Greenstat has lofty goals and expansion plans for renewable energy in general, and hydrogen in particular. Greenstat Hydrogen India is the company’s first venture.
“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.
Export profits in Norway have plummeted in recent years, necessitating the search for new markets. As of today, Norwegian exports to India total NOK 2,6 billion, with significant room for growth in the coming years.
India is already known as a large energy producer and consumer, as well as a country with significant air pollution and large emissions in its cities. Fossil fuels account for the majority of India’s energy consumption (55.8 percent coal, 30 percent oil and gas).
Furthermore, India’s future energy needs have prompted them to make significant investments in renewable energy. Solar and wind power account for 22% of their installed capacity today. However, unlike China and South Korea, which are at the forefront of hydrogen development, India has yet to invest in the technology. India, like many other countries (including Australia and the EU), has 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 to take the lead in hydrogen in the coming years, by leveraging world-class expertise, experience, and technology to create the right conditions for rapid expansion and large investments, ensuring high growth and development of ecosystems and economies in India.
Greenstat established Greenstat Asia and received NOK 700,000 from Innovation Norway to start a business in Asia. We’ve also established Greenstat Hydrogen India, a company in which local businesses are invited to invest. We have already seen a lot of interest in the new establishment from both authorities and key players in India’s energy and industry sectors. Greenstat Hydrogen India has formed partnerships with major Indian corporations and assembled a number of consortia to compete in tenders for planned demo/pilot projects in India. Greenstat Hydrogen India sees a lot of potential in assuming a significant position in the hydrogen market with their partner. When further regional expansions are feasible, India will become a hub.
“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.
