Active Stocks
Tue Mar 05 2024 10:51:33
  1. Tata Motors share price
  2. 1,032.00 4.54%
  1. Tata Steel share price
  2. 152.80 -0.20%
  1. State Bank Of India share price
  2. 779.00 0.89%
  1. ITC share price
  2. 407.40 -0.42%
  1. NTPC share price
  2. 355.15 0.38%
Business News/ Industry / Energy/  IGX, Acme to develop green hydrogen, ammonia market in India
BackBack

IGX, Acme to develop green hydrogen, ammonia market in India

The two companies aim to set up a physical trading market for green molecules, starting with regional hubs located near hydrogen and ammonia projects and leading eventually to a nationwide hub.

Acme Group has a portfolio of more than 5GW of renewable-energy capacity under operation and various stages of implementation. Photo: iStockPremium
Acme Group has a portfolio of more than 5GW of renewable-energy capacity under operation and various stages of implementation. Photo: iStock

New Delhi: Renewable energy company Acme Group and Indian Gas Exchange (IGX) have signed a memorandum of understanding (MoU) to collaborate on developing the green hydrogen and ammonia market in India.

Acme said the MoU was signed by Manoj Kumar Upadhyay, founder and chairman of Acme Group, and Rajesh Kumar Mediratta, managing director and CEO of IGX, at the India Energy Week in Goa.

“Acme Group is a pioneer in the green hydrogen and ammonia space. With the deep experience of IGX in creating a liquid tradeable market for natural gas, the two companies aim to develop a physical trading market for green molecules across the country, starting with regional hubs located near hydrogen and ammonia projects and leading eventually to a nationwide hub," the statement read. The MoU covers the entire green hydrogen and ammonia value chain, from production, logistics and supply to their use in a range of applications, it added.

Ashwani Kumar Dudeja, group president and director of Acme Group, said, “We're excited to collaborate with IGX on developing the market for green hydrogen and its derivatives in India. [We are] aiming to pioneer sustainable energy solutions and create a liquid and transparent market for customers."

Rajesh Kumar Mediratta, MD and CEO, IGX said: “Together, we will develop innovative strategies to accelerate adoption, foster economic growth and advance energy security by creating a short-term tradeable market, leveraging our learnings and experience from developing similar solutions for the natural gas sector."

Acme Group is an independent renewable-power producer in India, with a portfolio of more than 5GW of renewable-energy capacity under operation and various stages of implementation. In 2021, it built what was perhaps the world’s first green ammonia plant in Bikaner, Rajasthan.

It is developing green hydrogen and ammonia projects in India, Oman and the US and aims to have a portfolio of 10 million metric tonnes per annum (MMTPA) of green ammonia or equivalent hydrogen and derivatives by 2032. It has offices and representatives in Japan, the Middle East, Europe and the US for the marketing and supply of green hydrogen and its derivatives to international markets.

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!

ABOUT THE AUTHOR
Rituraj Baruah
Rituraj Baruah is a senior correspondent at Mint, reporting on housing, urban affairs, small businesses and energy. He has reported on diverse sectors over the last six years including, commodities and stocks market, insolvency and real estate. He has previous stints at Cogencis Information Services, Indo-Asian News Service (IANS) and Inc42.
Catch all the Industry News, Banking News and Updates on Live Mint. Check all the latest action on Budget 2024 here. Download The Mint News App to get Daily Market Updates.
More Less
Published: 09 Feb 2024, 07:10 PM IST
Next Story footLogo
Recommended For You
Energy Stocks
₹1,942.10.59%
₹175.20.43%
₹517.1-0.91%
₹89.132.83%
₹353.80.69%
Switch to the Mint app for fast and personalized news - Get App