Fusion Fuel Green (HTOO) to Establish Partnership with BGR Energy Systems Ltd. to Develop Green Hydrogen Projects in India
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Fusion Fuel Green PLC (NASDAQ: HTOO), a green hydrogen technology company, is pleased to announce that it has signed an MoU with BGR Energy Systems Limited (NSE: BGRENERGY), one of India’s leading EPC companies, to develop green hydrogen projects in India. The companies intend to establish an initial demonstrator plant in India in 2021 and thereafter develop larger-scale projects in the region for the supply of hydrogen for the production of green ammonia and bio-ethanol, and as a feedstock for other heavy industrial applications.
Fusion Fuel will install a small demonstrator facility for BGR Energy in the region of Cuddalore, Tamil Nadu, India in the second half of 2021 using its market-leading HEVO-SOLAR technology to generate cost-competitive green hydrogen. The companies will then co-develop projects throughout India, leveraging BGR Energy’s extensive client network and existing commercial footprint. The companies will also explore broader areas of potential cooperation given BGR Energy’s broad competencies in the energy, environmental and industrial sectors.
Since its inception, BGR Energy has developed more than 12,000 MW of power plants and Balance of Plant related services in India, and it also has substantial capabilities in the design and manufacture of high-tech equipment, which leaves BGR well-positioned to take the lead in developing green hydrogen production infrastructure in the region.
Hydrogen already plays a critical role in the Indian economy, with roughly 6 million tons of hydrogen consumed annually, primarily in the production of ammonia and methanol, as well as for use in refineries. A recent study from The Energy and Resources Institute estimated that demand could grow to as much as 28 million tons by 2050. Virtually all the hydrogen consumed in India today is grey hydrogen, the production of which emits roughly 9 tons of CO2 per ton of hydrogen. Enabling cost-effective domestic production of green hydrogen will be critical to reduce the carbon intensity of heavy industry and help India achieve its energy security and emissions targets.
João Wahnon, Fusion Fuel’s Head of Business Development, noted, “We are excited to open up this new market for Fusion Fuel and develop India as a leader of the global hydrogen economy. We could not ask for a better partner in this undertaking than BGR Energy, with its extensive experience developing turnkey solutions in India’s power and industrial sector.”
Arjun Govind Raghupathy, Managing Director of BGR Energy commented, “BGR Energy has long been an innovator in India’s energy and industrial sectors, and we are excited now to be taking these steps to establish a foothold in the burgeoning green hydrogen industry. We look forward to working with Fusion Fuel to scale the development of local green hydrogen production and play a leading role in creating a green hydrogen ecosystem in the region.”
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