PUNE, Inde, September 12, 2024–(BUSINESS WIRE)–Thermax, a leading provider of energy and environmental solutions and a trusted partner in the energy transition, announced a strategic collaboration with Ceres Power Holdings plc (CWR.L), a leading developer of clean energy technologies. The two companies have entered into a non-exclusive global licensing agreement for Thermax to manufacture, sell and service Stack Array Modules (SAMs) based on Ceres’ advanced Solid Oxide Electrolysis (SOEC) technology. Thermax will also develop, market and sell SAM Balancing Modules (SBMs) and multi-megawatt SOEC electrolyzer modules. This partnership marks an important milestone in accelerating the deployment of SOEC technology in India and globally, which will enable cost-effective production of green hydrogen.
As part of this partnership, Thermax will leverage its extensive experience in thermal integration and waste heat recovery to manufacture a one-of-a-kind pressurized SAM, as well as design, engineer and develop a SAM Balancing Module (SBM), which will serve as the basis for the further development of a multi-MW SOEC electrolyzer module.
This collaboration is expected to revolutionize the hydrogen production landscape by delivering systems that are up to 25% more efficient than existing low-temperature electrolysis technologies and efficiently utilize steam generated by recovering heat and waste from industrial processes. This makes it an optimal solution for decarbonizing hard-to-abate industries such as ammonia/fertilizers, steel, refineries and chemical production.
In preparation for this commercialization, Thermax plans to establish an electrolyzer manufacturing plant, develop the supply chain and localize key components.
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This collaboration places Thermax among the few companies in the world to provide large-scale SOEC systems for commercial applications.
About this partnership, Ashish Bhandari, Managing Director and CEO of Thermax, said: “India is making significant progress towards renewable energy sources, particularly green hydrogen, with the country aiming to produce 5 million metric tons of green hydrogen by 2030. We are delighted to partner with Ceres to introduce advanced Solid Oxide Electrolysis (SOEC) technology in India. Leveraging our expertise in thermal management, we aim to offer a highly efficient and cost-effective hydrogen production solution that will accelerate the energy transition in India and globally. This collaboration is in line with our commitment to find sustainable solutions to accelerate the decarbonization of hard-to-abate industries.”
Ceres CEO Phil Caldwell says: : “I am pleased to announce our SOEC systems partnership with Thermax, a leading energy and environmental engineering company operating in India, Europe and Southeast Asia. This latest system licensing agreement will enable Ceres to enter the Indian market, which is rapidly becoming one of the most dynamic and increasingly important markets for green hydrogen, green steel and green ammonia.
This is a strategically important agreement for Ceres as we continue to build our global ecosystem of world-class partners. Our technology enables Thermax to develop next-generation hydrogen solutions for its customers in hard-to-master industrial sectors, driving market demand for our industrial licensees. Our entry into this new region represents an exciting opportunity for Ceres as we help lead the way in decarbonizing industry in this growing market.”
About Thermax Limited
Thermax Limited (NSE: THERMAX) is a leading energy and environment conglomerate and a trusted partner in the energy transition. Thermax’s broad portfolio includes clean air, clean energy, clean water and chemicals solutions. Through its long-standing industry partnerships across multiple sectors, Thermax has built strong expertise in auditing, consulting, execution and maintenance, coupled with digital solutions, enabling it to deliver a unified energy and environment management experience. Leveraging its distinctive engineering capabilities, Thermax converts costs into profits while protecting the environment, a win-win situation for industry and society at large. Thermax operates 14 manufacturing sites in India, Europe and South East Asia and has 43 Indian and international subsidiaries.
For more information, visit www.thermaxglobal.com or follow us on LinkedIn
About Ceres
Ceres is a leading developer of clean energy technologies: electrolysis for green hydrogen production and fuel cells for electricity generation. Through its low-cost licensing model, Ceres has established partnerships with some of the world’s largest companies, including Bosch, Doosan, Delta, Denso and Weichai. Ceres’ solid oxide technology drives greater electrification of our energy systems and produces high-efficiency green hydrogen as a means to decarbonise emissions-intensive industries such as steel, ammonia and the fuels of the future. Ceres is listed on the London Stock Exchange (“LSE”) (LSE: CWR) and is classified by the LSE Green Economy Mark, which identifies listed companies that derive more than 50% of their business from the green economy.
For more information, visit www.ceres.tech or follow us on LinkedIn
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Contacts
Ceres Power Holdings plc
Patrick Yau / Merryl Black
Tel.: +44 (0)7884 654179
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