ONGC Signs MoU With Greenko To Make Green Hydrogen And Explore Markets

ONGC Signs MoU With Greenko To Make Green Hydrogen And Explore Markets

Oil and Natural Gas Corporation (ONGC) and renewable energy company Greenko ZeroC have signed a Memorandum of Understanding (MoU) to make green hydrogen, green ammonia and jointly explore new market in renewables, and other derivatives of green hydrogen. The two companies will join hands to come up with a 1-MMTPA green ammonia production and storage facility in India for the purpose of export, revealed a statement from Greenko.

Valid for a period of two years, the MoU was signed between ONGC Director Onshore Anirag Sharma and Greenko CEO & Managing Director Anil Kumar Chalamalasetty, in the presence of Hardeep Singh Puri, Union Minister of Petroleum and Natural Gas & Urban Affairs. Aligned to the government’s National Hydrogen Mission aiming at transformation of the country into a global green hydrogen hub, the MoU will make India’s target of 5 million tonnes of green hydrogen per annum by 2030 a reality.

“The companies aim to form a JV to produce 1 MMTPA of green ammonia through a 1.3 GW green hydrogen plant leveraging Greenko’s exclusive partnership with John Cockerill,” the statement reads, adding that it will be a major renewable energy project requiring about 6 GW of solar and wind power coupled with Greenko’s pumped-hydro energy storage platform to generate 1.4 GW of round-the-clock renewabler power.

Anil Kumar Chalamalasetty, CEO and Managing Director at Greenko said, “This pioneering partnership will propel the transformation of India from a carbon-based fossil energy importer to an exporter of renewable energy derived products like green hydrogen, green ammonia and green molecules.“

It may be recalled that Chemicals and Fertiliser Minister Mansukh Mandaviya had prompted industry players in June to make the manufacturing of green hydrogen affordable and accessible to even the poorest of poor. India has tremendous opportunities in green hydrogen due to its geographical advantage, he had said adding, ”We need to grow in the research and production sector and innovate in the development and manufacturing of green hydrogen. Only the government alone can’t achieve the target of green energy.”

ONGC’s entry is preceded by state-backed oil manufacturing company Indian Oil Corporation (IOC), engineering and construction conglomerate L&T and renewable energy company ReNew announcing in April the agreement over a term sheet to form a joint venture company and develop green hydrogen business in India.

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