Finance minister launches HSBC India’s partnerships in green hydrogen space

The Indian finance minister has launched HSBC India’s key collaborations in order to enable green hydrogen innovation. HSBC India has collaborated with the Indian Institute of Technology, Bombay; and the Shakti Sustainable Energy Foundation to explore technological developments that will increase the effectiveness, affordability, and scalability of green hydrogen.

With a combined funding of Rs 0.15 billion, these two partnerships will concentrate on innovation projects that will support the government’s goal of creating an energy-independent country prioritising green hydrogen as a strategic alternate fuel. The partnership intends to make India a global green hydrogen hub for production, use and transport; and create green job prospects for the country. In order to achieve worldwide leadership in the green hydrogen transition, the collaborations will also support the Indian government’s national green hydrogen mission.

Recently, in August 2023, Greenfuel Energy Solutions partnered with Ventrex, a global leader in electronic pressure regulation for hydrogen, CNG, and LNG. The two companies have partnered for delivering green hydrogen and advanced natural gas solutions in India.

In the same month, Hydreen, a Luxembourg-based green hydrogen venture, raised a funding of $2 billion to build green ammonia and green hydrogen facilities in five states of India. The company received funding from European Sovereign Funds.