Acme plans $7 billion Indian green hydrogen investment

Indian renewable energy firm Acme Group will invest 520 billion rupees in India’s southern Karnataka state over five years to set up a green hydrogen and ammonia plant, the state government has announced.

The $6.7 billion investment comes as India aims to manufacture five million tonnes of green hydrogen annually by 2030 to meet its climate targets and become a production and export centre for the fuel.

The green hydrogen and ammonia plant, which is expected to generate about 2,000 jobs, will have the capacity to produce 1.2 million tonnes per annum. It will also have a solar power unit attached.

Green hydrogen – obtained by passing renewably-produced electricity through water to split the element from oxygen – has been touted by some as a key fuel for energy users looking to cut greenhouse gas emissions.

The move is the latest boon for this emerging green technology, and follows the announcement that three South Korean companies have signed an agreement to build a $1 billion green hydrogen and ammonia production plant in the United Arab Emirates.

Korea Electric Power Corporation, Samsung C&T Corporation  and Korea Western Power, alongside the UAE’s Petrolyn Chemie, will build a plant that can produce up to 200,000 tonnes of green ammonia a year, Petrolyn said.

The plant will be built in two phases in the KIZAD Industrial Area near the capital Abu Dhabi, with the first phase producing 35,000 tonnes before the second phase takes the project to full scale.

Last month Germany’s Minister of Economic and Climate Affairs Robert Habeck and his Indian counterpart RK Singh also signed a ground-breaking agreement on German-Indian hydrogen cooperation.

The cooperation agreement aims to establish a task force to promote the creation of a close links between the government, industry and research institutes of both countries. Furthermore, a roadmap with specific joint measures to support the increase of green hydrogen production will be developed.

Additionally, the task force will work on exchanging know-how on hydrogen regulation, safety procedures and sustainability criteria.

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