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

New Delhi: Renewable energy company Acme Group and Indian Gas Exchange (IGX) have signed a memorandum of understanding (MoU) to collaborate in 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 chief executive officer of IGX, at the India Energy Week in Goa.

“Acme Group is a pioneer in the green hydrogen and ammonia space. With IGX’s deep experience in creating a liquid tradable market for natural gas, the two companies aim to develop a physical trading market for green molecules across the country, starting with regional centers located near hydrogen and ammonia projects and eventually reaching a national center. The MoU covers the entire value chain of green hydrogen and ammonia, from production, logistics and supply to its use in a variety of applications, he added.

Ashwani Kumar Dudeja, Group Chairman and Director, Acme Group, said: “We are excited to collaborate with IGX in developing the market for green hydrogen and its derivatives in India. “(Our goal) is to pioneer sustainable energy solutions and create a liquid and transparent market for customers.”

Rajesh Kumar Mediratta, MD and CEO of IGX, said: “Together, we will develop innovative strategies to accelerate adoption, foster economic growth and promote energy security by creating a near-term tradable market, leveraging our learnings and experience in the development of similar solutions for the natural gas sector.”

Acme Group is an independent renewable energy producer in India, with a portfolio of over 5 GW of renewable energy capacity in operation and various stages of deployment. 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 tons per year (MMTPA) of green ammonia or hydrogen equivalent and derivatives by 2032. It has offices and representatives in Japan , the Middle East, Europe and the US for the commercialization and supply of green hydrogen and its derivatives to international markets.

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Posted: Feb 9, 2024, 07:10 pm IST

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