Stack is the core module where the actual splitting of water into hydrogen and oxygen takes place. Thermax has received exclusive rights for the Indian market.
Through this tech transfer, Thermax will manufacture key systems and balance-of-plant components of electrolysers for integration with the stacks.
As a first step towards this, a test station for short stacks will be established at Thermax’s facility in Pune.Thermax will be paying royalty and other fees to HydrogenPro, the specifics for the same have not been disclosed.
Why is this partnership a positive for Thermax?
Firstly, it gives the company a new partner, after its partnership with Fortescue Future Industries (FFI) fell through and the cancellation left Thermax without a project partner, prompting the company to rethink its strategy.
Additionally, the new partnership with HydrogenPro, enables Thermax to immediately deploy its alkaline-based electrolyser solutions.
The management of Thermax in its press conference said that there have been multiple bids in the Indian market for green hydrogen solutions, for which, the company has made an internal commitment of ₹100 crore. It expects revenue contribution from this new foray from financial year 2027.
Shares of Thermax had ended 0.6% higher on Tuesday at ₹3,295. The stock is down 16% so far in 2025.
