Acme Solar Holdings Ltd has announced that it plans to jointly produce green hydrogen in India and Europe with Lhyfe Labs SAS of France.
Acme’s green hydrogen venture also comes against the milieu of India looking to give a mandate to industries such as fertilizer, steel, and petrochemicals for green hydrogen use as part of the proposed National Hydrogen Energy Mission, announced by Prime Minister Narendra Modi in November 2020.
The two firms have signed a Memorandum of Understanding to research, create, and collaborate for the production of green hydrogen in target countries in Europe and India, Acme Solar stated.
The group, founded in 2003 by Manoj Kumar Upadhyay, has been looking at new businesses such as energy storage, green hydrogen, and ammonia. India has been rapidly expanding clean energy capacity at low tariffs and has a target of achieving a 450 GW renewable energy capacity by 2030.
The partnership comes against the backdrop of the International Energy Agency (IEA) estimating that India’s energy demand would grow at the fastest pace globally over the next two decades.
“Both the companies will work together on business opportunities to achieve the lowest cost of energy by collaborating competencies and technical know-how of design, produce, engineer, construct, commission and invest in green hydrogen production facility through renewable energy," Acme Solar expressed.