Reliance New Energy Solar Ltd. (RNESL), a wholly-owned subsidiary of Reliance Industries Ltd. (RIL) has partnered with Denmark-based Stiesdal A/S (Stiesdal) to manufacture hydrogen electrolysers.
RNESL has been awarded the licence for this through a "cooperation agreement", it said in a regulatory filing.
Stiesdal is a Danish company that is engaged in developing and commercialising technologies on climate change mitigation.
"The agreement was signed during a state visit of Denmark to India and announced in the presence of the Hon'ble Mr. Narendra Modi, Prime Minister of India and the Hon'ble Ms. Mette Frederiksen, Prime Minister of Denmark," RIL and Stiesdal said in the joint filing.
The new technology for HydroGen Electrolyzers has the potential to deliver significant cost reduction compared to currently available technologies thereby paving the way for rapid decarbonisation and commercialisation of affordable Green Hydrogen - a key enabler in achieving India's green energy transition.
Speaking after signing the agreement, Mukesh Ambani, Chairman, RIL, said, "We aim to leverage Stiesdal's impressive portfolio of climate technologies to serve India market and work together to make this portfolio a global pacesetter. In partnership with Stiesdal, we will strive to achieve our stated goal of offering Hydrogen energy under $1 per kg in 1 decade - the 1-1-1 target for Green Hydrogen."
"Our vision is to put India on global hydrogen map and fulfil the developmental aspirations of 1.35 billion Indians," he added.
Ambani had earlier announced ambitious plans of setting up a giga factory for manufacturing of hydrogen electrolyzers in Jamnagar, Gujarat.
Through this agreement, RNESL and Stiesdal will combine their strengths and capabilities and collaborate to further advance the technology development of hydrogen electrolyzers.
As part of the deal, RNESL and Stiesdal have also agreed to extend their collaboration to development and implementation of other path-breaking climate change technologies which include offshore wind energy, next-generation fuel cells for conversion of hydrogen to electricity for mobile and static electricity generation, long-duration energy storage and production of carbon-negative fuels.
RIL's unit, Reliance New Energy Solar had on October 10 announced the acquisition of two companies in the space. One was the buyout of REC Group from China National Bluestar in ticket size of $771 million (at an enterprise level) and the other being a 40 per cent stake picked up in Sterling & Wilson, a Shapoorji Pallonji Group company for Rs 2,850 crore.
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