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Thermax Bets Big on Green Hydrogen: New Plants, Partnerships on Horizon

16 May 2024

Industrial giant Thermax is making a splash in the green hydrogen wave!

Here's why they're diving into this clean energy revolution:

Green Gold Rush: Thermax Prioritizes Green Hydrogen

  • Investing in the Future: Thermax sees green hydrogen (produced using renewable energy) as a key area for growth, with significant revenue expected in 2-3 years.

  • Powering Progress: Green hydrogen fuels clean transportation and manufacturing processes for chemicals and fertilizers.

Teaming Up for Tech Triumph:

  • Partner Power: Thermax is exploring partnerships to manufacture and supply electrolyzers, the machines that create green hydrogen.

  • Long-Term Vision:  Their strategy extends beyond the next decade, with a focus on research and development (R&D) for continuous innovation.

India's Green Hydrogen Ambitions:

  • National Goal: India aims to produce 5 million tonnes of green hydrogen annually by 2030 to reduce reliance on fossil fuels.

  • Market Boom: Analysts predict a $125 billion investment opportunity in India's green hydrogen ecosystem by 2030.

Electrolyzer Market: A Balancing Act

  • Current Surplus:  The global electrolyzer market is currently saturated, but demand is expected to surge once green hydrogen plants come online.

  • Cost Correction:  Analysts expect electrolyzer prices to drop by over 50% and efficiency to rise by 20% by 2030.

Thermax: Partner Pursuit on Hold, But Future's Bright

  • Collaboration on Pause: Thermax's partnership with Fortescue Future Industries for green hydrogen projects is currently on hold due to disagreements.

  • Open Door Policy:  They remain open to re-engaging in the future based on technological advancements.

Thermax: Beyond Green with Focus on Chemicals Too

  • Dual Drivers of Growth: While green solutions are a priority, Thermax will also focus on expanding its chemicals business in the coming years.

  • Shifting Gears:  Thermax has already introduced various new products to cater to the evolving needs of customers in the energy transition era.

Thermax's order pipeline is strong, with a projected rebound in the green solutions business for the next fiscal year. Their commitment to green hydrogen and innovation positions them as a frontrunner in India's clean energy future!

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