With a strong emphasis on the advancement of green hydrogen production, there’s heightened attention on electrolyzer manufacturers. Thermax, provider of energy and environmental solutions, recognizes green hydrogen as a crucial investment sector.
Ashish Bhandari, Managing Director and Chief Executive, Thermax anticipates substantial revenue from this sector within approximately three years. The company is actively seeking partnerships for manufacturing and supplying electrolyzers, with a strategic outlook extending to 2030 and beyond.
Thermax is also engaged in pursuing collaborations in other sectors, particularly its industrial product segment. India has set a target to produce five million tons of green hydrogen annually by 2030, aligning with its objectives to gradually decarbonize the economy and reduce fossil fuel imports.
Bhandari elucidated that significant investment will be directed towards green hydrogen and chemicals, with revenue anticipated to materialize within a two-to-three-year timeframe. Green hydrogen holds potential for powering clean transportation and is integral to the production of chemicals and fertilizers.
While the green hydrogen sector is still in its early stages, analysts exercise caution regarding the timing and progression of this trend within the industry. The government has introduced production-linked incentives to bolster green hydrogen production and local electrolyzer manufacturing. As reported by mint, various entities including Reliance New Energy, Torrent Power, JSW Energy, CESC, UPL, and Welspun have secured bids to establish green hydrogen manufacturing facilities in the country.
