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					</table><p><a href="https://www.mercomindia.com/india-battery-storage-capacity-219-mwh" target="_blank" rel="noopener"><strong>India’s total Battery Energy Storage System (BESS) capacity reached 219.1 MWh as of March 2024, according to Mercom India Research</strong></a>’s newly released report, India’s Energy Storage Landscape. According to the report, 1.6 GWh (~1 GW) of standalone BESS, 9.7 GW of renewable energy projects with energy storage, and 78.1 GW of pumped hydro projects were in various stages of development (60 GW under survey and investigation, and 18.1 GW under development) as of March 2024.</p>
<p><a href="https://www.mercomindia.com/solar-corporate-funding-1h-2024" target="_blank" rel="noopener"><strong>Total corporate funding, including venture capital/private equity (VC) funding, public market, and debt financing, in the solar sector reached $16.6 billion</strong></a> in the first half of 2024, marking a 10% year-over-year (YoY) decrease from $18.5 billion. Despite this decline, the number of deals increased by 9%, with 87 deals in 1H 2024 compared to 80 deals in 1H 2023. The numbers were revealed in Mercom Capital Group’s newly released 1H and Q2 2024 Solar Funding and M&amp;A Report.</p>
<p><a href="https://www.mercomindia.com/corporate-funding-for-energy-storage-surges" target="_blank" rel="noopener"><strong>Corporate funding for energy storage companies surged to $15.4 billion across 64 deals in the first half (1H) of 2024, reflecting a 117% increase</strong></a> from the $7.1 billion in 59 deals in 1H of 2023. The top five energy storage VC funding deals in the first half of 2024 were Sila $375 million; EnerVenue $308 million; Natron Energy $189 million; Ascend Elements $162 million; and Antora Energy $150 million. There were 14 M&amp;A transactions in 1H of 2024, an increase from the eight recorded in 1H of 2023.</p>
<p><a href="https://www.mercomindia.com/india-2024-budget"><strong>Union Finance Minister</strong><strong> Nirmala Sitharaman, in the first Budget under a new coalition government, laid out a series of measures to promote</strong></a> clean energy adoption and develop critical mineral supply chains. She highlighted “Energy Security” as one of the nine pillars for Budget 2024. The allocation for the solar sector has surged by 75% from the previous year’s revised estimate, now set at ₹86.49 billion (~$1.03 billion). However, the wind energy sector allocation has decreased by 12.7% to ₹8 billion (~$95.6 million).</p>
<p><strong><a href="https://www.mercomindia.com/inspire-clean-energy-wins">Inspire Clean Energy, a Mumbai-based solar asset, operations and maintenance management company, emerged as the winner of Mercom’s Second</a></strong> Startup Pitch Competition for Cleantech Companies, held during the Mercom India Renewables Summit 2024, a flagship annual event where industry leaders converge to discuss the future of clean energy in India. The company was chosen as the winner for its anti-theft lock, which was designed to eliminate cable theft in large-scale solar projects.</p>
<p><strong><a href="https://www.mercomindia.com/winners-of-mercoms-2024-renewable-industry-awards-announced">At the ongoing Mercom India Renewables Summit 2024 in New Delhi, Mercom India announced the winners of the fourth annual Mercom India Awards</a></strong>. These prestigious awards honor the exceptional contributions of organizations that are propelling India’s clean energy transition and championing the country’s environmental goals through remarkable innovation and visionary leadership.</p>
<p><a href="https://www.mercomindia.com/shortage-of-india-made-projects-with-dcr-mandate"><strong>India’s ambitious push for solar energy is facing a significant hurdle: A shortage of domestically produced solar modules. Subsidy-supported</strong></a> residential rooftop solar projects are facing a shortage of locally-made solar cells. Even if available, timely supply is not guaranteed and comes at a premium. In some cases, owing to the shortage, installers have even resorted to using second-hand solar modules. A West Bengal-headquartered solar company explained, &#8220;Due to the high prices of DCR modules, many installers have started using second-hand modules, labeling them with new warranties. These used modules are refurbished by manufacturers and are available at significantly lower prices.&#8221;</p>
<p><a href="https://www.mercomindia.com/andhra-sees-growth-in-solar-open-access-capacity-additions"><strong>Andhra Pradesh experienced renewed growth in open access solar capacity additions in Q1 2024, after a weak four quarters in 2023. The state</strong></a> accounted for the second-highest solar open access capacity (21%) in Q1 after no solar open access projects were commissioned in the previous quarter. India added 1.8 GW of new solar open access capacity in Q1 2024, the most in any quarter to date, with the top five states accounting for 79.3% of the new installed capacity, according to the recently released Q1 2024 Mercom India Solar Open Access Market Report.</p>
<p><a href="https://www.mercomindia.com/rooftop-solar-vendors-complain-of-subsidy-delays"><strong>The PM Surya Ghar Program, which aims to </strong><strong>install</strong><strong> 10 million rooftop solar projects across India, continues to grapple with challenges ranging from subsidy</strong></a> disbursements to incomplete information on the Jan Samarth Portal used for processing loans. Glitches have plagued the PM Surya Ghar National Portal for the past two months. With an outlay of ₹750 billion (~$9.04 billion), the program aims to increase residential rooftop solar capacity and empower households to generate electricity until 2026-27, but the sputtering rollout has cast a shadow on the target.</p>
