ACME Group and IHI sign MoU to explore opportunities in green hydrogen and its derivatives

New Delhi, February 21, 2023: Diversified renewable energy company ACME Group and Japan’s comprehensive heavy-industry manufacturer IHI Corporation announced signing of a memorandum of understanding (MoU) to jointly explore the potential business opportunities of green hydrogen. The intent of this MOU is to jointly study and evaluate potential projects with respect to collaboration opportunities across the green hydrogen and ammonia value chain, including production, handling, transportation, distribution, and power generation.

The MoU allows IHI to participate as an investor or take offtake in one or more project of ACME in Oman, India, USA or Egypt. Both the Companies will also explore opportunities to jointly offer a complete integrated solution to customers from green ammonia supply, bunkering and products or solutions for various applications.

Mr. Manoj K Upadhyay, Founder & Chairman, ACME Group said, “I would like to thank IHI for their commitment to develop renewable projects with us. We will together explore opportunities across the green hydrogen and ammonia value chain, including production, handling, transportation, distribution, and power generation.”

Mr. Kenji Konno, Country Head Japan, ACME Group said, “This collaboration will strengthen ACME Group’s innovative problem-solving approach by leveraging IHI’s technologies in ammonia value chain. We hope that this collaboration will pave the way to achieve our early global implementation of green and sustainable energy transition.”

Mr. Jun Kobayashi, Executive Officer, IHI Corporation said, “ACME and IHI have a shared vision to develop innovative solutions to produce and supply clean energy to users around the world. With ACME’s extensive experience in developing renewable energy projects and solutions, IHI’s understanding of the green ammonia value chain, and both companies’ passion and willingness to proactively tackle societal challenges and be at the forefront of infrastructure development, we possess the capability to lead the transition to carbon-free ammonia usage across a wide variety of industries.”

About ACME Group:

ACME Group ( ) set up in 2003, is a pioneer in cleantech sectors such as solar, green
hydrogen & ammonia and sustainable green protein development. The Company is one of the
leading solar power developers in India with project across 12 States and capex invested and
committed of nearly $8 billion. In the past, ACME has undertaken transactions with Actis,
Petronas, NIIF, Renew, BAML, Brookfield, Piramal, APG and Allianz, among others.

About IHI:

IHI Corporation is a comprehensive heavy-industry manufacturer working to create value for
customers in four main areas—Resource, Energy and Environment; Social Infrastructure and
Offshore Facilities; Industrial Systems and General-purpose Machinery; and Aero Engine, Space
and Defense. IHI is deeply committed to contributing to society through technology, combining
diverse engineering capabilities to meet expanding global needs for energy, urbanization and
industrialization, and transportation efficiency.