OIL signs pact with homiHydrogen for green hydrogen

Oil India Ltd, the nation's second-largest national oil and gas explorer, on Thursday said it has signed an initial agreement with homiHydrogen to work together in the green hydrogen value chain.

The memorandum of understanding (MoU) signed with homiHydrogen Pvt Ltd is ''to boost India's efforts towards energy transition for achieving net-zero by 2070 and support development of indigenous technology and manufacturing under Atmanirbhar Bharat in the field of hydrogen and green energy technology,'' a company statement said.

homiHydrogen is a joint venture company established by electrolyser experts from Germany, Switzerland, Italy and Norway to manufacture all the four types of electrolysers under one roof. It is promoted by well-established companies like h2e Power Systems Pvt Ltd, Bluebasic Ama Engineering Pvt Ltd and Greenstat Hydrogen India Pvt Ltd.

''OIL and homiHydrogen plan to work together to establish a framework that can enable the parties to study, structure and agree on a possible long-term partnership, which could include manufacturing and packaging of electrolysers in India and become an integral part of the Green Hydrogen value chain,'' it said The collaboration will provide impetus toward a hydrogen economy in the country, the statement added.