Thermax is actively pursuing a new partnership for its green hydrogen projects after a proposed collaboration with Australia's Fortescue Future Industries (FFI) fell through. The company has established a dedicated strategic unit for hydrogen EPC projects and electrolyser manufacturing. A new partner is anticipated to be confirmed within the next 90 days.
In addition to its green hydrogen efforts, Thermax has recently inaugurated a new manufacturing plant in Pune focused on water and wastewater solutions. This development was bolstered by the acquisition of a 51% stake in TSA Process Equipments, allowing Thermax to provide comprehensive solutions for highly purified water, ultra-pure water, and water for injectables.
The company has also expanded into the chemical sector with the creation of Thermax Chemical Solutions, a wholly-owned subsidiary. Looking ahead, Thermax aims to participate in upcoming thermal projects, with several expected to be awarded in Q3 FY25.
In the latest quarter, Thermax's chemical segment grew by 35%, green solutions by 19%, and industrial products by 6%. The company has secured a notable fuel cell project for submarines from the Indian Navy and continues to enhance its market presence with a range of energy transition products and services.(Manufacturing Today)