<p><a href="https://www.mercomindia.com/indias-clean-energy-transition-targets-demand-greater-urgency"><strong>India’s energy landscape is on the brink of a transformative shift, driven by the urgent need to address climate change, energy security, and economic</strong></a> growth. The transition to renewable energy, supported by policy initiatives, technological advancements, and international collaboration, is an urgent national imperative. With an ambitious target of 500 GW of non-fossil energy capacity by 2030 and a net-zero goal by 2070, India is positioning itself as a leading green energy market.</p>
<p><a href="https://www.mercomindia.com/policies-must-focus-on-entire-value-chain"><strong>India is working to enhance its domestic manufacturing capabilities for renewable energy projects and to fortify local supply chains to achieve</strong></a> its clean energy goals. The country’s domestic solar manufacturing sector is experiencing a significant transformation driven by government initiatives and industry commitment. As the country strives for self-reliance in renewable energy production, key stakeholders navigate challenges and opportunities in a rapidly evolving landscape.</p>
<p><a href="https://www.mercomindia.com/renewable-energy-adoption-growing-in-india"><strong>Renewable energy adoption by India’s Commercial and Industrial (C&amp;I) sector is experiencing rapid growth, with demand for clean energy</strong></a> solutions increasing significantly over the past two years. This surge in adoption is driven by falling renewable energy costs and supportive policies in several states. The C&amp;I renewable energy market has seen remarkable expansion, nearly doubling in size over the last two years, Kiran Kumar Perka, Head of Open Access C&amp;I at O2 Power, said that the demand is growing multifold, <a href="https://www.mercomindia.com/world-bank-approves-carbon-energy-in-india"><strong>The </strong><strong>World Bank</strong><strong> has approved $1.5 billion in financing to bolster India’s efforts in developing low-carbon energy. The initiative, part of the second</strong></a> low-carbon energy programmatic development policy operation, aims to foster a robust market for green hydrogen, expand renewable energy, and stimulate investments in low-carbon energy.</p>
<p><a href="https://www.mercomindia.com/adb-240-million-loan-rooftop-solar-india"><strong>The Asian Development Bank (</strong><strong>ADB</strong><strong>) has approved loans of $240.5 million to finance rooftop solar systems in India. The financing will be provided</strong></a> to the State Bank of India (SBI) and the National Bank for Agriculture and Rural Development (NABARD) to offer loans to developers and end-users for installing rooftop solar systems across India. ADB will allocate $90.5 million from its Clean Technology Fund (CTF) to SBI, while NABARD will receive $150 million, which includes $80 million from ADB’s ordinary capital resources and $70 million from the CTF.</p>
<p><a href="https://www.mercomindia.com/rec-200-million-loan-deutsche-bank"><strong>Public infrastructure finance company </strong><strong>REC Limited</strong><strong> has secured a green loan of JPY31.96 billion (~$200 million) from </strong><strong>Deutsche Bank</strong><strong>‘s GIFT City</strong></a> branch to fund green projects in India. This green financing is one of the first JPY-denominated green loan transactions for Deutsche Bank at GIFT City. According to REC, this facility underscores its commitment, along with its partners, to support projects that adhere to stringent environmental standards, promote renewable energy, and contribute to reducing carbon emissions across India.</p>
<p><a href="https://www.mercomindia.com/dhash-pv-solar-junction-box-plant-in-karnataka"><strong>DhaSh PV Technologies</strong><strong> has announced an investment of ₹3.46 billion (~$41.4 million) in a solar photovoltaic (PV) manufacturing plant in the Sira</strong></a> Industrial Area of Tumkur, Karnataka. The facility will focus on producing solar PV junction boxes with an annual capacity of 50 GW. The plant will also manufacture 1,000 km of solar cables and fully indigenous diodes daily.</p>
<p><a href="https://www.mercomindia.com/ohmium-launches-gigafactory-in-bengaluru"><strong>Ohmium International</strong><strong>, a provider of green hydrogen solutions, has launched a gigafactory in Doddaballapura, near Bengaluru. The facility, spanning</strong></a> 14,000 square meters, will produce 2 GW of Proton Exchange Membrane (PEM) electrolyzers annually, with plans to expand production capacity to 4 GW. Ohmium’s India subsidiary had been chosen as the preferred partner by NTPC Renewable Energy Limited (REL) to deploy Ohmium’s PEM electrolyzers in projects totaling 400 MW.</p>
<p><a href="https://www.mercomindia.com/pm-surya-ghar-government-buildings"><strong>The Ministry of New and Renewable Energy plans to install rooftop solar systems on all central and state government buildings by December 2025</strong></a> as part of the recently approved PM Surya Ghar: Muft Bijli Yojana. With an outlay of ₹750 billion (~$9.04 billion), the program aims to increase residential rooftop solar capacity and empower households to generate electricity until 2026-27.</p>


