HSBC India has partnered with IIT Bombay, and Shakti Sustainable Energy Foundation (SSEF) for innovations in green hydrogen.
The new partnership will provide an impetus to the country’s National Hydrogen Energy Mission- announced in Budget 2021-22.
“These two partnerships, with total grant support of Rs 15 crore or about $ 2 million will focus on innovation projects that will help prioritize green hydrogen as a strategic alternate fuel, help in building a robust, green hydrogen economy, and achieve the government’s vision of an energy-independent nation,” HSBC said in a statement.
Announcing the partnerships, Nirmala Sitharaman, Union Minister for Finance, said the collaboration is aimed at making green hydrogen more efficient, cost-effective, and scalable.
The bank’s partnership with IIT Bombay will focus on developing green hydrogen production, storage, transportation, and utilization technologies. The collaboration with SSEF will focus on a geospatial analysis of industrial clusters in Gujarat, Maharashtra, Jharkhand, and Chhattisgarh that have the potential to produce and use green hydrogen.