HSBC announces $2 million funding to IIT Bombay, Shakti Sustainable Energy for green hydrogen innovation


HSBC India has partnered with the Indian Institute of Technology (IIT) Bombay and Shakti Sustainable Energy Foundation (SSEF) to support technological advancements to make green hydrogen more efficient, cost-effective, and scalable. Under these two partnerships, it will provide total grant support of INR 15 crore ($2 million) for innovation projects that will help prioritize green hydrogen as a strategic alternate fuel and build a robust, green hydrogen economy.

India’s finance minister Nirmala Sitharaman announced the launch of these strategic partnerships towards enabling innovation in green hydrogen.

The partnership with IIT Bombay will encourage researchers, scientists, and students across IITs to develop breakthrough technologies and solutions that address key challenges in green hydrogen production, storage, transportation, and utilization.

As part of this program, IIT Bombay will invite project proposals, which will be evaluated by a steering committee composed of representatives from HSBC India, professors, and faculty members from multi-disciplinary areas. The committee will select the top three submissions; depending on the committee’s assessment, the project’s viability, and its commercial readiness, the shortlisted submissions could also be incubated at IIT Bombay.

HSBC’s partnership with Shakti will focus on geospatial analysis of industrial clusters in the states of Gujarat, Maharashtra, Jharkhand, and Chhattisgarh that have the potential to produce and use green hydrogen. The project aims to conduct research on policy, technological, and financial solutions that will be relevant to the real-world application of green hydrogen in industrial facilities across key states. An assessment of applicable hydrogen production routes for various applications in the shortlisted clusters, skill building, and worker transition, will be crucial areas of this research.

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