L&T signs agreement with France-based McPhy for electrolyzer manufacturing
L&T signs agreement with France-based McPhy for electrolyzer manufacturing: Larsen & Toubro (L&T), an Indian multinational specialising in EPC projects, high-tech manufacturing, and services, has entered into a binding agreement with McPhy Energy, a leading electrolyzer technology and manufacturing company based in France. The agreement establishes a long-term partnership between the two companies to explore opportunities in the emerging green hydrogen market. Specifically, L&T and McPhy Energy will collaborate on electrolyzer manufacturing, which is a key technology for the production of green hydrogen.
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As part of the partnership, McPhy Energy has granted L&T an exclusive license to use its pressurized alkaline electrolyzer technology for manufacturing electrolyzers, including future upgrades. L&T plans to establish a large-scale manufacturing facility in India for electrolyzers based on McPhy’s technology. The facility will produce electrolyzers for both domestic and international markets. This partnership is in line with L&T’s strategy to expand its presence in the green energy value chain and supports McPhy’s goal of expanding beyond Europe. According to estimates, India’s green hydrogen production capacity is expected to increase to at least 5 MMTPA by 2030, which will require investments of more than $100 billion.
Important takeaways for all competitive exams:
- Larsen & Toubro (L&T) CEO: S N Subrahmanyan (Jul 2017–);
- Larsen & Toubro (L&T) Founded: 7 February 1946, Mumbai;
- Larsen & Toubro (L&T) Headquarters: Mumbai