Month in a Minute: Top Headlines from Indian Renewable Sector in July 2024


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					</table><p><a href="https://www.ohmium.com/" target="_blank" rel="noopener">Ohmium International</a>, a provider of green hydrogen solutions, has launched a gigafactory in Doddaballapura, near Bengaluru.</p>
<p>The facility, spanning 14,000 square meters, will produce 2 GW of Proton Exchange Membrane (PEM) electrolyzers annually, with plans to expand production capacity to 4 GW.</p>
<p>Ohmium&#8217;s India subsidiary had been chosen as the preferred partner by NTPC Renewable Energy Limited (<a href="https://ntpcrel.co.in/" target="_blank" rel="noopener">REL</a>) to deploy Ohmium&#8217;s PEM electrolyzers in projects totaling 400 MW.</p>
<p>Arne Ballantine, CEO of Ohmium, emphasized the environmental impact of the new facility. &#8220;The ribbon-cutting at our new gigafactory marks a major milestone for Ohmium and enables us to deliver green hydrogen solutions to our growing pipeline of customers across India and around the world. 2 GW of electrolyzers can abate four million tons of CO2 per year – equivalent to the CO2 captured by 180 million trees. And for us, it&#8217;s just the beginning&#8221;.</p>
<p>This gigafactory is Ohmium&#8217;s second manufacturing site in India and the first to integrate key operations such as manufacturing, assembly, quality assurance, testing, warehousing, and shipping under one roof.</p>
<p>Ohmium said its ongoing research collaborations with India&#8217;s CSIR-Central Electrochemical Research Institute and IIT Madras Research Park are pivotal in accelerating the development and deployment of innovative green hydrogen solutions to meet global demand.</p>
<p>These partnerships are expected to rapidly transfer cutting-edge research into practical, scalable solutions for the green hydrogen market.</p>
<p>Ohmium International designs, manufactures, and deploys hypermodular, scalable PEM electrolyzers that facilitate green hydrogen production.</p>
<p>Headquartered in the U.S., with manufacturing facilities in India and operations worldwide, Ohmium has a global green hydrogen project pipeline of more than 2 GW.</p>
<p>Recently, Ohmium International <a href="https://www.mercomindia.com/ohmium-raises-250-electrolyzer-capacity-to-2-gw-annually" target="_blank" rel="noopener">announced</a> the close of a $250 million Series C growth equity financing. The funding will help Ohmium expand its annual electrolyzer manufacturing capacity to 2 GW.</p>
<p>Last October, Ohmium<a href="https://www.mercomindia.com/daily-news-wrap-up-vedanta-scale-up-renewable-energy-1-gw" target="_blank" rel="noopener"> collaborated</a> with independent renewable power producer Amp Energy India to deploy 400 MW of green hydrogen projects. The deployments, aimed at mid-sized commercial and industrial projects of 25 MW or below, are planned to be installed over the next three years.</p>


