Fusion Fuel Green PLC to Establish Partnership with BGR Energy Systems Ltd. to Develop Green Hydrogen Projects in India
March 05 2021 - 2:00AM
Fusion Fuel Green PLC (NASDAQ: HTOO), a green hydrogen technology
company, is pleased to announce that it has signed an MoU with BGR
Energy Systems Limited (NSE: BGRENERGY), one of India’s leading EPC
companies, to develop green hydrogen projects in India. The
companies intend to establish an initial demonstrator plant in
India in 2021 and thereafter develop larger-scale projects in the
region for the supply of hydrogen for the production of green
ammonia and bio-ethanol, and as a feedstock for other heavy
industrial applications.
Fusion Fuel will install a small demonstrator
facility for BGR Energy in the region of Cuddalore, Tamil Nadu,
India in the second half of 2021 using its market-leading
HEVO-SOLAR technology to generate cost-competitive green hydrogen.
The companies will then co-develop projects throughout India,
leveraging BGR Energy’s extensive client network and existing
commercial footprint. The companies will also explore broader areas
of potential cooperation given BGR Energy’s broad competencies in
the energy, environmental and industrial sectors.
Since its inception, BGR Energy has developed
more than 12,000 MW of power plants and Balance of Plant related
services in India, and it also has substantial capabilities in the
design and manufacture of high-tech equipment, which leaves BGR
well-positioned to take the lead in developing green hydrogen
production infrastructure in the region.
Hydrogen already plays a critical role in the
Indian economy, with roughly 6 million tons of hydrogen consumed
annually, primarily in the production of ammonia and methanol, as
well as for use in refineries. A recent study from The Energy and
Resources Institute estimated that demand could grow to as much as
28 million tons by 2050. Virtually all the hydrogen consumed in
India today is grey hydrogen, the production of which emits roughly
9 tons of CO2 per ton of hydrogen. Enabling cost-effective domestic
production of green hydrogen will be critical to reduce the carbon
intensity of heavy industry and help India achieve its energy
security and emissions targets.
João Wahnon, Fusion Fuel’s Head of Business
Development, noted, “We are excited to open up this new market for
Fusion Fuel and develop India as a leader of the global hydrogen
economy. We could not ask for a better partner in this undertaking
than BGR Energy, with its extensive experience developing turnkey
solutions in India’s power and industrial sector.”
Arjun Govind Raghupathy, Managing Director of
BGR Energy commented, “BGR Energy has long been an innovator in
India’s energy and industrial sectors, and we are excited now to be
taking these steps to establish a foothold in the burgeoning green
hydrogen industry. We look forward to working with Fusion Fuel to
scale the development of local green hydrogen production and play a
leading role in creating a green hydrogen ecosystem in the
region.”
About Fusion Fuel Green
plc.
Fusion Fuel Green plc. is an emerging leader in
the green hydrogen space, committed to accelerating the energy
transition and decarbonizing the global energy system by making
zero-emissions green hydrogen commercially viable and accessible.
Fusion Fuel has created a revolutionary proprietary electrolyzer
solution that allows it to produce hydrogen at highly competitive
costs using renewable energy, resulting in zero-carbon emissions.
Fusion Fuel’s business lines include the sale of electrolyzer
technology to customers interested in building their own green
hydrogen capacity, the development of hydrogen plants to be owned
and operated by Fusion Fuel and active management of the portfolio
of such hydrogen plants as assets, and the sale of green hydrogen
as a commodity to end-users through long-term hydrogen purchase
agreements. For more information, please
visit https://www.fusion-fuel.eu/.
About BGR Energy Systems
Limited
BGR Energy Systems Limited is an Indian public
limited company incorporated under the provisions of the Companies
Act, 1956. Its equity shares are listed on Bombay Stock Exchange
(‘BSE’) and National Stock Exchange (‘NSE’). The Company is a
manufacturer of capital equipment for Power Plants, Petrochemical
Industries, Water Treatment & Desalination Plants, Refineries,
Process Industries and undertakes turnkey Balance of Plant (‘BOP’)
and Engineering Procurement and Construction (‘EPC’) contracts. The
Company has been achieving its objectives through its five business
units: Power projects, Electrical projects, Oil and Gas equipment,
Environmental engineering and Air Fin Coolers. For more
information, please visit http://www.bgrcorp.com.
Forward Looking Statements
This press release contains forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. The words “believe,” “may,” “estimate,”
“continue,” “anticipate,” “intend,” “should,” “plan,” “could,”
“target,” “potential,” “is likely,” “will,” “expect” and similar
expressions, as they relate to us, are intended to identify
forward-looking statements. The Company has based these
forward-looking statements largely on our current expectations and
projections about future events and financial trends that we
believe may affect our financial condition, results of operations,
business strategy and financial needs. Some or all of the results
anticipated by these forward-looking statements may not be
achieved. Further information on the Company’s risk factors is
contained in our filings with the SEC. Any forward-looking
statement made by us herein speaks only as of the date on which it
is made. Factors or events that could cause our actual results to
differ may emerge from time to time, and it is not possible for us
to predict all of them. The Company undertakes no obligation to
publicly update any forward-looking statement, whether as a result
of new information, future developments or otherwise, except as may
be required by law.
Investor Relations Contactir@fusion-fuel.eu
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