Thermax collaborates with Ceres Power for green hydrogen production

Thermax said that it has entered into a strategic collaboration with Ceres Power for green hydrogen production with large-scale solid oxide electrolysis cell (SOEC) manufacturing in India.

Ceres Power is a subsidiary of Ceres Power Holdings plc (CWR.L), a leading developer of clean energy technology.

In a regulatory filing made today, the energy and environment solutions provider stated that have entered a non-exclusive, global license agreement for Thermax to manufacture, sell and service stack array modules (SAM) based on Ceres' advanced solid oxide electrolysis cell (SOEC) technology.

Thermax will also develop, commercialise and sell SAM balance of modules (SBM) and multi-megawatt SOEC electrolyser modules.

"The partnership marks a significant step towards accelerating the deployment of SOEC technology in India and worldwide that will enable cost-effective green hydrogen production, Thermax said in a statement.

Under this partnership, Thermax will leverage its extensive experience in heat integration and waste heat recovery to manufacture a first-of-its-kind pressurised SAM and design, engineer, and develop SAM balance of module (SBM), a building block for further development of a multi-MW SOEC electrolyser module.

The collaboration would deliver systems that are up to 25% more efficient than incumbent low-temperature electrolysis technologies and effectively utilise steam generated from industrial process heat/waste heat recovery. This makes it an optimal solution for decarbonising hard-to-abate industries such as ammonia/fertiliser, steel, refineries and chemical production.

As a step towards commercialisation, Thermax plans to establish a manufacturing facility for the electrolysers, develop the supply chain, and localise critical components.

This collaboration would position Thermax among the few companies globally to provide large-scale SOEC systems for commercial applications.

Ashish Bhandari, Managing Director & CEO, Thermax: In India, significant strides are being made towards embracing renewable energy sources, particularly green hydrogen, as the country targets to produce 5 million metric tonnes of green hydrogen by 2030.

We are excited to partner with Ceres to bring advanced solid oxide electrolysis (SOEC) technology to India. By leveraging our expertise in thermal management, we aim to offer a highly efficient and cost-effective hydrogen production solution that will accelerate the energy transition in India and globally.

This collaboration aligns with our commitment to driving sustainable solutions for accelerating decarbonisation for hard to abate industries.

Thermax, a leading energy and environment solutions provider, is one of the few companies in the world that offers integrated innovative solutions in the areas of heating, cooling, power, water and waste management, air pollution control and chemicals. Thermax has manufacturing facilities in India, Europe and Southeast Asia.

The company had reported consolidated net profit of Rs 115.81 crore in Q1 FY25, registering a growth of 96.68% as against with Rs 58.88 crore posted in Q1 FY24. Revenue from operations stood at Rs 2,184.41 crore during the quarter, grew by 13.01% year on year.

The scrip jumped 4% to end at Rs 4654.90 on the BSE today.

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