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Larsen & Toubro on Friday said that it has signed a Memorandum of Understanding (MoU) with Norway-based H2Carrier (H2C) to develop floating green ammonia projects for industrial-scale applications. The move is aimed at decarbonising the global economy.

H2C has expertise in developing and integrating Power-to-X (PtX) projects based on affordable, often stranded, non-commercial renewable power.

As part of the deal, L&T will become a partner for the engineering, procurement, construction, installation, and commissioning of the topsides for H2C's floating process plants.

H2C plans to build the P2XFloater hull at yards in Asia and L&T will design and fabricate the topside process and utility modules to produce green hydrogen and green ammonia, including electrolysers, nitrogen generation plant, and ammonia synthesis unit.

P2XFloater is an industrial-scale floating green hydrogen and green ammonia facility.

Further, installation of the topsides modules on the hull and their integration can be customised as per location preferences. It can be carried out in India or in other geographies.

Institutional brokerage firm CLSA in its research report, on January 11, recommended a ‘buy’ on the Larsen and Toubro stock with a target price of Rs 2,570. CLSA said that improving orders and robust E&C (engineering and construction) execution are key positives for the L&T stock going ahead.

L&T is a leader in the Indian energy industry, which is manufacturing critical equipment and providing EPC services for the entire energy spectrum including oil and gas, thermal, renewables, and nuclear power.

Shares of L&T ended 0.45 percent lower at Rs 2,150.05 on Friday.

(Edited by : Rukmani Krishna)