Avaada Group, an integrated energy platform in India, has signed a Memorandum of Understanding (MoU) with Gopalpur Port Ltd to establish an advanced storage facility for green hydrogen and its derivatives like green ammonia at the Gopalpur port in Odisha.
The Group stated that with this storage facility, the Gopalpur port will become a vital hub for exporting green ammonia, a key component in the global effort to combat climate change.
Avaada Group has committed substantial investments in the development of a robust green hydrogen ecosystem in Odisha. Last month, the group signed an MoU with Tata Steel Special Economic Zone Ltd to establish a green ammonia manufacturing facility within the special economic zone.
“Green hydrogen and its derivatives have emerged as potent alternates to fossil fuels for advancing accelerated decarbonization across the sectors and geographies. India with its vast potential of renewable energy and skilled manpower is poised to play an important role in fulfilling global demand for green hydrogen and its derivatives,” said Vineet Mittal, chairman of Avaada Group.
“Avaada’s collaboration with Gopalpur Port Limited marks a significant milestone in our quest for a carbon-neutral world. Our primary goal is to establish an advanced storage facility for green hydrogen and its derivatives.”
Avaada Group is an integrated energy company with interests spanning the manufacturing of solar panels, renewable power generation and green hydrogen, methanol and ammonia production ventures. Avaada Energy, an arm of Avaada Group, targets 11 GW of projects by 2026. Avaada has received a $1.3 billion investment from Brookfield’s Energy Transition Fund and $300 million from GPSC, PTT Group of Thailand.
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