January 27 (Renewables Now) - HydrogenPro AS (OSE:HYPRO) has signed a memorandum of understanding (MoU) with Indian engineering conglomerate Larsen & Toubro (NSE:LT) to explore the potential formation of a joint venture that would make green hydrogen electrolysers in India.
The envisaged entity will make use of HydrogenPro's technology to manufacture alkaline water electrolysers on a gigawatt scale so as to tap into markets in India and other selected geographies, a statement showed on Thursday.
The move is part of a strategy by the Norwegian hydrogen plant developer to scale up its global manufacturing footprint to ensure cost competitiveness and local presence.
The agreement is seen through the prism of India's target of achieving 175 GW of renewables by 2022 and 500 GW by 2030, with efforts to decarbonise heavy emitters such as refineries, fertilisers, steel and transport operations.
For L&T, the joint venture would be a further step in its strategy to boost its green energy value chain expertise. In December, the Indian group agreed to partner with ReNew Energy Global Plc (NASDAQ:RNW) to develop and operate green hydrogen projects in India.
HydrogenPro, for its part, struck a deal in November to set up a majority-owned China-based joint venture with electrolyser components maker Tianjin HQY Hydrogen Machinery Co Ltd (THM), which will see a factory in mainland China established to produce 300 MW of electrolysers per year.