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June 7, 2022

ACME Group to develop green hydrogen project in Karnataka, India

The plant will have an annual production capacity of 1.2 million tonnes of green hydrogen and ammonia.

India-based renewable energy company ACME Group has signed a memorandum of understanding (MoU) to invest around Rs520bn ($6.7bn) to build a green hydrogen and green ammonia project in the Indian state of Karnataka.

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How can hydrogen ride the sustainability wave?

The Hydrogen market is expected to expand significantly in the next few years – GlobalData has tracked more than 43.6 mtpa of total active and upcoming low carbon hydrogen production capacity (green and blue hydrogen). As the industry develops and the cost of producing hydrogen drops, demand is expected to increase significantly. As a result, countries across the world are announcing much needed supporting policy framework for hydrogen. While refining and ammonia production have traditionally been the key consumer sectors for hydrogen, new uses such as transport and energy storage are set to influence the market. While green hydrogen presently has a small share in the overall production mix, it is poised to increase given the ambitious targets announced by various countries. GlobalData’s report provides insights into key issues in the emerging hydrogen space, such as:
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The company’s chief operating officer Sandeep Kashyap signed the MoU with Dr EV Ramana Reddy, additional chief secretary to the Karnataka Government’s Commerce & Industries Department.

Karnataka Chief Minister Basavaraj Bommai and other officials were also present at the signing.

Under the terms agreed, ACME Group will establish a green hydrogen and ammonia plant, with an annual capacity of 1.2 million tonnes, in the state. The plant will also have an attached solar power unit.

The facility is expected to be built over the next five years and create more than 2,000 jobs once operational.

At the same time, the state government will assist ACME Group in securing all necessary registrations, approvals and clearances for the project.

ACME Group founder and chairman Manoj Kr Upadhyay said: “We are delighted to partner with the State of Karnataka in developing one of the largest and earliest green ammonia projects in the world.

“We will be a formidable player in accelerating the adoption of the green fuel globally.

“We are grateful to the Government of Karnataka for their vision in building the state as a green hydrogen hub and extending their full support to this project.”

Last year, ACME Group signed an agreement with Scatec to co-develop a 900MW solar power plant in Rajasthan, India.

The company has agreed to provide turnkey engineering, procurement and construction services for the project, which holds a 25-year power purchase agreement with Solar Energy Corporation of India.

ACME Group has also built an integrated semi-commercial scale project for green hydrogen and green ammonia plant in Bikaner, Rajasthan.

Related Companies

Free Report
img

How can hydrogen ride the sustainability wave?

The Hydrogen market is expected to expand significantly in the next few years – GlobalData has tracked more than 43.6 mtpa of total active and upcoming low carbon hydrogen production capacity (green and blue hydrogen). As the industry develops and the cost of producing hydrogen drops, demand is expected to increase significantly. As a result, countries across the world are announcing much needed supporting policy framework for hydrogen. While refining and ammonia production have traditionally been the key consumer sectors for hydrogen, new uses such as transport and energy storage are set to influence the market. While green hydrogen presently has a small share in the overall production mix, it is poised to increase given the ambitious targets announced by various countries. GlobalData’s report provides insights into key issues in the emerging hydrogen space, such as:
  • Hydrogen value chain
  • Demand drivers
  • Key application areas
  • Technology trends
Read this report and formulate winning strategies for your business.
by GlobalData
Enter your details here to receive your free Report.

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