Ohmium Launches PEM Electrolyzer Gigafactory in Bengaluru


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					</table><p><a href="https://www.ohmium.com/" target="_blank" rel="noopener">Ohmium International</a>, a green hydrogen solutions provider, announced that its subsidiary in India has been chosen as the preferred partner by NTPC Renewable Energy Limited (<a href="https://ntpcrel.co.in/" target="_blank" rel="noopener">REL</a>) to deploy Ohmium&#8217;s proprietary proton exchange membrane (PEM) electrolyzers in projects totaling 400 MW.</p>
<p>By leveraging the company&#8217;s advanced technology, NTPC aims to facilitate the deployment of 5 GW of renewable energy specifically for green hydrogen and ammonia production.</p>
<p>The deal, perceived as India’s largest PEM electrolyzers partnership, will span over two years and last until May 2025.</p>
<p>The projects encompass a broad spectrum of industrial and commercial applications, including but not limited to ammonia production, transportation, and power generation.</p>
<p>Ohmium manufactures modular interlocking PEM electrolyzers that produce pressurized high-purity hydrogen.</p>
<p>According to Ohmium, individual, compact electrolyzers could be easily stacked to significantly reduce installation and maintenance costs, and the standardized design enables rapid scaling from MW to GW.</p>
<p>This endeavor aligns with NTPC&#8217;s ambitious objective of achieving a total of 60 GW in renewable energy capacity by 2032.</p>
<p>Ohmium&#8217;s patented PEM technology features dynamic ramping capabilities, making it suitable to pair with renewable electricity.</p>
<p>Arne Ballantine, the CEO of Ohmium, expressed great enthusiasm about the partnership with NTPC REL. He commended the Chairman, Board, and CEO of NTPC for their visionary leadership, commitment, and substantial investment in green hydrogen.</p>
<p>Ballantine acknowledged NTPC&#8217;s track record of being at the forefront of adopting innovative clean technologies. He believes that NTPC&#8217;s forward-thinking approach will be crucial in harnessing India&#8217;s potential to become a prominent force in the green hydrogen domain.</p>
<p>Recently Ohmium International <a href="https://www.mercomindia.com/ohmium-raises-250-electrolyzer-capacity-to-2-gw-annually" target="_blank" rel="noopener">announced</a> the close of a $250 million Series C growth equity financing. The funding will be used to expand Ohmium’s annual electrolyzer manufacturing capacity to 2 GW.</p>
<p>Last October, Ohmium<a href="https://www.mercomindia.com/daily-news-wrap-up-vedanta-scale-up-renewable-energy-1-gw" target="_blank" rel="noopener"> collaborated</a> with independent renewable power producer Amp Energy India to deploy 400 MW of green hydrogen projects. The deployments, aimed at mid-sized commercial and industrial projects of 25 MW or below, are planned to be installed over the next three years.</p>


Ohmium to Deploy 400 MW Green Hydrogen Electrolyzers for NTPC


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					</table><p>Green hydrogen company <a href="https://www.ohmium.com/" target="_blank" rel="noopener">Ohmium International</a> announced the close of a $250 million Series C growth equity financing. The funding will be used to expand Ohmium’s annual electrolyzer manufacturing capacity to 2 GW.</p>
<p>The funds will also be directed to deploy projects for the company’s global customer pipeline in key regions, including the United States, Europe, India, and the Middle East.</p>
<p>The funding round was led by TPG Rise Climate, the dedicated climate investing strategy of Texas Pacific Group’s (<a href="https://www.tpg.com/" target="_blank" rel="noopener">TPG</a>) global impact investing platform TPG Rise, and included participation from <a href="https://hnvr.com/" target="_blank" rel="noopener">Hanover Technology Investment Management</a> and existing investors <a href="https://energytransitionventures.com/" target="_blank" rel="noopener">Energy Transition Ventures</a> and Fenice Investment Group.</p>
<p>“Ohmium’s cutting-edge PEM electrolyzer systems are crucial to enabling the green hydrogen industry, satisfying a wide range of commercial applications and delivering superior value in terms of current density, scalability, ramp rate, and safety,” said Ed Beckley, Partner at TPG and senior member of the TPG Rise Climate investing team.</p>
<p>The company said the additional capital would enable Ohmium to scale its business and accelerate the research and development programs to reduce the cost of green hydrogen production.</p>
<p>Chairman and founding investor of Ohmium Ahmad Chatila said, “Green hydrogen is critical to the rapid decarbonization of hard-to-abate sectors. Ohmium is uniquely positioned to be a leading provider of emissions-free hydrogen technology given its customer-focused, modular solution that enables businesses to achieve an extremely competitive levelized cost of hydrogen (LCOH).”</p>
<p>Ohmium’s CEO, Arne Ballantine, said, “This capital raise is a validation of Ohmium’s strategy and technology leadership and provides our organization with the kind of investment needed to deliver on our ambitious plans for international growth. We are experiencing tremendous success in 2023. We are on track to deliver our proton exchange membrane (PEM) electrolyzer systems to customers worldwide operating across multiple sectors.”</p>
<p>Last October, Ohmium <a href="https://www.mercomindia.com/daily-news-wrap-up-vedanta-scale-up-renewable-energy-1-gw" target="_blank" rel="noopener">collaborated</a> with independent renewable power producer Amp Energy India to deploy 400 MW of green hydrogen projects. The deployments, aimed at mid-sized commercial and industrial projects of 25 MW or below, are planned to be installed over the next three years. Amp Energy India will utilize Ohmium’s unique interlocking modular PEM electrolyzers.</p>
<p>Earlier last year, Ohmium <a href="https://www.mercomindia.com/ohmium-spirare-partner-to-produce-hydrogen-ntpcs-campus" target="_blank" rel="noopener">announced</a> a collaboration with Spirare Energy, a provider of on-site energy generation systems, to generate green hydrogen at NTPC’s NETRA (NTPC Energy Technology Research Alliance) Green Campus in India.</p>


