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

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.

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“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)