JSW Future Energy in agreement with Australian's Fortescue Future Industries for green hydrogen

The collaboration will enable both parties to explore opportunities to tap into the significant clean energy market opportunity in India and be a front-runner in a future hydrogen economy.

Jul 29, 2021 05:07 IST India Infoline News Service

JSW Energy, 100% subsidiary, JSW Future Energy has entered into a framework agreement with Australian Fortescue Future Industries Pty Ltd to collaborate and conduct scoping work on potential projects relating to the production of green hydrogen and other allied activities.

The collaboration will enable both parties to explore opportunities to tap into the significant clean energy market opportunity in India and be a front-runner in a future hydrogen economy.

JSW Energy Joint Managing Director & CEO, Prashant Jain said “JSW Energy has laid out a strategic blueprint to become a 20 GW capacity power generating company by 2030 with about 85% of the portfolio comprising of green and renewable energy sources. We also aspire to be a green energy future tech company with a pro-active approach to adopt innovative technologies like green hydrogen, offshore wind, battery energy storage and be a front-runner in the green energy revolution. Green hydrogen is going to be a disruption in the clean energy space and in the near future, we believe it would replace the fossil fuels used for various industrial applications as well as in the transportation and mobility sector."

Jain added, "We are excited about the partnership with Fortescue Future Industries Pty Ltd (FFI) which has a promising repertoire of work in this area, and I am confident that along with FFI, we will create a new era of green hydrogen applications in India, and fulfill our net zero commitments earlier than our target of 2050."

FFI CEO, Julie Shuttleworth said, “FFI is setting out to become the world's leading energy and green products company, from fully renewable sources."

“The world’s transition to a renewable energy future represents a major growth opportunity and there will be many important markets for green hydrogen in the coming decade. Collaborating with JSW Energy provides an exciting opportunity to explore India’s renewable energy and green hydrogen market and positively contribute to India’s decarbonisation ambitions, " FFI CEO said, "FFI is actively establishing a portfolio of projects associated with renewable green hydrogen and green industrial products. We look forward to working with JSW Energy on potential projects in India and providing a strong contribution to the world’s transition away from fossil fuels.”

On Sensex, JSW Energy finished at Rs249.60 per piece down by 1.4%.

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