I did some (re)search on Electrozers and observed, that all our gigascale green hydrogen investments are counting on some tech partner for electrolysis needed at the commerical scale.
Reliance partnered with Stiesdal for HydroGen Electrolyzer technology
Adani – Cavendish Renewables
L&T – HydrogenPro
Linde – ITM Power
GAIL – Maire Tecnimont
IOC and NTPC – Inviting bids for partnership
Electrolyzers are a major cost element for hydrogen production. All these partnerships can be researched from an investment perspective. Local manufacturing and vendor ecosystem might provide some proxies in India.
Another area that one can study is a comparison of different electrolysis techs (ALK, PEM, SOEC, etc.) There need not be a winner here but some patterns will emerge as the tech matures and economy of scale pans out.
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