Indraprastha Gas Limited (IGL) on Thursday announced that it has signed a Memorandum of Understanding (MoU) with Acme Cleantech Solutions Pvt Ltd (ACME) to jointly explore potential business opportunities of Green Hydrogen.

Share Market Live

NSE

According to the MoU, the two companies, IGL & ACME, will work jointly to promote the adoption by the customers and create demand for Green Hydrogen in the country. They will work together to explore opportunity of setting up hydrogen generation plants including setting up of electrolysers to blend green hydrogen in IGL’s existing pipeline networks that is supplying gas to households, industrial & commercial set ups and CNG for vehicles.

Also Read: Incentives worth over Rs 13,000 crore on cards for green hydrogen fuel producers: Sources

"The partnership would benefit both the Companies, where ACME will offer its experience and expertise, while IGL being a green energy provider to several cities and millions of homes/ have a ready-made network to blend green hydrogen. We will also co-operate on policy matters and help the Industry and government to bring in enabling regulatory framework that facilitates and incentivises the customers to provide long term offtake commitments for green hydrogen and green ammonia," said Ashwani Dudeja, President & Director (Green Hydrogen and Ammonia) of ACME Group.

"Hydrogen Enriched Compressed Natural Gas (H-CNG) Pilot project in Delhi was operated by IGL in collaboration with IOCL. Presently, Green Hydrogen in automobile sector is at nascent stage and IGL being leading city gas Distribution Company, certainly wants to explore possibilities of Green Hydrogen in automobile sector. Production of Green Ammonia from Green Hydrogen has potential to be another business vertical to IGL" said Sanjay Kumar, Managing Director of IGL.

Shares of IGL closed 1.16 percent lower at Rs 485 per share on April 4, 2023, at NSE.

Also Read: Climate change could reduce life in the ocean's twilight zone by up to 40%, says new study