L&T inks pact with H2C to develop floating green ammonia projects

Larsen & Toubro (L&T) announced that it has signed a memorandum of understanding (MoU) with the Norway-based H2Carrier (H2C) to co-operate towards developing floating green ammonia projects for industrial-scale applications.

According to the terms of the MoU, L&T will become a partner for engineering, procurement, construction, installation & commissioning (EPCIC) of the topsides for H2C's floating process plants.

H2C plans to build the P2XFloater hull at yards in Asia and L&T will design and fabricate the topside process and utility modules to produce green hydrogen & green ammonia, including electrolysers, nitrogen generation plant, and ammonia synthesis unit. Installation of the topsides modules on the hull and its integration can be customised as per location preferences, can be carried out in India or in other geographies.

Subramanian Sarma, whole-time director & sr. executive vice president (energy) said, We strongly believe that L&T, with its globally recognised expertise in ammonia & hydrogen production as well as vast experience in design & fabrication of complex process modules, is poised to be the ideal partner for H2C in this venture."

Mten Lunde, CEO of H2C stated, Our P2XFloater design represents a solution which addresses a number of concerns for renewable energy projects: costs, time, use of land and environmental footprint, lengthy planning and regulation processes, etc. By teaming up with L&T, we have taken a significant step towards creating an optimal supply chain for delivering P2XFloaters on a large scale to projects anywhere in the world.

Meanwhile, L&T said that the Group's engineering services company, L&T Technology Services (LTTS) will acquire L&T's Smart World & Communication (SWC) business for a consideration of Rs 800 crore.

Larsen & Toubro (L&T) is an Indian multinational engaged in EPC projects, hi-tech manufacturing and services. It operates in over 50 countries worldwide.

The EPC major's consolidated net profit rose 22.5% to Rs 2,228.97 crore on 23% rise in net sales to Rs 42,762.61 crore in Q2 FY23 over Q2 FY22.

The scrip declined 1.60% to Rs 2,125.70 on the BSE.

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