Pure Hydrogen is looking to take a leading position in India’s hydrogen sector by forming a joint venture with global automotive component manufacturer Advik Hi-Tech Pvt. Ltd. 

The company already has links with Advik through its investee company H2X Global – which it has a 24% stake in – that had reached a similar JV for the manufacture, source and supply of products and components for hydrogen vehicles and powered products for India and for other international markets.

With this connection already in place, Pure Hydrogen (ASX:PH2) has now signed a joint venture agreement to establish an Indian hydrogen production facility that will sell, transport and distribute hydrogen across India.

The joint venture company (Pure Hydrogen 49%) will also supply hydrogen fuel cell electric buses and trucks in the country.

Advik is a well-established automotive components company with over US$100 million in annual revenues.

It has a leading position in passenger, commercial vehicle and two-wheeler production as a core supplier of high technology components to almost all major Original Equipment Manufacturers.

“We are excited to be partnering with Advik in India and they see Pure Hydrogen’s established Hydrogen Eco-system giving them a major strategic advantage in India and a big head start to become a leading player here,” managing director Scott Brown said.

“India is obviously a massive market and it makes good commercial sense to build a presence here with an established and respected local company.

“We look forward to providing updates as JV Co forms and operates, and we also anticipate reporting more positive developments for Pure Hydrogen in the Australian market in the near-term.”

Advik managing director Aditya Bhartia said his company was happy to partner with Pure Hydrogen to develop India’s hydrogen eco-system.

“It is encouraging to see Pure Hydrogen set-up multiple projects in Australia to manufacture and transport hydrogen. The Indian government is focusing on hydrogen as a fuel and intends to be a major production and export hub.

“With this collaboration we aim to be an end to end solution provider for hydrogen eco-system, from hydrogen generation to hydrogen powered mobility and stationary solutions”.

 

A massive market for the taking

As the second most populous country in the world, India represents a staggering market for Pure Hydrogen and an incredible opportunity to reduce global emissions substantially.

With about 8.5 million trucks and more than 1.6 million buses registered in India, the impact of converting these vehicles to green hydrogen fuel will substantially reduce both emissions and costs.

JV Co also plans to tender for Government contracts involving bus supply and hydrogen refuelling.

There is also the opportunity for the PowerH2 Generators to be an alternative to Diesel powered generators.

Additionally, the JV will explore the possibility of importing hydrogen from Australia.

This article was developed in collaboration with Pure Hydrogen, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.

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