We are rightly talking about Electrolyser because Electrolyser is the Backbone in the Green Hydrogen value Chain. However as of today to the best of my knowledge , only one company called Ohmium (but not listed in India) has already started its operation in Bangalore and the first electrolyser has been exported to USA.
I believe ,the next in pipeline is Reliance…in my view Reliance can start manufacturing very fast since they have already signed up for partnership with a Danish Electrolyser company called Stiesdal.
Further, One Mega PLI scheme is under cards for manufacturing Electrolyzer in India - let us wait and see who are all parties applying for Electrolyzer manufacturing…But who could be the contenders ? You may get some idea from the following paragraphs.
Some of the Existing Solar/ wind energy players may eventually go in for Green hydrogen production.
Solar/ Wind/ Hydro Renewables Energy/ electricity is the starting point for producing Green Hydrogen. We already have a lot of existing players in Solar/wind some of which are of good investment bets for long term , if you want to participate in Green Hydrogen Energy story.
Tata Solar, Adani Green, ReNew Power
Sterling & Wilson , Inox Wind , Suzlon, Siemens Gamesa, websol, Borosil Renewables…
Tata Solar, Adani green are both EPC players in Solar and wind. Both companies are B2B and B2C in Solar business. Roof top solar has great future with latest simplification of Govt norms…no more listed vendors…you can buy from anywhere , photograph it and send it to your discom…you get 60% subsidy…apart from reduction in your electricity bill.
Sterling Wilson ( recently acquired by Reliance ) is a very good Global player EPC with O& M in Solar Power
ReNew Power - the only Indian player Listed recently in NASDAQ with a strong portfolio of Solar Wind 10 GW. Yet to list in India.
Suzlon, Inox wind , Siemens Gamesa (Nothing to do with Siemens India) is a wind mill supplier to Adani Green.
Websol is another player in Solar energy and Borosil renewable is the only solar glass manufacturers in india…
New Serious Players those who have declared their plan for entire value chain of Green Hydrogen :
Reliance wants to be the most integrated Renewable player with focus on Green hydrogen who is very serious with all acquisitions and collaboration in place …who can start their operations very soon.
Reliance wants to achieve four things- (1) With petroleum refining and marketing of petroleum products the company is emitting a lot of carbon. To become carbon neutral , it needs to invest in Green energy
(2) It also needs Green Hydrogen for captive consumption for their petroleum refining process
(3) Wants to be a EPC player in Green hydrogen supply chain
(4) Also wants to participate in EV program by developing A sustainable cost effective Sodium ion battery, first in the country. It has also applied for Battery PLI scheme
The next serous intender seems to be L& T… the easiest thing L& T could do is to tie up with another major existing player ReNew Power who already had a vast experience of installing & managing 10GW assets of Solar/ wind…L& T also has applied for Battery PLI.
Hero Future Energy has signed up with Ohmium for 1000 MW Electrolyzer program to produce Green Hydrogen in India & Europe.
JSW Energy has declared its plans for Green Hydrogen .
Oil & Gas PSU/ Utility
BPCL/ HPCL/ IOCL/ Indian Oil, GAIL, ONGC, NTPC & Coal India
The Oil PSU’s need Hydrogen for their petroleum refining need and mandatorily they have to put up Green Hydrogen Plants…
Also, All of them are trying to be carbon neutral by setting up Green hydrogen Plants. These are
cash rich companies and the Govt is taking the lead to invest in Green hydrogen projects which mostly would be used in Hydrogen fuel cells to convert it back to electricity And feed to the grid.
And some of the green hydrogen so produced will go for Automobile fuel…ultimately these oil psu will sell mostly hydrogen for automobiles rather than petrol diesel.
NTPC is supposed to play a leading role for feeding electricity to grid produced from green Hydrogen and gradually stop it’s Thermal power plants…
All of these above PSU’s may not go for manufacturing Wind mills or Solar photo voltaic module , they would simply place order and buy from other pvt EPC players like Tata, Adani, Reliance , L&T, and others
Fertiliser plants…
Fertiliser plants need green hydrogen for manufacturing Ammonia NH3 & DAP, UREA…either they have to put up Green hydrogen Plants…but perhaps they also have an option of buying out Green hydrogen from the open market
Hydrogen Fuel cell
When we say, Hydrogen fuel cell, we immediately understand it as Automobile fuel…
Hydrogen fuel cell is a reverse process of electrolyser. Electrolyzer splits water in to hydrogen and oxygen , but fuel cell takes hydrogen gas and oxygen from air to produce electricity and water .
So in reality, Hydrogen fuel cell could be an integral part or as a Combo with the Electrolyzer in Solar/ wind power plants…where ultimate aim is to feed the grid with Electricity.
Electrolyzer splits water to hydrogen…hydrogen then stored in a tank . .and when there is no sunlight and wind, the stored hydrogen can be converted to electricity by the Fuel cell and the power is fed in to grid. No fuel cell is required along with Electrolyzer where there is requirement of Green hydrogen only.
Electricity produced by Green Hydrogen through Hydrogen Fuel cell technology may become the Ultimate to drive Automobiles across the world.
Electricity for Home:
Now Roof top solar is becoming very popular.
Ultimately, What the world is looking for is to have a roof top solar panel and coupled with an electrolyser and fuel cell…so that you get 100% green energy 24X7.
In stead of electrolyser and fuel cell combo may be there could be an intermittent solution of sustainable battery as energy storage solution at homes…Day time excess power is stored in high capacity sustainable battery and night you use the stored energy !
Discl: These are my personal views and I could be wrong as to how things evolve - I am putting it up here purely for information and education purpose only.
I may have some investments in some of the aforesaid stocks.
Please do your own assessment before investing in any stocks