Strategic Collaboration for Advanced SOEC Manufacturing

Thermax, a leading energy and environment solutions provider, has announced a strategic collaboration with Ceres Power Holdings plc (CWR.L), a premier developer of clean energy technology. This partnership involves a non-exclusive, global license agreement that empowers Thermax to manufacture, sell, and service stack array modules (SAM) based on Ceres’ cutting-edge Solid Oxide Electrolysis Cell (SOEC) technology.

Additionally, Thermax will develop, commercialize, and distribute SAM balance of modules (SBM) and multi-megawatt SOEC electrolyser modules. This collaboration marks a significant milestone in accelerating the deployment of SOEC technology both in India and worldwide, facilitating cost-effective green hydrogen production.

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Leveraging Expertise for Innovative Hydrogen Solutions

Under this agreement, Thermax will utilize its extensive expertise in heat integration and waste heat recovery to manufacture the first-of-its-kind pressurized SAM. Furthermore, Thermax will design, engineer, and develop SBM, which serves as a foundational component for the advancement of multi-megawatt SOEC electrolysers modules. This innovative approach is set to revolutionize the hydrogen production landscape by delivering systems that are up to 25% more efficient than existing low-temperature electrolysis technologies.

Moreover, these systems will effectively utilize steam generated from industrial process heat and waste recovery, making them an optimal solution for decarbonizing hard-to-abate industries such as ammonia and fertilizer production, steel manufacturing, refineries, and chemical production.

Expanding Manufacturing Capabilities in India

As a step towards commercialization, Thermax plans to establish a dedicated manufacturing facility for electrolysers in India. This facility will focus on developing a robust supply chain and localizing critical components to ensure scalability and efficiency. By doing so, Thermax positions itself among the few global companies capable of providing large-scale SOEC systems for commercial applications. This strategic move not only enhances Thermax’s manufacturing capabilities but also supports India’s ambitious green hydrogen goals.

Driving India’s Green Hydrogen Ambitions

Ashish Bhandari, Managing Director & CEO of Thermax, commented on the partnership: “In India, significant strides are being made towards embracing renewable energy sources, particularly green hydrogen, as the country targets to produce 5 million metric tonnes of green hydrogen by 2030. We are excited to partner with Ceres to bring advanced solid oxide electrolysis (SOEC) technology to India.

By leveraging our expertise in thermal management, we aim to offer a highly efficient and cost-effective hydrogen production solution that will accelerate the energy transition in India and globally. This collaboration aligns with our commitment to driving sustainable solutions for accelerating decarbonisation for hard-to-abate industries.”

Phil Caldwell, CEO of Ceres, also shared his enthusiasm: “I am pleased to announce our SOEC systems partnership with Thermax, an engineering leader in the energy and environment space operating across India, Europe, and Southeast Asia. This latest system license agreement will take Ceres into the Indian market, which is rapidly becoming one of the most dynamic and increasingly important markets for green hydrogen, green steel, and green ammonia.

This is a strategically important agreement for Ceres as we continue to build our global ecosystem of world-class partners. Our technology enables Thermax to develop next-generation hydrogen solutions for its customers in the hard-to-abate industrial sectors, stimulating market demand for our manufacturing licensees. Our entry into this new region marks an exciting opportunity for Ceres as we help enable the path to industrial decarbonisation in this rapidly developing market.”

 Thermax Limited

Thermax Limited (NSE: THERMAX) is a leading conglomerate in the energy and environment sector and a trusted partner in energy transition. Thermax’s extensive portfolio includes solutions for clean air, clean energy, clean water, and chemicals. Supported by longstanding industry partnerships across multiple sectors, Thermax has developed strong expertise in audit, consulting, execution, and maintenance, complemented by digital solutions that ensure a unified energy and environment management experience. Leveraging its distinctive engineering capabilities, Thermax converts costs to profits while protecting the environment—a win-win for both industry and society. Thermax operates 14 manufacturing facilities across India, Europe, and Southeast Asia and has 43 Indian and international subsidiaries.

 Ceres

Ceres is a leading developer of clean energy technology, specializing in electrolysis for green hydrogen production and fuel cells for power generation. Its asset-light, licensing model has established partnerships with some of the world’s largest companies, including Bosch, Doosan, Delta, Denso, and Weichai. Ceres’ solid oxide technology supports greater electrification of energy systems and produces green hydrogen with high efficiency, providing a route to decarbonize emissions-intensive industries such as steelmaking, ammonia production, and future fuels. Ceres is listed on the London Stock Exchange (LSE: CWR) and is classified by the LSE Green Economy Mark, which recognizes listed companies that derive more than 50% of their activity from the green economy.

Key Highlights of the Partnership

• Manufacturing Excellence: Thermax will manufacture SAM based on Ceres’ advanced SOEC technology, enhancing efficiency and reducing costs in green hydrogen production.
• Technological Advancement: The collaboration introduces SOEC systems that are 25% more efficient than traditional methods, optimizing energy use and reducing carbon footprints.
• Market Expansion: This partnership enables Ceres to enter the dynamic Indian market, fostering growth in green hydrogen, green steel, and green ammonia sectors.
• Sustainability Goals: Aligning with India’s target to produce 5 million metric tonnes of green hydrogen by 2030, this collaboration supports national and global decarbonization efforts.

The partnership between Thermax and Ceres represents a pivotal advancement in green hydrogen production. By combining Thermax’s engineering expertise with Ceres’ innovative SOEC technology, the collaboration aims to accelerate the deployment of efficient and cost-effective hydrogen solutions.

This strategic alliance not only supports India’s ambitious green hydrogen targets but also contributes to global efforts in industrial decarbonization. As both companies work together to establish large-scale SOEC manufacturing in India, they are set to lead the charge in the transition to sustainable energy sources, benefiting industries and the environment alike.