Spain’s H2B2 Forms JV with GR Promoter Group for Green Hydrogen Production in India
With an aim to tap the emerging green hydrogen market in India, Spain-based H2B2 Electrolysis Technologies (H2B2) and India’s GR Promoter Group have formed a joint venture (JV) company called GreenH Electrolysis for developing green hydrogen solutions in the country.
November 12, 2022. By Manu Tayal
Under the JV, the two companies will hold a shareholding in the new company in the ratio of 50:50. GreenH Electrolysis will operate in the Indian market, with the possibility to extend its activity to other countries in Asia.
Further, the newly formed JV company would engage in the manufacturing of water-based electrolyzers and the development of green hydrogen production plants based on off-taker agreements.
Moreover, it would cover the whole value chain of hydrogen, including innovation, design, engineering, manufacturing, integration, financing and O&M for modular hydrogen production systems and ad hoc/industrial solutions capabilities.
H2B2 is an established player in multiple hydrogen markets such as the United States, Europe, the Middle East and Latin America.
Through this strategic partnership for GreenH Electrolysis, both entities would integrate their complementary resources and expertise. H2B2 would bring two decades of experience in hydrogen production, processing, and technology development, while GR Promoter Group would enter into the green hydrogen business by leading the project development and the O&M of the facilities as it has wide experience and knowledge in the construction and development of key infrastructures across the country.
Additionally, the newly formed JV company would deploy an electrolyzer production plant as its first project, which would start with 100MW production capacity and would escalate into a hydrogen Gigafactory. However, the construction work of the plant is expected to commence in the beginning of 2023.
Commenting on the development, Ashwin Agarwal, spokesperson for GR Promoter Group and co-director of GreenH Electrolysis, said “as the hydrogen momentum accelerates in India, it is becoming increasingly key for our economy to put an active and strong focus on the multiple pathways hydrogen opens up on the road to achieve net zero emissions goals.”
In-line with this, Florencio Ferrera, representative of H2B2 and co-director of GreenH Electrolysis has agreed on the opportunity partnerships like GreenH Electrolysis represent to set India on the global map of green hydrogen.
“Today’s announcement is in line with H2B2’s objective to be present in the promising Indian Green Hydrogen market. We will work together to drive the growth of India’s hydrogen production capabilities thanks to our proven specialization in electrolyzers and hydrogen technology”, added Ferrera.
Meanwhile, both Ferrera and Agarwal admit, one of the main goals of their new alliance would be to increase India’s energy security, as the current country’s energy basket is dominated by imported fossil fuels.
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