As of 2023 and 2024, several Indian companies have been identified as key players in the green hydrogen sector. These companies are not only involved in the production of green hydrogen but also in related activities like the development of technology and infrastructure necessary for the burgeoning green hydrogen industry. Here’s a detailed look at some of the best green hydrogen stocks in India:
- Thermax: Collaborated with Fortescue Future Industries (FFI) to establish fully integrated green hydrogen projects for commercial and industrial customers in India, serving industries like refineries, fertilizers, and steel.
- L&T (Larsen & Toubro): Formed GH4India Private in partnership with IOC and ReNew, planning to invest up to US$ 4 billion in green hydrogen businesses over the next three to five years. L&T is also involved in setting up the world’s largest green hydrogen plant by NEOM Green.
- NTPC: The largest power generation company in India, NTPC has ventured into green hydrogen with three pilot projects, including a blending project in Gujarat, a green hydrogen filling station in Leh, and a carbon capture project in Madhya Pradesh.
- Reliance Industries: A major producer transitioning from grey to green hydrogen, aiming to provide it at the lowest cost by 2025. Reliance plans to establish a 20 GW solar energy capacity dedicated to green hydrogen production.
- Indian Oil Corporation (IOC): As a leading refining company, IOC is working on replacing a significant portion of its hydrogen use with green hydrogen.
- GAIL: In the process of setting up a Green Hydrogen electrolyser plant at Vijaypur, GAIL is also exploring hydrogen blending with natural gas in its city gas distribution network.
- Jindal Steel: Announced plans to set up India’s first green hydrogen plant installed by a stainless steel company, in partnership with Hygenco India, aiming to substantially reduce CO2 emissions.
- Adani Green Energy Ltd. (AGEL): AGEL, a leading renewable energy player, is venturing into green hydrogen production and aims to become a major player in the sector.
- Torrent Power: Torrent Power has announced its plans to invest Rs 47,350 crore in renewable energy, green hydrogen, and electricity distribution in Gujarat. These investments were formalized through four non-binding Memoranda of Understanding (MoUs) with the Gujarat government during the 10th edition of the Vibrant Gujarat Global Summit. The MoUs were signed with the Gujarat Energy Development Agency (GEDA) in Gandhinagar.
Other notable companies in the broader green energy sector in India, which includes green hydrogen, are:
- Zodiac Energy Ltd
- KP ENERGY Ltd
- Borosil Renewables Ltd
- Websol Energy System Ltd
- Adani Green Energy Ltd
- JSW Energy Ltd
- Inox Wind Energy Ltd
- BF Utilities Ltd
- Shapoorji Pallonji Group Ltd
- Adani Solar
- Regen Powertech Pvt Ltd
- Enercon India Ltd
- Reliance New Energy Ltd
- Tata Power Solar Systems Ltd
- Sterling & Wilson Ltd
- Orient Green Power
Is Green Hydrogen is the future source of energy or just hype
Whether green hydrogen is just hype or the future of energy is a complex question with no definitive answer yet. Here’s a breakdown of both sides:
Green Hydrogen as the Future:
- Renewable and Clean: Green hydrogen, produced using renewable energy and electrolysis, generates no greenhouse gas emissions when used, contributing significantly to decarbonization efforts.
- Versatile Energy Carrier: It can be used in various sectors like transportation, power generation, and industrial processes, offering a potential replacement for fossil fuels.
- Energy Storage Potential: Green hydrogen can store excess renewable energy, which is often intermittent, addressing a major challenge with renewables.
- Technological Advancements: Electrolysis technology is becoming more efficient and cost-effective, making green hydrogen production more viable.
- Government Support: Many countries are developing green hydrogen strategies and offering subsidies, driving investment and research.
Hype Concerns:
- High Current Cost: Green hydrogen production is still more expensive than traditional fossil fuels, creating an economic barrier for widespread adoption.
- Infrastructure Needs: Extensive hydrogen infrastructure, including pipelines and storage facilities, needs to be built, requiring significant investment.
- Technical Challenges: Scaling up electrolyzer technology and making transportation and storage more efficient requires further development.
- Competition from other Alternatives: Other clean energy options like battery storage and direct electrification might be more efficient for certain applications.
- Greenwashing Concerns: Some actors might overhyped the potential of green hydrogen without addressing these challenges, leading to greenwashing accusations.
Overall:
Green hydrogen holds immense potential as a clean and versatile energy source for the future, but significant challenges remain before it can be widely adopted. Its future success depends on technological advancements, cost reductions, infrastructure development, and strong policy support. It’s likely to play a role in the energy mix alongside other clean energy solutions, but predicting its exact extent is difficult at this stage.
In conclusion, green hydrogen is neither just hype nor the guaranteed future of energy. It’s a promising technology with exciting potential but also crucial challenges to overcome. Its future relevance will depend on advancements and ongoing developments in the coming years.
Nitin Gadkari favours green fuel, says Green hydrogen will lead the future.
Torrent Power has announced its plans to invest Rs 47,350 crore in renewable energy
Torrent Power has announced its plans to invest Rs 47,350 crore in renewable energy, green hydrogen, and electricity distribution in Gujarat. These investments were formalized through four non-binding Memoranda of Understanding (MoUs) with the Gujarat government during the 10th edition of the Vibrant Gujarat Global Summit. The MoUs were signed with the Gujarat Energy Development Agency (GEDA) in Gandhinagar.
The investment will focus on renewable energy, green hydrogen, and power distribution, aiming to boost the state’s development and create significant employment opportunities. Samir Mehta, the Chairman of Torrent Group, emphasized that a substantial portion of these investments would be directed towards renewable generation, pump storage hydro projects, green hydrogen/green ammonia production, and power distribution.
The specific projects under these MoUs include:
- Solar and Hybrid Power Projects: Investment of Rs 30,650 crore for 3,450 MWs of Solar Power Projects and 1,045 MWs of Hybrid Power Projects in Banaskantha, Jamnagar, Patan, and Surendranagar.
- Solar Park Infrastructure Development: Rs 4,500 crore for developing infrastructure for a 7,000-MW Solar Power project in Banaskantha district.
- Green Hydrogen/Green Ammonia Production Facility: Setting up a facility with a capacity of 100 KTPA in Banaskantha/Dahej, involving an investment of Rs 7,200 crore.
- Power Distribution Business Expansion: An investment of Rs 5,000 crore in Torrent Power’s distribution business in Ahmedabad, Gandhinagar, Surat, Dahej SEZ, and Mandal Becharaji SIR (MBSIR).