Active Stocks
Tue Apr 16 2024 15:59:30
  1. Tata Steel share price
  2. 160.05 -0.53%
  1. Infosys share price
  2. 1,414.75 -3.65%
  1. NTPC share price
  2. 359.40 -0.54%
  1. State Bank Of India share price
  2. 751.90 -0.65%
  1. HDFC Bank share price
  2. 1,509.40 0.97%
Business News/ Industry / Energy/  Italy’s Snam ties up with Adani Group and Greenko
BackBack

Italy’s Snam ties up with Adani Group and Greenko

Apart from reducing dependence on fossil fuels for mobility, these green hydrogen plants will also provide grid-scale storage solutions, and provide feedstock for ammonia production

It is possible to produce hydrogen to power fuel cells by extracting the gas from seawater, but the electricity required to do it makes the process costly. Photo: AFP (AFP)Premium
It is possible to produce hydrogen to power fuel cells by extracting the gas from seawater, but the electricity required to do it makes the process costly. Photo: AFP (AFP)

Greenko and Adani Group have separately tied up with Italy’s Snam S.p.A. for setting up a green hydrogen business. This comes in the backdrop of state-run Solar Energy Corp. of India looking to invite bids to build green hydrogen plants, which will use renewable energy sources.

While Greenko has tied up with Snam for setting up a 50-50 joint venture to develop a “green hydrogen" business in India, the Italian firm has collaborated with the Adani Group to “envisage exploration of the hydrogen value chain in India and global markets, as well as the development of biogas, biomethane, and low-carbon mobility". A non-binding deal was also inked between Snam and Adani Gas to set up a CNG compressors manufacturing unit.

“Through the deal, the firms will collaborate on the study of hydrogen production methods from renewables, on the design of hydrogen-ready infrastructure and on final applications in both industry and transport," Greenko said. Snam, earlier owned by Eni S.p.A., has the largest gas pipeline network in Europe and plans to invest €6.5 billion in new energy transition businesses like sustainable mobility.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Industry News, Banking News and Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Published: 06 Nov 2020, 05:04 PM IST
Next Story footLogo
Recommended For You
Energy Stocks
₹1,815.85-0.21%
₹166.51.53%
₹609.35-1.3%
₹88.932.52%
₹361.35-0.54%
Switch to the Mint app for fast and personalized news - Get App