ACME Group, a prominent renewable energy company in India, and Indian Gas Exchange (IGX), the country’s premier natural gas exchange, have inked a memorandum of understanding (MoU) to collaborate on the development of the green hydrogen and ammonia market in India. The MoU, signed by Shri Manoj Kumar Upadhyay, Founder and Chairman of Acme Group, and Shri Rajesh Kumar Mediratta, Managing Director and CEO of IGX, during the India Energy Week in Goa, marks a significant step towards fostering cooperation in this emerging sector.
With Acme Group’s expertise in the green hydrogen and ammonia space and IGX’s extensive experience in establishing liquid tradable markets for natural gas, the two companies aim to establish a physical traded market for green molecules across India. This initiative will commence with the establishment of regional hubs located near hydrogen and ammonia projects, ultimately expanding to a nationwide hub.
The partnership between IGX and Acme Group encompasses collaboration across the entire hydrogen and ammonia value chain, including production, logistics, and supply to industrial customers for various applications, contributing to national decarbonization targets by reducing overall emissions.
Speaking at the event, Shri Ashwani Kumar Dudeja, Group President and Director of Acme Group, expressed enthusiasm about the collaboration with IGX to develop the market for green hydrogen and its derivatives in India. The aim is to introduce sustainable energy solutions and establish a liquid and transparent market for customers.
Shri Rajesh Kumar Mediratta, MD and CEO of IGX, highlighted the joint efforts to accelerate adoption through innovative strategies, thereby promoting economic growth and enhancing energy security for a more sustainable future. Leveraging their expertise and experience in developing similar solutions for the natural gas sector, the collaboration aims to create a short-term tradable market, facilitating the transition towards green hydrogen and ammonia in India.
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