: Essar to invest .6 billion in energy transition in India, U.K. #FinanceIndia #StockMarketNEWS #Business Press Trust of India New Delhi The Essar group on Monday announced a . 6 billion investment

@StockMarketNEWS Sun 05 Mar, 2023

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Essar to invest .6 billion in energy transition in India, U.K. #FinanceIndia #StockMarketNEWS #Business
Press Trust of India

New Delhi

The Essar group on Monday announced a . 6 billion investment in low carbon energy transition projects in the United Kingdom and India including the production of green hydrogen and ammonia over the next five years, as it looks at a new phase of growth.

Essar Group, invested in energy, metals and mining, infrastructure and technology sectors, announced “the formation of Essar Energy Transition (EET) to drive the creation of the UK’s leading energy transition hub in North West England. ”

“EET plans to invest a total of . 6 billion in developing a range of low carbon energy transition projects over the next five years, of which . 4 billion will be invested across its site at Stanlow, between Liverpool and Manchester and . 2 billion in India,” the company said.

The projects will include 1 gigawatt of blue hydrogen project being pursued by Vertex Hydrogen in the UK, a 1 GW of green ammonia facility targeted at the UK and international markets, and developing 1 MT of low carbon biofuels.

Vertex is building a hydrogen manufacturing unit at Essar’s Stanlow refinery complex in the UK. The joint venture, in which Essar Oil UK holds 90%, will produce 1 gigawatt (GW) of hydrogen per year from two units from 2026. UK’s Progressive Energy holds the remaining 10% in Vertex.

Besides, EET will include Essar Oil UK, the company’s refining and marketing business in North West England and Vertex Hydrogen, which is developing 1 gigawatt (GW) of blue hydrogen for the UK market, with follow-on capacity set to reach 3. 8 GW.

It also includes EET Future Energy, which is developing 1 GW of green ammonia in India, targeted at UK and international markets; Stanlow Terminals Ltd, which is developing enabling storage and pipeline infrastructure; and EET Biofuels, which is investing in developing 1 MT of low carbon biofuels.

“In addition to the . 4 billion investment in the UK, EET will also invest USD 1. 2 billion in developing a cost-efficient global supply hub for low carbon fuels in India, including green hydrogen and green ammonia. Ammonia will be shipped from India to the UK, Europe and globally to meet expanding market demand for green hydrogen,” it said.

EET’s investment in India will help deliver on the country’s emerging hydrogen ambition.

The Indian government’s supportive regulatory framework is designed to help position the country as a leading global hub of green hydrogen production and exports, as set out in its National Green Hydrogen Mission, approved by the government on January 4, 2023.

Prashant Ruia, Director, Essar Capital, said: “The launch of EET is a major milestone in Essar’s long-standing commitment to put the UK at the forefront of low carbon energy.