L&T
Larsen & Toubro (L&T), a Mumbai-based multinational corporation, announced on Thursday that it has signed an electrolyzer manufacturing binding agreement with McPhy Energy, a French electrolyzer manufacturer, for a long-term partnership to explore opportunities in the green hydrogen market.
According to the official press release, McPhy will grant L&T an exclusive license of its pressurized alkaline electrolyzer technology for the manufacture of electrolyzers, including future product upgrades, as part of the partnership.
“L&T intends to establish a gigawatt-scale manufacturing facility for electrolyzers based on McPhy technology in India to serve domestic needs as well as cater to other selected geographies”, the company said.
Subramanian Sarma, Whole Time Director (Energy) at L&T said, “The energy industry is undergoing a tectonic shift with Green Hydrogen emerging as a key fuel in the future energy basket”.
He further said, “We are delighted to have signed this Agreement with McPhy, which will be a win-win partnership given L&T’s strong presence across the entire value chain of energy manufacturing, EPC, and services, and McPhy’s technology and research leadership in this sector “.
Jean-Baptiste Lucas, CEO of McPhy said, “McPhy aspires to be a global leader in the production of electrolyzers.” Joining forces with a major partner like Larsen & Toubro to address new markets is a fantastic opportunity for McPhy and evidence of the technology’s attractiveness”.
Due to the low generation costs of renewable electricity from abundantly available solar PV and wind power sources, India is well suited for Green Hydrogen production.
The country aspires to be one of the world’s largest Green Hydrogen hubs, with big plans to use it across industries. It can also provide India with energy security by lowering the country’s ever-increasing oil import bill while paving the way for green alternatives in difficult-to-abate industries such as refineries, fertilizers, steel, and transportation.
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