Greenstat AS has great ambitions and growth plans in renewable energy in general, particularly in hydrogen. As an important part of the company’s international efforts, we have founded Greenstat Hydrogen India PVT LTD in Delhi, India.
Asia and the emerging economies are an incredibly exciting and attractive market for Greenstat, and for exporting Norwegian competence and technology in sustainability. We have established a network in India and are seeing a lot of positive attitudes towards co-operating with Norwegian entities. That’s why we’ve chosen to invest here when looking towards Asia, Vegard Frihammer says, CEO in Greenstat.
Why invest in hydrogen in India?
Norwegian export profits have taken a sharp fall the last years, creating a need for new markets. Norwegian export to India accounts for NOK 2,6 billion as of today, with a significant potential for growth in the coming years.
India is already known as a large producer and consumer of energy, and is also known to have significant problems with air pollution and large emissions in its urban areas. The main part of India’s energy consumption is based on fossil fuels (55.8% coal, 30% oil and gas).
Furthermore, India’s great need for energy in the future has led them to substantial investments in renewable energy. 22% of their installed capacity today consists of solar and wind. But until now, India has not invested in hydrogen, unlike China and South Korea who are leading the development. As many other countries (Australia, the EU, and more), India has now decided that hydrogen will play an important role in the country’s energy mix as well as meeting national and global climate goals.
Indian authorities have decided that they will take a lead role in hydrogen in the coming years, and create the right conditions for quick expansion and large investments by drawing on top class competence, experience and technology, thereby securing high growth and development of ecosystems and economies in India.
Founds company in India and receives support from Innovation Norway (Innovasjon Norge)
Greenstat has founded Greenstat Asia and received NOK 700 000,- from Innovation Norway towards a commercial endeavor in Asia. We have also established Greenstat Hydrogen India, where local businesses have been invited to hold shares. Through the new establishment, we have already seen high interest both among authorities and leading actors within energy and industry in India. Greenstat Hydrogen India has entered into agreements with large Indian companies and put together several consortia participating in tenders for planned demo/pilot-projects in India. Greenstat Hydrogen India sees big opportunities together with their partner in assuming an important position in the hydrogen market. The efforts in India will become a hub when further regional expansions are viable.
In our opinion, there are great opportunities for Norwegian companies with technology and competence from renewable energy to assume a significant market position in this rapidly growing market. India is about to invest a staggering 450 GW in renewable and hydrogen within 2030, with about 300 billion in annual investments in order to reach this goal. With ambitions on such a scale, it’s no secret that India can yield, says Sturle Pedersen, Chairman of the Board in Greenstat Hydrogen India.