H2Global has signed a Memorandum of Understanding (MoU) with the Solar Energy Corporation of India (SECI) in the hopes of fostering international green hydrogen trade corridors between India and Europe.
The German foundation, set up to facilitate international hydrogen trade auctions where an intermediary buys the energy carrier at market price before reselling to the highest European bidder, said the MoU aims to accelerate trade.
State-owned SECI has been responsible for handling the Indian Government’s electrolyser manufacturing and green hydrogen subsidy auctions.
Focused on knowledge exchange on market-based mechanisms and aiding joint efforts on supporting green hydrogen supply and demand, the MoU lays the groundwork for future trade cooperation between the EU and India.
Timo Bollerhey, CEO of Hinto, the intermediary company used in H2Global auctions, said, “This agreement sets the stage for scaling up international trade in renewable hydrogen while fostering closer cooperation between India and Europe.”
H2Global Executive Director, Markus Exenberger, added, “This MoU highlights the importance of forging strong partnerships to accelerate the energy transition. We look forward to the opportunities this collaboration will bring.”
Having awarded a €397m contract to Fertiglobe for the supply of around 70,000 tonnes of green hydrogen produced in Egypt from its first auction, H2Global has been expanding regionally focused initiatives to bolster production in certain regions.
Read more:Fertiglobe secures €397m pilot H2Global contract for Egyptian green ammonia
Backed by the German Government, H2Global has revealed plans for auctions with Canada and Australia.
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