Pune-headquartered H2e Power Systems Pvt is setting up an electrolyzer manufacturing plant in Maharashtra, of 1GW capacity, and expects it to be producing solid oxide electrolysers by 2023, the company’s Founder President & CEO, Siddharth Mayur said.
The company, which is financially backed by the Poonawalla family of the vaccine manufacturer, Serum Institute of India, will invest USD 40M for setting up the plant. The plant will come up either in Pune or close to a port, Mayur said. The latter option is attractive because of the immense export opportunities, he said.
He said that company has been developing vendors for nearly four years. Around 370 components go into the manufacture of electrolysers, which are machines that split water into hydrogen and oxygen. These include the ‘stack’, (which is the core of the system containing the electrodes and membranes), ‘balance of plant’ (peripheral components such as blowers and pumps), and power electronics.
All these components will be manufactured within 200 km of H2e Power’s upcoming plant, Mayur said.
Set up a decade ago to manufacture fuel cells, H2e Power developed its own technology in collaboration with Germany’s Fraunhofer Institute. the company owns all the key patents.
But the upcoming factory in Maharashtra will not be it’s first; the company has manufacturing facilities in Germany and Switzerland—in 2020, it acquired a Swiss fuel cell company called Hexis AG. From these plants, the company is already supplying to customers in the US and South Korea, Mayur said.
The Poonawalla family invested (an undisclosed sum for an undisclosed stake) in H2e Power in January 2020; the company is now looking for another round of funding, from strategic investors, he said.