Adani Group joins hands with TotalEnergies to create world’s largest green hydrogen ecosystem
The companies have also informed that ANIL will invest USD 50 Bn in green hydrogen over the next 10 years. For a country that relies on coal for more than 70 percent of its electricity, Adani"s efforts are important in India"s shift away from coal power.
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New Delhi, June 14: Business conglomerate Adani Group has joined hands with France's TotalEnergies to create the world's largest green hydrogen ecosystem with an investment of 60$ billion over the next 10 years.
As per the joint statement of the company, as part of the strategic tie-up, the French energy giant TotalEnergies is set to acquire a 25 % stake in Adani New Industries Ltd, Adani Group's Hydrogen venture.
The companies have also informed that ANIL will invest USD 50 Bn in green hydrogen over the next 10 years. For a country that relies on coal for more than 70 percent of its electricity, Adani's efforts are important in India's shift away from coal power.
Under this tie-up, ANIL will develop a green hydrogen production capacity of 1 million tons per annum before 2030. Talking Gautam Adani, Chairman, of Adani Group, said that the partnership is part of the group's ambition to be the largest green hydrogen player in the world.
“The partnership with TotalEnergies adds several dimensions that include R&D, market reach, and an understanding of the end consumer. This fundamentally allows us to shape the market demand. This is why I find the continued extension of our partnership to hold such great value,” Adani said.
“Our confidence in our ability to produce the world’s least expensive electron is what will drive our ability to produce the world’s least expensive green hydrogen. This partnership will open up several exciting downstream pathways,” he added.
Patrick Pouyanné, Chairman and CEO of TotalEnergies, said that the partnership was a major milestone for the company in implementing its renewable and low carbon hydrogen strategy which aims to not only decarbonize the hydrogen used in its European refineries by 2030 but also wants to pioneer the mass production of green hydrogen to meet demand as the market is likely to take off by the end of this decade.
“This future production capacity of 1 million tons per annum of green hydrogen will be a major step in increasing TotalEnergies’ share of new decarbonized molecules including biofuels, biogas, hydrogen, and e-fuels to 25% of its energy production and sales by 2050,” said Pouyanné.
The Adani Group and TotalEnergies are already partners for the gas business, Adani Total Gas. The new partnership follows the Adani group signing a non-binding pact with Nasdaq-listed Ballard Power Systems to evaluate a joint venture for investment in the commercial production of hydrogen fuel cells for various mobility and industrial applications in India in February.
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