TotalEnergies, the French energy firm, on Tuesday said it will acquire a 25 per cent stake in Adani New Industries Limited, as part of a deal to develop a green hydrogen ecosystem with the Indian conglomerate, Reuters reported.
Recently, Total, one of the world’s biggest oil and gas producers, faced criticism from climate activists and has been moving into the renewable energy sector and diversifying away from hydrocarbon-centred activities.
According to the report, Adani New Industries plans to develop green hydrogen production capacity of one million metric tons per year by 2030 in the initial phase, TotalEnergies said.
Gautam Adani, chairman, Adani Group, said, “The strategic value of the Adani-TotalEnergies relationship is immense at both the business level and the ambition level,” while adding, “The partnership with TotalEnergies adds several dimensions that include R&D, market reach and an understanding of the end consumer. This fundamentally allows us to shape market demand.”
TotalEnergies’ Chairman and Chief Executive Officer Patrick Pouyanne said, “TotalEnergies’ entry into ANIL is a major milestone in implementing our low-carbon hydrogen strategy.”
Apart from decarbonising hydrogen used in its European refineries by 2030, Pouyanne said the French energy major also plans to pioneer the mass production of green hydrogen as it expects that market to take off by the end of this decade.
TotalEnergies is one of the world’s biggest oil and gas producers.
Last year, Reliance Industries, operator of the world’s biggest refining complex at Jamnagar in Gujarat, had announced it will invest $10.1 billion in clean energy over three years in a drive to become a net carbon zero company by 2035.