ACME, IGX partner to boost green hydrogen and ammonia market in India
ACME, a renewable energy company, and the Indian Gas Exchange (IGX) have entered into a memorandum of understanding (MoU) aimed at fostering cooperation and collaboration to accelerate the development of the green hydrogen and ammonia market in India, IGX said on February 11.
Under the terms of the MoU, ACME and IGX will work jointly to establish a physical traded market for green hydrogen and ammonia molecules across India. The initiative will kick off with the establishment of regional hubs strategically located near hydrogen and ammonia projects, gradually expanding to create a nation-wide hub.
The collaboration spans the entire value chain of hydrogen and ammonia, encompassing production, logistics, and supply. The objective is to integrate green molecules into various industrial applications, thereby contributing to national decarbonisation targets and reducing overall emissions.
“Together, we will develop innovative strategies to accelerate adoption, fostering economic growth and advancing energy security for a more sustainable future by creating a short-term tradeable market leveraging our learnings and experience from developing similar solutions for the natural gas sector,” Rajesh Kumar Mediratta, CEO, IGX said.
ACME, with active projects in green hydrogen and ammonia development in India, Oman, and the United States, aims to build a portfolio of approximately 10mn tonnes/year of green ammonia or equivalent hydrogen/derivatives by 2032.