Greenstat AS has great ambitions and growth plans in renewable energy in general, and the production of green hydrogen in particular.
As an important part of the company’s international efforts, it has established the subsidiary Greenstat Hydrogen India PVT LTD in Delhi / India.
Asia and the emerging economies are an incredibly exciting and attractive market for Greenstat, and for the export of Norwegian expertise and technology in the renewable field. We have established a good network in India and experience a great willingness to cooperate with Norwegian players. That is why we now choose to invest here when we look at Asia, says Vegard Frihammer, CEO of Greenstat.
Why hydrogen in India?
Norwegian export revenues have fallen dramatically in recent years and one must look to new markets where Norwegian players can take market shares. Norwegian exports to India today are around 2.6 billion and there is a significant potential for growth in the coming years.
India is today a major producer and consumer of energy and is known to have major challenges related to air pollution in the big cities and major climate emissions. The majority of India’s energy consumption is based on fossil fuels (coal 55.8%, oil & gas approx. 30%).
Furthermore, India has a great need for more energy in the future and has invested considerable resources in the development of renewable energy. 22% of installed capacity is already today based on sun and wind. But until recently, India has not invested in Hydrogen in contrast to China and South Korea, which are at the forefront of development. India has now decided, like many others (EU, Australia and others), that Hydrogen will be an important component in the country’s energy mix for India to exploit the potential for renewable and meet national and global climate commitments.
Indian authorities have decided to become leaders in Hydrogen and will in the years ahead facilitate rapid development and major investments by attracting leading expertise, experience and technology that can ensure high growth and development of the total Hydrogen ecosystem / economy in India.
Establishes a company in India and receives support from Innovation Norway
Greenstat has established the company Greenstat Asia, which has been awarded NOK 700,000 from Innovation Norway for a commercialization race against Asia. A company has also been established in India, Greenstat Hydrogen India, where local players have been invited on the ownership side. Through the new establishment, we have already seen great interest from the authorities and leading players in energy and industry in India. Greenstat Hydrogen India has entered into cooperation agreements with large companies in India and put together several consortia that participate in tender processes for planned demo / pilot projects in India. Greenstat Hydrogen India sees great opportunities together with its partners to take an important market position in the Hydrogen market in India and the investment in India will be the company’s hub for further investment in the region.
“We believe there are great opportunities for Norwegian companies with technology and expertise in renewable energy to take a significant market position in this rapidly growing market. India will invest a staggering 450 GW in renewable and hydrogen during 2030 and will invest approx. 300 billion annually to achieve this goal. With such ambitious goals, it goes without saying that a commitment to India can pay off, ” says Sturle Pedersen, Chairman of the Board of Greenstat Hydrogen India.