Thermax Ltd. plans to start the manufacturing of solid oxide electrolysers in India in the next two years. It seeks to completely indiginise the technology from its partner Ceres Power Holdings Plc, Chief Executive Officer, Ashish Bhandari, told NDTV Profit.
The engineering services and solutions provider sees strong application for the technology in several hard-to-abate sectors like steel, refineries, petrochemicals and fertilisers. "We see Hydrogen as a technology for the future, and we are prepared to spend hundreds-of-dollars given the potential demand across sectors," Bhandari said.
Thermax claims that the Ceres' electrolyser technology is 25% more efficient compared to the existing low-temperature electrolysis methods.
Order Book
Thermax's outstanding order book at the end of the first quarter of fiscal 2025 was Rs 10,505 crore and 70% of that constitutes green business, while 30% are conventional orders.
"These orders give us a visibility of a year," Bhandari said.
Thermax's operating margin in the first quarter of fiscal 2025 was hit on execution related issues in the bio CNG segment. However, the company is optimistic the three-year growth trend will continue in the coming quarters and years as well, he said.
The company is also planning big in the bio mass-based heat and power generation space and has developed technologies in the segment, where it is doing pilot to convert the bio mass to compressed natural gas.
At present, it provides biomass boilers and cogeneration systems, solar thermal and photovoltaic solutions, waste heat recovery systems and energy storage and efficiency solutions.
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