Thermax Ltd. is gearing up for a significant investment to enhance its green hydrogen production capabilities by establishing a manufacturing plant for solid oxide electrolysers in India.
The initiative follows the company’s recent partnership with UK-based Ceres Power Ltd., aimed at advancing solid oxide electrolysis cell (SOEC) technology for green hydrogen production.
As reported by manufacturingtodayindia.com, Thermax will manufacture, market, and service stack array modules utilizing Ceres’ SOEC technology. Over the next two years, the company plans to build a manufacturing facility, develop the necessary supply chain, and localize key components.
Ashish Bhandari, CEO of Thermax, stated that the company is prepared to invest hundreds of crores in the initiative, with the investment levels adjusted based on the project’s success at each phase.
Bhandari emphasized the increasing significance of green hydrogen for industries such as steel, petrochemicals, and fertilizers, which face challenges in decarbonization. He believes that solid oxide technology will play a crucial role in accelerating India’s transition to green energy.
Currently, 70% of Thermax’s order book is dedicated to green energy solutions, while the remaining 30% focuses on traditional fossil fuel projects. Bhandari expressed confidence that the company’s pivot towards green technology would enhance profit margins in the future, despite experiencing one-time impacts in the bio-CNG and project sectors in the first quarter.
