Renewable energy company Acme Group and Indian Gas Exchange (IGX) have signed a Memorandum of Understanding (MoU) to jointly develop the green hydrogen and ammonia market in India.
The MoU was signed by Manoj Kumar Upadhyay, founder and chairman of Acme Group, and Rajesh Kumar Mediratta, managing director and CEO of IGX, during India Energy Week in Goa. This partnership aims to leverage the strengths of both organizations to foster a robust green molecule trading market across the country.
Acme Group, known for pioneering green hydrogen and ammonia projects, and IGX, with its extensive experience in creating liquid natural gas trading markets, plan to establish regional hubs near hydrogen and ammonia production sites. This effort will eventually expand into a nationwide hub, facilitating the trading of green hydrogen and ammonia. This initiative is intended to cover the entire value chain, from production and logistics to supply and application.
Acme Group has positioned itself as a key player in the renewable energy sector, with over 5 GW of renewable capacity in operation or under development. In 2021, Acme built what is claimed to be the world’s first green ammonia plant in Bikaner, Rajasthan. The company’s portfolio extends beyond India, with ongoing projects in Oman and the US. By 2032, Acme aims to produce 10 million metric tons per annum (MMTPA) of green ammonia or equivalent hydrogen and derivatives.
The company also maintains a global presence with offices and representatives in Japan, the Middle East, Europe, and the United States, focusing on marketing and supplying green hydrogen and its derivatives internationally.
The partnership between Acme Group and IGX represents a strategic move to position India as a significant player in the global green hydrogen and ammonia markets. By leveraging IGX’s expertise in market creation and Acme’s innovative approach to green energy production, this collaboration has the potential to create a transparent and efficient trading market for green molecules in India.
