Larsen& Toubro (L&T) has announced that it has entered a Memorandum of Understanding(MoU) with HydrogenPro AS, a Norway-based leading Electrolyser technology andmanufacturing company for partnership to tap the emerging Green Hydrogenmarket. Under this agreement, L&T and HydrogenPro will jointly work towardssetting up of a joint venture in India for Gigawatt-scale manufacturing ofAlkaline Water Electrolysers based on HydrogenPro technology for Indian marketand other select geographies.

Theproposed joint venture in India is in line with L&T’s strategic vision tobe present across the green energy value chain and HydrogenPro’s strategy of establishinga global manufacturing footprint to maintain cost leadership and ensure localpresence.

Indiahas made the world’s largest expansion plan for renewable energy transition,with a target of 175GW of renewables by 2022 and 500 GW by 2030.

Thecountry is well-suited for Green Hydrogen production due to the low generationcosts of renewable electricity from abundantly available solar PV and windpower sources. The country aims to be among the world’s largest Green Hydrogen hubsand has plan for using the same across the sectors. It can also provide Indiathe energy security by reducing the ever-increasing energy import bill and apathway to green alternative for ‘hard-to-abate’ industries, like refineries,fertilisers, steel, and transport.

GreenHydrogen demand in India is estimated to grow up to 2.0 MMTPA by 2030 in linewith the nation’s Green Hydrogen Mission, which would call for investmentsupward of $60 billion.