On August 12th, Hydrogen Pro ASA (“HydrogenPro” or the “Company”) announced that the Company has partnered with Thermax Limited (“Thermax”), a leading energy and environment solutions provider and a trusted partner in energy transition. Under the agreement, Thermax will have exclusive rights in India to sell, install, commission, and provide after-sales service for alkaline electrolyser systems based on HydrogenPro’s technology. HydrogenPro will supply the stacks, along with any future upgrades and technical support. These rights take effect immediately and can be applied to ongoing green hydrogen projects in India.
Analyst Group’s View of the Partnership
HydrogenPro has experienced a challenging market environment during the last couple of years. The primary reasons for this market backdrop can be summarized in rising costs, insufficient investments in the market and infrastructure constraints, as well as reconsidered priorities in the U.S. with regards to green investments. However, Analyst Group reiterate our view that other regions such as EU, Middle East, China and India still present strong growth opportunities with support through directed subsidies. Through the partnership with Thermax, HydrogenPro’s takes a significant step towards the Indian market.
India is currently seen as one of the fastest growing hydrogen markets globally and has an ambitious policy regarding green hydrogen with a target of 5 million tons of annual green hydrogen production by 2030. To reach this production target, the government aims for 15 GW by 2030 of electrolysis capacity. In 2025, USD 66.6m is expected to be awarded in support for green hydrogen projects.
HydrogenPro already has ongoing collaborations with strong, industry-leading partners, reducing the need for an in-house sales team and lowering operational costs. The four previous key partners Mitsubishi, Andritz, Longi, and J.H.K., validate the technology, expand global reach, and enable bidding on projects of all sizes. By adding Thermax to the list of partners, HydrogenPro continues to form partnerships with industry leaders, and the fact that Thermax has chosen HydrogenPro as a partner is, in Analyst Group’s view, a further validation of the Company’s technology.
The partnership will be similar to HydrogenPro’s other partnerships in terms of that Thermax will offer end-to-end integrated green hydrogen solutions on an EPC basis, meaning they are responsible for the engineering, procurement, and construction in projects. Thermax will purchase HydrogenPro’s electrolyzers stacks and integrate them into hydrogen production facilities designed for the Company’s end users. Additionally, Thermax and HydrogenPro will work together to develop advanced solutions tailored to the changing demands of the market. As an important initial initiative, a cutting-edge short stack test station will be set up at Thermax’s Pune facility.
In conclusion, Analyst Group views positively on the partnership, as it opens the door to one of the fastest-growing hydrogen markets globally. We view Thermax as a strong partner in the Indian market, being a leading conglomerate in the energy and environment sector and a trusted player in the energy transition, thereby constituting yet another strategic partnership. While we assess that the market climate for HydrogenPro remain challenging, expansion into a new market such as India, with strong green hydrogen incentives in place, could generate improved momentum in terms of order intake.
About Thermax
Thermax is a leading conglomerate in the energy and environment space and a trusted partner in energy transition. Thermax’s extensive portfolio includes clean air, clean energy, clean water and chemical solutions. Backed by its longstanding industry partnerships across multiple sectors, Thermax has cultivated strong expertise in audit, consulting, execution, and maintenance, coupled with digital solutions, ensuring unified energy and environment management experience. Leveraging its distinctive engineering capabilities, Thermax converts costs to profits while protecting the environment – a win-win for the industry and society at large. Thermax operates 16 manufacturing facilities across India, Europe, and Southeast Asia and has 49 Indian and international subsidiaries.
