Shares of Thermax Limited fell 1.5% after touching a day’s high of Rs 3,335 on 13th August, despite announcing that it has entered into a technology licensing agreement with HydrogenPro ASA.

Under the partnership, HydrogenPro will supply electrolysis stacks — the core modules that split water into hydrogen and oxygen. These will come with future upgrades and technical support. 

Thermax will have exclusive rights for the Indian market. It will manufacture key systems and balance-of-plant components for integration with these stacks. Moreover, a test station for short stacks will be set up at its Pune facility. Royalty and fee details were not disclosed.

This deal is viewed positively for Thermax. It secures a new partner following the earlier tie-up with Fortescue Future Industries that fell through. 

The HydrogenPro agreement allows Thermax to immediately offer alkaline-based electrolyser solutions in India’s growing green hydrogen market. 

The company has already committed Rs 100 crore internally for this segment. It expects revenue contribution from FY27, supported by multiple bids for green hydrogen projects in the country.

At 2:08 PM, the shares of Thermax were trading 1.38% lower at Rs 3,252.50 on NSE.

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