HSBC India has partnered with the Indian Institute of Technology (IIT) Bombay to support innovation-led green hydrogen initiatives. It has also partnered with Shakti Sustainable Energy Foundation (SSEF) to support policy research, and technological and financial solutions for real-world application of green hydrogen in industrial clusters across four states of India.
HSBC India has cooperated with the Indian Institute of Technology (IIT) Bombay and Shakti Sustainable Energy Foundation (SSEF) to support technological progressions to make green hydrogen more proficient, cost-effective, and scalable. Under these 2 partnerships, it will provide total grant support of INR 15 crore ($2 million) for development projects that will assist with focusing on green hydrogen as an essential substitute fuel and build a robust, green hydrogen economy.
India's finance minister Nirmala Sitharaman announced the launch of these strategic partnerships towards enabling innovation in green hydrogen.
The partnership with IIT Bombay will encourage researchers, scientists, and students across IITs to foster advancement innovations and solutions that address key vin green hydrogen production, storage, transportation, and utilization.
As a part of this program, IIT Bombay will invite project proposals, which will be assessed by a steering committee composed of representatives from HSBC India, teachers, and employees from multi-disciplinary areas. The council will choose the main three entries; depending upon the board's evaluation, the project’s viability, and its business availability, the shortlisted entries could likewise be hatched at IIT Bombay.
HSBC's partnership with Shakti will focus in on geospatial analysis of industrial clusters in the states of Gujarat, Maharashtra, Jharkhand, and Chhattisgarh that can possibly deliver and utilize green hydrogen. The project aims to conduct research on policy, technological, and financial solutions that will be relevant to the real-world application of green hydrogen in industrial facilities across key states. An assessment of applicable hydrogen production routes for various applications in the shortlisted clusters, skill building, and worker transition, will be crucial areas of this research.