Hygenco India strikes green hydrogen off-take deal with Jindal Stainless

Precision strip mill at Jindal Stainless site. Source: Jindal Stainless (Hisar) Limited.

August 17 (Renewables Now) - Hygenco India Pvt Ltd has recently sealed India’s first long-term green hydrogen off-take contract with stainless steel producer Jindal Stainless (Hisar) Ltd (BOM:539597).

Under the terms of the 20-year deal, Hydenco will build, own and operate a multi-megawatt-scale facility within the next 12 months. Neither Hygenco nor Jindal Stainless gave more details about the green hydrogen plant itself.

Subscribe for Renewables Now's Corporate PPA Newsletter here for free!

“This is one of the most significant landmarks for the hydrogen industry in India and globally as it demonstrates the competitiveness and cost-efficiency of green hydrogen,” commented Amit Bansal, CEO of Hygenco.

The Jindal Stainless group has two domestic stainless steel manufacturing complexes, located in the states of Haryana and Odisha, and an overseas unit in Indonesia. The company said that this partnership will make it the first stainless steel producer in India to install a green hydrogen plant. This latest project is expected to cut its carbon dioxide (CO2) emissions by nearly 2,700 metric tonnes per year.

Meanwhile, Hygenco’s own objective is to deploy over USD 300 million (EUR 296m) worth of green hydrogen projects across India over the next three years.

(USD 1 = EUR 0.987)

More stories to explore
Share this story
About the author
Browse all articles from Ivan Shumkov

Ivan is the mergers and acquisitions expert in Renewables Now with a passion for big deals and ambitious capacity plans.

More articles by the author
5 / 5 free articles left this month
Get 5 more for free Sign up for Basic subscription
Get full access Sign up for Premium subscription