L&T ties up with McPhy for GW-scale electrolyser production in India

French hydrogen equipment specialist McPhy Energy SA (EPA:MCPHY) said on Thursday it will deliver its technology to Larsen & Toubro (NSE:LT) in order for the Indian engineering conglomerate to start GW-scale production of electrolysers in India.

The companies have signed a binding agreement for a long-term partnership that will enable them to explore the opportunities on the hydrogen market.

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Under the arrangement, McPhy will give Larsen & Toubro an exclusive license of its pressurised alkaline electrolyser technology for making electrolysers and make future product upgrades. The Indian firm’s future plant will manufacture electrolysers both for the market at home and for export.

The agreement aligns with Larsen & Toubro’s strategy to have operations across the entire green energy value chain. For McPhy, meanwhile, the partnership will be an opportunity to expand outside Europe.

“McPhy wants to be a global leader in the manufacture of electrolyzers”, said Jean-Baptiste Lucas, CEO of McPhy.

The low costs of generating power from renewable energy sources in India make the country appealing for hydrogen production. In January, the country adopted the National Green Hydrogen Mission scheme, which has a total budget of INR 197.44 billion (USD 2.4bn/EUR 2.2bn) and is expected to back the production of at least 5 million tonnes of green fuel annually by 2030.

(INR 10 = USD 0.122/EUR 0.112)