Sevillian company H2B2 Electrolysis Technologies (H2B2), led by Felipe Benjumea, and GR Promoter Group have announced the creation of a joint venture to develop hydrogen solutions. The co-entrepreneurs will have a 50% stake in their new company, GreenH Electrolysis, which will operate in the Indian market, with the possibility of expanding into other Asian countries. The first project of the Indian company GreenH Electrolysis will be the development of an electrolyzer production plant, which will start with a production capacity of 100MW and become a hydrogen gigafactory. The project is expected to start in early 2023, reports H2B2.
GreenH Electrolysis, will engage in the manufacture of water electrolyzers and the development of green hydrogen production plants based on off-taker agreements. It will cover the entire hydrogen value chain: innovation, design, engineering, manufacturing, integration, financing and O&M for modular hydrogen production systems and ad hoc solutions.
Thanks to this strategic alliance, H2B2 and GR Promoter Group complement each other's resources and expertise, according to the Spanish company. H2B2, with a presence in hydrogen markets such as the United States, Europe and Latin America, brings to GreenH Electrolysis two decades of experience in hydrogen production, processing and technological development. GR Promoter Group will enter the green hydrogen business by leading the project development, operation and maintenance of the facility with its extensive track record in the construction and development of key infrastructure throughout Asia.
Ashwin Agarwal, co-director of GreenH Electrolysis and spokesperson for GR Promoter Group, notes that "as the growth of hydrogen accelerates in India, it is increasingly key for our economy to put an active and strong focus on the multiple avenues that hydrogen opens up to achieve emission reduction targets". The country is currently the third largest emitter of greenhouse gases in the world.
Florencio Ferrera, CEO of H2B2 and co-CEO of GreenH Electrolysis, agreed on the opportunity that collaborations like GreenH Electrolysis represent to put India on the global green hydrogen map. "Today's announcement is in line with H2B2's goal to be present in the promising Indian green hydrogen market. We will work together to drive the growth of hydrogen production capabilities in India through our proven ability to manufacture electrolyzers and develop technology in the sector," added Ferrera.
A year ago India announced the National Hydrogen Mission (NHM), aimed at meeting its climate targets and making the country a green hydrogen hub. According to NITI Aayog, the Government of India's leading policy think tank, India should have the world's largest green hydrogen generation capacity through electrolysis by 2030, with more than 60 GW/5 million tons for domestic consumption, and the world's largest annual electrolyzer manufacturing capacity, reaching 25 GW by 2028, for both domestic and international markets.
This growth will also impact the country's energy self-sufficiency goals, allowing the economic giant to curb its dependence on energy imports. Both Ferrera and Agarwal have assured that one of the main objectives of this new alliance is to improve India's energy security, as the country is highly dependent on fossil fuel imports.