Both Denora and Thyssenkrup- Italy & Germany are made for each other with regards to Alkaline water electrolysis. Both are experts in alkaline chemistry.
However, Alkaline water electrolysis ,(AWE) is a very old and conventional technology which has already reached its matured stage with its own pros and cons.
Pros is that it is proven technology , low cost as noble metal coating like platinum not required , better tolerance to impurities in water. cons are High conc KOH solution required which corrodes leading to comparatively less life , safety issues , less efficiency.
Now , what is being preferred is PEM technology ( proton exchange membrane) which are more efficient , better response time , better grid stability, better efficiency , purity of hydrogen though expensive due to noble metal platinum !
PEM & AWE are two extreme ends of the Electrolyser technology. So the emerging trend is AEM ( Anion Exchange membrane ) which takes care of the Cons of AWE and the strength of PEM.
Since there is a huge requirement of electrolysers, all the 3 classes of electrolysers would be in demand initially and depending upon how the technology evolves , it is to be seen who wins the race ?
Having said that , i trust less on any listed MNC in India for investment purpose. Whenever there is a market opportunity in India , these parent companies tend to divert the business through its unlisted entity in India , thanks to Indian policy.
For example, as mentioned in my previous post Linde Plc has PEM technology and EPC for green hydrogen , but they dont want to route this business through linde india. They are doing this through their unlisted entity “Linde engineering pvt limited”.
Similarly , cummins Inc has PEM electrolyser technology globally well known. But they may like to do this business though its half a dozen unlisted entity rathan than Cummins India
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