore in incentives for 1200 MW under ‘Bucket-1: Electrolyser production capacity based on any stack technology’.
Here are four stocks that might benefit from the Government’s Electrolyser Incentive Scheme
Reliance Industries Ltd .
Reliance Electrolyser Manufacturing Ltd has bagged incentives of Rs 444 crore for setting up 300MW of manufacturing capacities for electrolysers. While Reliance Industries has kept a target to achieve $1 per kg of green hydrogen production by 2030 from the current cost of $3-8 per kg.
The company has planned to invest ₹75,000 crore in the next three years to set up a clean energy business. Additionally, the company plans to invest Rs 5 trillion (tn) in the next 10-15 years to set up a 100 GW renewable-energy power plant and green-hydrogen ecosystem development.
The company has partnered with Stiesdal to develop and manufacture hydrogen electrolyzers as well as for cost reduction and commercialization of its pressurised alkaline electrolyzer technology.
Reliance Industries is the business of energy, petrochemicals, natural gas, retail, telecommunications, mass media, and textiles. The company is on a mission to make India a place with the most affordable green energy by 2030.
Reliance Industries Ltd shares are trading at ₹ 2,681 crores on the exchange, with a market capitalization of ₹18,13,575 crores.
Larsen & Toubro Ltd
In the PLI scheme, L&T Electrolysers Ltd has bagged incentives of Rs 93.24 crore for 63MW.
In the previous calendar year, Larsen & Toubro Ltd has signed an agreement with McPhy Energy, a French electrolyzer technology and manufacturing company for a long-term partnership to explore opportunities in green hydrogen markets.
The partnership will provide an exclusive licence to use its pressurised alkaline electrolyzer technology. The company has plans to establish a gigawatt-scale manufacturing facility for electrolyzers in india.
In August 2023, L&T announced an SPV with IOC and ReNew to form a company called GH4India Private. Together, they will invest up to US$ 4 bn in their green hydrogen businesses over the next three to five years.
Apart from this, L&T is working on setting up the world’s largest green hydrogen plant being built by a Saudi-based green hydrogen company – NEOM Green.
Larsen & Toubro Ltd shares are trading at ₹ 3,626.70 crores on the exchange, with a market capitalization of ₹4,98,507 crores.
Larsen & Toubro Ltd is a multinational conglomerate that is primarily engaged in providing engineering, procurement, and construction (EPC) solutions in key sectors such as Infrastructure, Hydrocarbon, Power, Process Industries and Defence, Information Technology, and Financial Services in domestic and international markets.
John Cockerill India Ltd
John Cockerill Greenko Hydrogen Solutions Private Ltd a leader in alkaline electrolysers for large-scale applications has bagged incentives of Rs 444 crore each for setting up a 300 MW manufacturing capacity of electrolysers.
John Cockerill Hydrogen has signed a collaboration agreement with Greenko to establish a 1 GW electrolyzer manufacturing capacity. In addition, the business aims to create electrolyzers capable of producing roughly 30 GW by 2030.
Under this arrangement, John Cockerill will deliver 28 units of 5MW alkaline electrolyzers for the establishment of India’s largest green ammonia factory at Una, Himachal Pradesh.
John Cockerill Hydrogen has reached a deal with Greenko, India’s leading renewable energy supplier, to build a 1 GW electrolyzer production facility. These electrolyzers will serve the tremendously promising Indian market, which is expected to grow to 30 GW by 2030.
In addition, John Cockerill secured India’s largest 140MW electrolyzer order from Greenko for the country’s first green ammonia factory.
John Cockerill India Ltd is engaged in the designing, manufacturing, and commissioning of cold rolling mill complexes, processing lines, chemical equipment, industrial furnaces, and auxiliary equipment for ferrous and non-ferrous industries worldwide.
It has two manufacturing facilities at Taloja and Hedavali, both in Maharashtra, and has a global footprint across Asia, Africa, the Middle East, Europe, North America, and South America.
John Cockerill India Ltd shares are trading at ₹ 3,269 crores on the exchange, with a market capitalization of ₹1,614 crores.
Advait Infratech Ltd
Advait Infratech Ltd is engaged in the business of providing products and solutions for power transmission, power substation, and telecommunication infrastructure fields.
Also, it operates with various verticals such as Turnkey Telecommunication Projects, Installation of Power Transmission, Sub Station and Telecom Products, etc.
Advait Infratech Ltd (consortium with Rajesh Power Service Private Ltd) to receive incentives of Rs 148 crore for 100 MW for manufacturing of electrolyzer.
In March 2023 Advait Infratech Limited was awarded India’s first green hydrogen project from THDC India Limited. To demonstrate the feasibility of using hydrogen as a medium for storing renewable hydrogen economy electricity.
Advait Infratech has signed a MoU during the vibrant Gujarat Global Summit 2024. The agreement intends to manufacture and assemble fuel cells and electrolysers in Gujarat.
Advait Infratech Ltd shares are trading at ₹1,095 crores on the exchange, with a market capitalization of ₹1,116 crores.
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