Thermax Ltd. is making a major investment in green hydrogen production by establishing a solid oxide electrolyser manufacturing plant in India. This move follows its partnership with UK-based Ceres Power Ltd., focusing on advancing solid oxide electrolysis cell (SOEC) technology.
Under the agreement, Thermax will produce, sell, and service stack array modules using Ceres’ SOEC technology. Over the next two years, the company plans to build the manufacturing facility, develop the supply chain, and localize key components.
CEO Ashish Bhandari stated that the company is prepared to invest hundreds of crores, scaling investments based on project milestones. He emphasized the role of green hydrogen in decarbonizing hard-to-abate industries like steel, petrochemicals, and fertilizers, and believes solid oxide technology will accelerate India’s green energy transition.
Currently, 70% of Thermax’s order book is dedicated to green energy solutions, with the remaining 30% focused on fossil fuel projects. Bhandari is optimistic that this shift towards green technology will enhance profit margins despite initial setbacks in bio-CNG and other sectors.