Best Green Hydrogen Company Stocks On Nse In 2024
Introduction
Green hydrogen is one of the best alternative sources of energy amidst the rising concern for environmental pollution and energy demand. The promising renewable resource can help nations, including India, to fight against climate change. India strives to have 5MMT of green hydrogen production capacity annually by 2030 as part of its National Green Hydrogen Mission. With the rising demand for clean fuel, investing in green hydrogen stocks is gaining popularity among investors. So, let’s dive into the top green hydrogen stocks in India you can consider investing in.
What is green hydrogen?
Green hydrogen is the hydrogen obtained without any harmful emissions. It is produced through electrolysis where water molecules are split into hydrogen and oxygen using solar, wind or hydropower. The clean and emission-free fuel obtained can replace fossil fuels and decarbonise sectors including transportation.
Top green hydrogen company stocks
Here’s a brief overview of the best green hydrogen companies on the NSE India:
- Reliance Industries
Reliance Industries is a prominent manufacturer of green hydrogen in India. It has committed $10 billion to build a new energy ecosystem and entered into strategic partnerships with Original Equipment Manufacturers (OEMs) for green hydrogen supply. It is all set to establish a 1 GW green hydrogen facility in Jamnagar, Gujarat.
- National Thermal Power Corporation (NTPC)
The state-owned power generation company NTPC is another key player in the green hydrogen industry. It is implementing several green hydrogen projects for renewable energy production. NTPC has announced plans to build the largest green hydrogen project in India in Andhra Pradesh. It is planning to produce1200 tons of green hydrogen per day.
- Adani Enterprises
Another major green hydrogen company in India is Adani Enterprises. Adani New Industries Ltd. (ANIL) has already spent $2.5 billion to develop a backward integrated value chain for green hydrogen projects. It is on its way to implementing the project’s first phase with a 1 million tons annual capacity by FY2027. The goal is to raise the capacity to three million tons in the next decade.
- Indian Oil Corporation
India’s top oil company, Indian Oil Corporation plans to establish green hydrogen plants at all refineries. Despite recent setbacks, the company is all set to re-enter the green hydrogen landscape with a revised tender. Its inaugural green hydrogen production facility in Panipat with a capacity of 10,000 tonnes per annum is expected to emerge as one of the largest green hydrogen facilities in India.
- Larsen & Toubro (L&T)
Engineering giant L&T has a joint venture with Indian Oil Corporation and ReNew for its green hydrogen projects. The companies plan to invest $4 billion in the sector over three to five years. L&T’s green hydrogen plant in Hazira is also a step towards decarbonisation and achieving carbon neutrality.
- Gas Authority of India Ltd (GAIL)
State-owned natural gas company GAIL is also taking several steps to aid the government’s National Green Hydrogen Mission. The company plans to launch its first green hydrogen project in April 2024. The 10MW proton exchange membrane electrolyser is being established at the Vijay complex in Madhya Pradesh. It is expected to produce 4.3 tonnes of green hydrogen per day.
Wrapping Up
Green hydrogen can play an essential role in India’s ambitious plan of achieving net zero emissions by 2070. With its rising demand across the globe, the best hydrogen stocks in India can offer lucrative opportunities. You can also become a part of India’s journey towards a clean and sustainable future by investing in these stocks.
However, monitoring government policies and incentives is vital before investing in green hydrogen stocks. Additionally, the potential demand for the fuel and growth prospects of green hydrogen companies should be evaluated before making an investment decision.
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