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Thermax plans to capitalize on India's energy transition by focusing on green hydrogen and electrolyzer production, aligning with the country's goal of net zero emissions by 2030. The company's green hydrogen targets encompass both domestic consumption and export, with expectations of 2 GW of electrolyzer demand within 18-24 months.

Production will commence in Pune by mid-2026. Thermax is engaged in technology partnerships for alkaline and solid oxide electrolysis, aiming to optimize efficiency and costs. Additionally, the carbon credit trading system in India is anticipated to evolve, supporting investments in green hydrogen and related technologies.