Larsen & Toubro (L&T) announced on Thursday that it has signed a Memorandum of Understanding (MoU) with HydrogenPro AS, a Norwegian company, for the +manufacurign of hydrogen electrolysers in India.
L&T and HydrogenPro will collaborate to establish a joint venture in India to manufacture Gigawatt-scale Alkaline Water Electrolysers based on HydrogenPro technology for the Indian market and other select locations.
"The proposed joint venture in India is in line with L&T's strategic vision of being present across the green energy value chain, as well as HydrogenPro's strategy of establishing a global manufacturing footprint to maintain cost leadership and ensure local presence," the company said in a statement.
It can also give India with energy security by lowering the country's ever-increasing energy import bill and paving the way for "hard-to-abate" businesses like refineries, fertilisers, steel, and transportation to transition to greener alternatives.
According to India's Green Hydrogen Mission, demand for green hydrogen is expected to rise to 2 MMTPA by 2030, requiring expenditures of up to $60 billion.