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Poonawalla-backed H2e Power to set up 1 GW electrolyser plant; looks for funding

Business Line  

Pune-headquartered H2e Power Systems Pvt Ltd is setting up an electrolyzer manufacturing plant in Maharashtra, of 1 GW capacity, and expects it to be producing solid oxide electrolysers by 2023. The company will invest USD 40 million for setting up the plant. The Poonawalla family, which runs the vaccine manufacturer, Serum Institute of India, had invested in H2e Power in January 2020. The company is now looking for another round of funding. Set up a decade ago to manufacture fuel cells, H2e Power developed its own technology in collaboration with Germany's Fraunhofer Institute. The company has manufacturing facilities in Germany and Switzerland, which are used to supply to customers in the US and South Korea.