NEW DELHI: JSW Energy arm JSW Future Energy has partnered with Australian Fortescue Future Industries to tap into the significant clean energy market opportunity in India and be a front-runner in a future hydrogen economy.
JSW Future Energy Ltd has entered into a framework agreement with Australian Fortescue Future Industries Pty Ltd, a 100 per cent subsidiary of Fortescue Future Industries Pty Ltd (FFI) to this effect.
Both the entities have joined hands to collaborate and conduct scoping work on potential projects relating to the production of green hydrogen and utilizing it for green steel making, hydrogen mobility, green ammonia and other mutually agreed industrial applications in India, a JSW Energy statement said.
"JSW Energy has laid out a strategic blueprint to become a 20 GW capacity power generating company by 2030, with about 85 per cent of the portfolio comprising green and renewable energy sources," JSW Energy Joint Managing Director & CEO Prashant Jain said in the statement.
"We also aspire to be a green energy future tech company with a proactive approach to adopt innovative technologies like green hydrogen, offshore wind, battery energy storage and be a front-runner in the green energy revolution," he further added.
"Green hydrogen is going to be a disruption in the clean energy space and in the near future, we believe it would replace the fossil fuels used for various industrial applications as well as in the transportation and mobility sector."
FFI CEO, Julie Shuttleworth in a statement said that the company is setting out to become the world's leading energy and green products company, from fully renewable sources.
"Collaborating with JSW Energy provides an exciting opportunity to explore India's renewable energy and green hydrogen market," the statement read.
Shuttleworth further said that FFI is actively establishing a portfolio of projects associated with renewable green hydrogen and green industrial products.
"We look forward to working with JSW Energy on potential projects in India and providing a strong contribution to the world's transition away from fossil fuels," she said.
JSW Future Energy is a 100 per cent subsidiary of JSW Energy, a leading power company in India, and part of the USD 13 billion JSW Group - a diversified business conglomerate in India with interests across Steel, Energy, Infrastructure, Cement, Paints, Sports and Venture Capital.
FFI is the 100 per cent renewable green energy and industry company of Fortescue Metals Group Limited (Fortescue).
It is establishing a global portfolio of renewable green hydrogen and green ammonia operations that will position FFI at the forefront of a global renewable hydrogen industry.