On Friday (January 10), state-owned Bharat Heavy Electricals Ltd (BHEL) announced that it has signed a strategic Memorandum of Understanding (MoU) with Oil & Natural Gas Corporation Ltd (ONGC) to collaboratively explore projects in the New and Renewable Energy (NRE) sector.
According to a stock exchange filing, Bharat Heavy Electricals Limited (BHEL) and Oil & Natural Gas Corporation Ltd (ONGC) have signed an MoU to explore joint projects and collaboration in the New and Renewable Energy business, including Fuel Cell, Electrolyser, and Battery Energy Storage System-based Projects.
The partnership will concentrate on fuel cells, electrolyzers, and battery energy storage devices. This collaboration intends to promote India’s National Green Hydrogen Mission while also leveraging both groups’ expertise to drive clean energy ecosystem advancements.
The MoU signing ceremony was attended by Bani Varma, Director (Industrial Systems & Products) and Director (Engineering, Research & Development) – Additional Charge, BHEL, and Arunangshu Sarkar, Director (Strategy and Corporate Affairs), ONGC, as well as other senior executives from both businesses.
This collaboration is a critical step toward achieving India’s renewable energy goals and boosting the use of sustainable energy solutions,” it added.
In Q2FY25 (July-September 2024), Bharat Heavy Electricals Ltd (BHEL) reported a standalone net profit of ₹96.67 Crore, up from a loss of ₹58.3 Crore the previous year. BHEL also posted a loss of ₹212 Crore in the prior quarter.
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