Adani Group has entered into a business partnership with Total Energies of France. Lest, to jointly develop a green hydrogen ecosystem over the next 10 years with an investment of 50 billion dollars. Which was confirmed by the companies in a joint statement. The joint venture would be known as Adani New Industries Limited.
Total Energies would have a 25% stake in the new company. Also, the initial investment is set to be at 50 billion dollars over the next 10 years. Since the aim of the company is “to be the largest hydrogen player in the world” as said by Gautam Adani, Chairman of Adani Group. They are set to achieve a total of 1 million tonnes of production of green hydrogen by the year 2030.
Adani Group & Total Energies to invest $50 billion
“The partnership with Total Energies 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.
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,” Chairman Gautam Adani said in his speech.
Mr. Adani has also added that the partnership will increase the strategic value and that the partnership would be based on high ambition.
Green energy use was instigated in February by the Ministry of Power. Under the first part of the National Hydrogen Mission Policy focused on green hydrogen. And green ammonia targeted at higher energy production. Although the second part of the policy is still debated. Many private and government-owned companies have started to make a headstart on green hydrogen production. Adani Group has taken up the task of shifting the country from coal-based production techniques to renewable sources of energy.
Hydrogen-powered cells
The venture has also allowed the Adani group to sign a non-binding contract with Nasdaq-listed Ballard Power Systems. Moreover, for the investment in the joint venture in turn leading to the production of Hydrogen-powered cells. The understanding between both the companies stands at the point. Lest, that the Adani Group will bring the knowledge of the Indian market and Total Energies would bring the knowledge of the European Market to the table.
“Total Energies’ entry into ANIL is a major milestone in implementing our renewable. And low-carbon hydrogen strategy, where we want to not only decarbonize the hydrogen used in our European refineries by 2030. But also pioneer the mass production of green hydrogen to meet demand. As the market will take off by the end of this decade”. Said Patrick Pouyanné, chairman and CEO of Total Energies.
