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ACME Group, IGX join forces to spearhead India’s green hydrogen market revolution

February 12, 2024 2:14 pm

ACME Group, IGX join forces to spearhead India’s green hydrogen market revolution

The firms sign MoU for nationwide hubs, reducing emissions and fostering sustainable energy.

ACME Group, a leading renewable energy company in India, and Indian Gas Exchange (IGX), India’s first natural gas exchange, have signed a memorandum of understanding (MoU) today for cooperation and collaboration in developing the green hydrogen and ammonia market in India. The MoU was signed by Manoj Kumar Upadhyay, Founder and Chairman of Acme Group, and Rajesh Kumar Mediratta, Managing Director and CEO of IGX, at the ongoing India Energy Week in Goa.

Acme Group, a pioneer in the green hydrogen and ammonia space, along with the extensive experience of IGX in creating a liquid tradeable market for natural gas, aims to develop the physically traded market for green molecules across the country. This initiative will begin with regional hubs located near hydrogen and ammonia projects and eventually expand into a nationwide hub.

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The MoU between IGX and Acme encompasses a partnership across the hydrogen and ammonia value chain, covering production, logistics, and supply to industrial customers for various applications. The goal is to reduce overall emissions and contribute to national decarbonisation targets.

Speaking on the occasion, Ashwani Kumar Dudeja, Group President and Director of Acme Group said, “We’re excited to collaborate with IGX on developing the market for green hydrogen and its derivatives in India, aiming to pioneer sustainable energy solutions and create a liquid and transparent market for customers.”

Rajesh Kumar Mediratta, MD and CEO, IGX said, “Together, we will develop innovative strategies to accelerate adoption, fostering economic growth and advancing energy security for a more sustainable future by creating a short-term tradeable market leveraging our learning and experience from developing similar solutions for the natural gas sector.”

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