Pure Hydrogen is establishing a joint venture with global automotive component producer Advik Hi-Tech Pvt. Ltd. to establish a leadership position in India’s hydrogen sector.
The company already has a relationship with Advik through its investee company H2X Global – in which it owns a 24 percent stake – which recently formed a similar joint venture to manufacture, source, and supply products and components for hydrogen vehicles and powered products for India and other international markets.
Pure Hydrogen (ASX:PH2) has now inked a joint venture agreement to develop an Indian hydrogen manufacturing facility that will sell, transport, and distribute hydrogen throughout the country.
Additionally, the joint venture company (49 percent owned by Pure Hydrogen) would offer hydrogen fuel cell electric buses and vehicles to the country.
Advik is a well-established automobile component manufacturer with yearly revenues over US$100 million.
It is a market leader in passenger vehicle, commercial vehicle, and two-wheeler manufacture, serving as a primary supplier of advanced technology components to nearly all major Original Equipment Manufacturers.
“We are pleased to collaborate with Advik in India, and they see Pure Hydrogen’s established Hydrogen Eco-system as providing them with a significant strategic advantage and a head start in becoming a prominent player here,” managing director Scott Brown said.
“India is an enormous market, and it makes business sense to create a presence here through a well-established and renowned local firm.
“We look forward to providing updates when JV Co is formed and functions, and to announcing other good developments for Pure Hydrogen in the Australian market in the near future.”
Advik managing director Aditya Bhartia expressed delight at the opportunity to collaborate with Pure Hydrogen on the development of India’s hydrogen eco-system.
“It is encouraging to see Pure Hydrogen establish various hydrogen manufacturing and transportation operations in Australia. The Indian government is concentrating its efforts on hydrogen as a fuel, with the goal of becoming a significant producer and exporter.
“Through this relationship, we hope to become a one-stop shop for hydrogen eco-system solutions, from hydrogen generation to hydrogen-powered mobility and stationary solutions.”
A large market waiting to be exploited
India, being the world’s second most populous country, promises an enormous market for Pure Hydrogen and a tremendous chance to significantly cut global emissions.
With about 8.5 million trucks and over 1.6 million buses registered in India, the impact of switching these vehicles to green hydrogen fuel will be significant in terms of emissions reduction and cost savings.
Additionally, the JV Co intends to compete for government contracts including bus supply and hydrogen refueling.
Additionally, the PowerH2 Generators may be used as a substitute for diesel-powered generators.
Additionally, the JV will investigate the feasibility of hydrogen imports from Australia.
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