Ohmium Raises $250 Million to Expand Electrolyzer Capacity to 2 GW Annually


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					</table><p>Green hydrogen company <a href="https://www.ohmium.com/" target="_blank" rel="noopener">Ohmium International</a>, which designs, manufactures, and deploys Proton Exchange Membrane (PEM) electrolyzers, is collaborating with <a href="https://spirare.co.in/" target="_blank" rel="noopener">Spirare Energy</a>, a provider of on-site energy generation systems, to generate green hydrogen at <a href="https://www.ntpc.co.in/en/services-and-initiatives/netra/about-netra" target="_blank" rel="noopener">NTPC&#8217;s NETRA</a> (NTPC Energy Technology Research Alliance) Green Campus.</p>
<p>Spirare Energy will manage the project&#8217;s engineering, procurement, and construction, while Ohmium will provide the hydrogen electrolyzers to Spirare.</p>
<p>At NETRA, the energy technology development center, NTPC is focused on research in efficiency improvement and cost reduction, new and renewable energy, climate change, and environmental protection.</p>
<p>The project aims at domestic green hydrogen production to make India a global energy leader. It proposes stacking individual electrolyzers to significantly reduce installation and maintenance costs while enabling unlimited configurations of deployment sizes.</p>
<p>At a recent investor’s meet, NTPC management commented that experiments were in progress for producing green hydrogen at the cost of $4/kg.</p>
<p>Ohmium&#8217;s proprietary, made-in-India, PEM electrolyzer stack technology will sustain a differential pressure, which in turn will enhance the cost-effective operation and result in the production of high-purity hydrogen. According to the company, the interlocking modular PEM electrolyzers offer a safer, modular, flexible, and easy-to-install- and-maintain alternative to customized electrolyzers. The project will supply up to 52 tons of green hydrogen annually for power generation and energy storage.</p>
<p>&#8220;NTPC is pioneering the green hydrogen sector in India, and we look forward to showing how our modular, high-volume, low-cost PEM electrolyzers can scale rapidly and efficiently to reach megawatt to gigawatt applications,&#8221; said Arne Ballantine, CEO of Ohmium International.</p>
<p>&#8220;Ohmium&#8217;s PEM electrolyzers provide us a reliable, scalable green hydrogen solution that is the best on the market. We&#8217;re excited to be moving forward with Ohmium to complete what is among the most important green hydrogen projects in the country,&#8221; said Suhas Bhasin, Managing Director of Spirare.</p>
<p>In April this year, NTPC Renewable Energy <a href="https://mercomindia.com/ntpc-invites-bids-from-electrolyzer-technology-providers/" target="_blank" rel="noopener">invited</a> bids to select electrolyzer technology providers to participate in green hydrogen tenders for two years.</p>
<p>NTPC also <a href="https://mercomindia.com/daily-news-wrap-up-ntpc-awards-green-hydrogen/" target="_blank" rel="noopener">awarded</a> the project of setting up India&#8217;s first green hydrogen fueling station in Leh in Ladakh to Amara Raja Power Systems.</p>
<p>In February this year, the Ministry of Power <a href="https://mercomindia.com/new-green-hydrogen-policy-step-net-zero-emissions/" target="_blank" rel="noopener">announced</a> a &#8216;Green Hydrogen Policy&#8217; to help India meet the production target of 5 million tons of green hydrogen by 2030 and the related development of renewable energy capacity. As per the policy, green hydrogen and green ammonia will be defined as ammonia and hydrogen produced by way of the electrolysis of water.</p>


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