Acme aims to raise $300 million equity in push for green hydrogen

livemint.com:

₹10,800 crore). The firm, which is betting big on green hydrogen, has appointed global consulting firm EY to look for buyers. There is a huge interest in green hydrogen in the country, with 5.8 million tonnes (mt) of green ammonia capacity coming up.

Green hydrogen is produced by splitting water into hydrogen and oxygen using an electrolyzer that may be powered by electricity from renewable energy sources such as wind and solar. As part of its green hydrogen playbook, India wants to encourage green hydrogen exports to Japan, South Korea and Europe, and has allowed concessional green electricity, an inter-state transmission charges waiver, land in renewable energy parks and mega manufacturing zones for promoting green hydrogen and green ammonia, Mint reported. Investments into companies focusing on the green hydrogen space are likely to gain momentum, with the government setting a target of 5mt of annual green hydrogen production by 2030 with a focus on exports under the National Green Hydrogen Mission.

The Acme Group has also been selected for setting up green hydrogen plant under the incentive scheme “Strategic Interventions for Green Hydrogen Transition" (SIGHT)—with an allocated capacity of 90,000 tonne per annum. The company would get an incentive of ₹30 per kg on average, for three years. Founded in 2003 by Manoj Kumar Upadhyay, Acme Group aims to become a leading green energy provider in the world by 2030, and produce 10 mtpa of green ammonia and hydrogen.