New Delhi, Sep 1 (PTI) GH2 Solar on Monday said it has forayed into electrolysers manufacturing with an initial Rs 400-crore initial investment, including funds raised from a clutch of investors.
Electrolysers
are key a component used in production of green hydrogen as it splits water into hydrogen and oxygen through electrolysis process.
GH2 Solar, which is into solar EPC business, is setting up green hydrogen electrolyser manufacturing facility in Gwalior, Madhya Pradesh, the company's CEO Anurag Jain told PTI in an interaction on the sidelines of an event in the national capital.
The unit is being set up in joint venture with South Korea-based Advanced Hydrogen Energy Solutions (AHES) Ltd, he said, adding that the project is aimed to be completed by 2026-end.
"The facility located in Pipersewa, Morena will begin with an annual manufacturing capacity of 105 MW awarded under SECI's SIGHT program, supported by Rs 157.5 crore Production Linked Incentive (PLI) subsidy," Jain said.
The CEO said the total investment in the project is about Rs 400 crore, with Rs 100 crore allocated in the first phase to set up a 3 GWh BESS assembly line, and the remaining Rs 300 crore to be invested in phases by 2030 to expand the facility.
GH2 Solar has outlined phase 2 of the plan to expand the electrolyser capacity to 500 MW by 2030, which will require about Rs 600-800 crore to execute the project, he said.
Sharing details of the phase 1 investment, Jain said Faruk G. Patel, CMD of KP Group, has invested in personal capacity in his company, while other investors include Aarth AIF and GrowMo360.
The CEO also shared plans of launching a main board IPO in next two years to raise about Rs 250 crore to fund future growth plans.
Sharing his views for Indian market, Joong-Hee Lee, CEO of AHES, said India already has skilled manpower, strong public institutions, and crucial government policy and funding support.
"The future is green, and no nation can achieve it alone. The world must unite in its commitment to sustainable energy. Our joint venture with GH2 Solar, brings this vision closer by producing electrolysers in India for the world," he said. PTI ABI TRB
