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Larsen & Toubro (L&T) on Friday announced it has signed an agreement with the Norway-based H2Carrier to develop floating green ammonia projects for industrial-scale applications. The Indian multinational conglomerate said the “timely” partnership between them will help fast-track the decarbonisation goals.
The companies will now become partners for engineering, procurement, construction, installation and commissioning for H2C's plants.
L&T said in a regulatory filing that H2C plans to build P2X floater hull at yards in Asia and it will design and fabricate the topside process and utility modules to produce green hydrogen and green ammonia, including electrolysers, nitrogen generation plant, and ammonia synthesis unit.
The P2X floater is an industrial-scale floating green hydrogen and green ammonia facility.
“To fast-track the progress towards decarbonisation goals, out-of-the-box thinking and innovative solutions, is the need of the hour,” said Subramanian Sarma, whole-time director and senior executive vice president (energy) at L&T India. “In this regard, our partnership with H2Carrier is very timely and is expected to unleash synergies as we enjoy strong complementarities.”
Sarma said L&T strongly believes its globally recognised expertise in ammonia and hydrogen production makes it an “ideal partner for H2C in this venture".
H2C said the partnership would help in quickly delivering the projects.
"By teaming up with L&T, we have taken a significant step towards creating an optimal supply chain for delivering P2X floaters on a large scale to projects anywhere in the world," said Marten Lunde, CEO of H2C.
On Thursday, L&T announced that its engineering services arm L&T Technology Services Ltd will acquire Smart World & Communication (SWC) business of Larsen & Toubro Ltd for Rs 800 crore.
According to L&T, the revenue of the carved-out business for FY22 was Rs 1,098 crore (including inter-segment revenues) and the net worth was Rs 440 crore. The business transfer to L&T Technology Services will be on a slump sale basis.
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First Published: Fri, January 13 2023. 11:54 IST
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