Essar Group announces $3.6 billion investment in green hydrogen plant in India’s Gujarat
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Essar Group, an India-based firm, will invest Rs 30,000 crore ($3.6 billion) over the next four years in setting up a green hydrogen plant in India’s Gujarat. As the conglomerate transitions from metals to infrastructure, it is focusing on clean energy as a central element of its growth strategy.
Prashant Ruia, director of Essar Capital, said in an interview with PTI that Essar Future Energy plans to develop 1 gigawatt of hydrogen capacity and associated green molecules capacity of 1 million tons per annum over the next four years.
Essar will leverage 4.5 GW of renewable energy from its sister company, Essar Renewables, to split water molecules and produce hydrogen and oxygen.
Ruia added, “The idea is to create green molecules that can be transported directly rather than green ammonia. Because you carry green ammonia and then you convert it into hydrogen. That cost is very high. So, we are trying to build a complex which can make green molecules from hydrogen and largely in the biofuels space and export that.”
Read more: TotalEnergies and Air Products Forge Green Hydrogen deal
In green mobility solutions, Essar is dedicated to creating an LNG and electric ecosystem to decarbonize long-haul heavy trucks, thereby contributing to a cleaner transportation sector. The company currently operates a fleet of 450 to 500 LNG-powered trucks used by various industries for their logistics needs.
Additionally, he added that the conglomerate aims to decarbonize its oil refinery in the UK, construct a green steel plant in Saudi Arabia, and develop an LNG and electric ecosystem to reduce emissions from long-haul heavy trucks.
The firm also plans to mine critical minerals, which are primarily used in electric vehicle batteries, solar panels, and wind turbine magnets.
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