McPhy Energy: McPhy signs Agreement with L&T for Electrolyzer Manufacturing
March 23 2023 - 12:45PM
McPhy Energy: McPhy signs Agreement with L&T for Electrolyzer
Manufacturing
- Technology leadership and emphasis on local manufacturing to
bring down manufacturing cost of electrolyzers
Mumbai/Paris, 23 March 2023:
Larsen & Toubro (L&T), an Indian multinational engaged in
EPC Projects, Hi-Tech Manufacturing and Services, today have
entered into an Electrolyzer Manufacturing Binding Agreement with
McPhy Energy (Euronext Paris: FR0011742329, MCPHY.PA), a
France-based leading electrolyzer technology and manufacturing
company, for a long-term partnership to explore the opportunities
unfolding in the emerging Green Hydrogen market.
Under this partnership, McPhy will grant an
exclusive license of its pressurised alkaline electrolyzer
technology to L&T for manufacturing of electrolyzers, including
future product upgrades1. L&T plans to set up a Gigawatt-scale
manufacturing facility for electrolyzers based on McPhy technology
in India to serve the domestic requirements as well as cater to the
other selected geographies2.
The proposed agreement is in line with L&T’s
strategic vision to be present across the green energy value chain
and also furthers McPhy’s aim to expand beyond the European
market.
Commenting on the occasion, Mr.
Subramanian Sarma, Whole Time Director (Energy), L&T
said, “The energy industry is undergoing a tectonic shift with
Green Hydrogen emerging as a key fuel in the future energy basket.
We are delighted to have signed this Agreement with McPhy which
will be a win-win partnership given L&T’s strong presence
across the entire value chain of manufacturing, EPC and services in
the energy sector, and McPhy’s technology and research leadership
in this sector”.
“McPhy wants to be a global leader in the
manufacture of electrolyzers. Joining forces with a major partner
like Larsen & Toubro to address new markets is a great
opportunity for McPhy and evidence of the attractiveness of its
technology”, said Mr. Jean-Baptiste LUCAS,
CEO of McPhy.
“We are looking forward to an exciting journey
where this partnership of L&T and McPhy will play a key role in
creating a sustainable energy infrastructure for the future. The
Green Hydrogen industry is at a nascent stage with an immense
potential, and through this partnership both organizations will
harness their inherent strengths to establish cost leadership
through local manufacturing and sourcing”, said Mr. Derek M
Shah, Sr. Vice President & Head, L&T Energy - Green Mfg.
& Development.
India is well suited for Green Hydrogen
production due to the low generation costs of renewable electricity
from abundantly available solar PV and wind power sources. The
country aims to be among the world’s largest Green Hydrogen hubs
and has grand plans for using the same across the sectors. It can
also provide India the energy security by reducing the
ever-increasing oil import bill while charting a pathway to green
alternatives for “hard-to-abate” industries like refineries,
fertilisers, steel, and transport.
Green Hydrogen production capacity in India is
estimated to grow to at least 5 MMTPA by 2030 in line with the
nation’s Green Hydrogen Mission, which would call for investments
upward of USD 100 billion.
About McPhy:
In the framework of the energy transition, and
as a leading supplier of hydrogen production and
distributionequipment, McPhy contributes to the deployment of
low-carbon hydrogen throughout the world. Thanks to its wide range
of products and services dedicated to the industrial, mobility and
energy markets, McPhy provides turnkey solutions to its clients
adapted to their applications in industrial raw material supply,
fuel cell electric car refueling or renewable energy surplus
storage and valorisation. As a designer, manufacturer and
integrator of hydrogen equipment since 2008, McPhy has three
development, engineering and production units based in Europe
(France, Italy, Germany). The company’s international subsidiaries
ensure a global sales coverage of McPhy’s innovative hydrogen
solutions. McPhy is listed on Euronext Paris (Segment B, ISIN code:
FR0011742329; ticker: MCPHY).
Media
Contacts:Investors
RelationsEmmanuel Huynh T. +33
(0)1 44 71 94
99
mcphy@newcap.com
About L&T:
Larsen & Toubro is an Indian multinational
engaged in EPC Projects, Hi-Tech Manufacturing and Services. It
operates in over 50 countries worldwide. A strong, customer–focused
approach and the constant quest for top-class quality have enabled
L&T to attain and sustain leadership in its major lines of
business for over eight decades.
Media Contacts:
Sumeet
Chatterjee
Head - Corporate Brand Management &
Communications
sumeet.chatterjee@larsentoubro.com
1 After obtaining, where appropriate, the authorization of
interested parties
2 Gulf Cooperation Council countries: (Saudi Arabia, UAE, Oman,
Qatar, Kuwait, Bahrain) and South Asian Association for Regional
Cooperation countries (India, Bangladesh, Sri Lanka, Nepal, Bhutan,
Maldives)
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