Pune-based energy and environment giant, Thermax Ltd, has announced a significant strategic partnership with Norway’s HydrogenPro ASA, a global leader in high-pressure alkaline electrolyser technology. This collaboration marks a pivotal step in strengthening India’s green hydrogen ecosystem, granting Thermax exclusive rights to deploy HydrogenPro’s advanced technology across the nation. This Thermax HydrogenPro Partnership is set to accelerate India’s journey towards industrial decarbonisation and energy self-reliance.

A Synergistic Partnership for Green Hydrogen Production

The newly forged alliance between Thermax and HydrogenPro is designed to indigenise alkaline water electrolysis solutions for large-scale green hydrogen projects within India. Effective immediately, the agreement empowers Thermax with exclusive rights for the supply, installation, commissioning, and comprehensive after-sales services of alkaline electrolyser systems based on HydrogenPro’s cutting-edge technology. This encompasses technology licensing, stack supply, future technological upgrades, and robust technical support from the Norwegian firm.

Under the terms of this partnership, Thermax will take on the crucial role of engineering and manufacturing key systems and balance-of-plant components, which will be seamlessly integrated with HydrogenPro’s state-of-the-art electrolyser stacks. To further enhance local capabilities and support continuous innovation, a dedicated test station for short stacks will be established at Thermax’s facility in Pune. This move underscores a shared commitment to developing scalable, integrated solutions tailored for the Indian market.

Understanding the Companies: Thermax and HydrogenPro

Thermax Ltd, an established energy and environment conglomerate, is a mid-cap company listed on the Indian stock exchanges, with a market capitalisation of approximately Rs. 38,599.49 crore. As of August 13, 2025, its stock opened at Rs. 3,379.95, reflecting an intraday gain of 2.55% from its previous close of Rs. 3,295.75. Thermax is renowned for offering comprehensive solutions in clean air, clean energy, clean water, and chemicals, operating 16 manufacturing facilities across India, Europe, and Southeast Asia, supported by over 45 subsidiaries.

HydrogenPro ASA, founded in Norway in 2013, is a global technology company and original equipment manufacturer (OEM) specialising in high-pressure alkaline electrolyser systems. Listed on the Oslo Børs main list since 2022, HydrogenPro is a pioneer in scalable, sustainable alkaline electrolysers. The company has a significant track record, having delivered 220 MW of electrolysers to a large renewable energy storage hub in the United States. Its technology is noted for full compliance with international standards and certifications, a detail confirmed by recent market updates.

Thermax’s Financial Health and Future Outlook

While the partnership unfolds, Thermax’s financial performance for Q1FY26 presents a mixed picture, indicative of ongoing market dynamics and strategic shifts. The company reported a consolidated revenue of Rs. 2,150 crore for the quarter. This figure represents a sequential dip of 30.3% compared to Q4FY25 (Rs. 3,085 crore) and a marginal year-on-year decrease of 1.6% from Q1FY25 (Rs. 2,184 crore).

However, the net profit showed a more optimistic trend, reaching Rs. 151 crore. While this was down 26.7% sequentially from Rs. 206 crore in Q4FY25, it marked a substantial 38.5% year-on-year growth from Rs. 109 crore in Q1FY25. A positive indicator for future revenue, Thermax’s order book continued its robust expansion. The order book at the end of Q1FY26 stood at Rs. 2,748 crore, reflecting a healthy 7.0% increase year-on-year from Rs. 2,569 crore in Q1FY25 and a significant 29.7% sequential jump from Rs. 2,119 crore in Q4FY25. The total order balance for Q1FY26 was Rs. 11,376 crore, up from Rs. 10,681 crore in Q1FY25 and Rs. 10,693 crore in Q4FY25.

Here’s a snapshot of Thermax’s Q1FY26 financial performance:

The revenue breakdown indicates continued strength in Thermax’s core industrial product and infrastructure segments. The “Green Solutions” segment, though smaller at Rs. 128 crore, is expected to receive a significant boost from this collaboration.

Leadership Perspectives and Market Impact

Leaders from both companies expressed strong optimism about the collaboration. Ashish Bhandari, MD & CEO of Thermax, stated that the partnership significantly expands their green hydrogen portfolio. He highlighted how combining HydrogenPro’s robust technology with Thermax’s extensive engineering and execution capabilities would be instrumental in supporting India’s industrial decarbonisation and broader energy transition goals.

Jarle Dragvik, CEO of HydrogenPro, echoed this sentiment, emphasising India as a rapidly expanding hydrogen market. He noted that this partnership provides a crucial entry point for HydrogenPro, with a focus on helping difficult-to-decarbonise sectors. He also affirmed the joint commitment to developing scalable and integrated green hydrogen solutions for the Indian subcontinent, as reported in various industry and company announcements.

This strategic alliance positions Thermax at the forefront of India’s burgeoning green hydrogen sector, leveraging international expertise to build local manufacturing prowess. The Thermax HydrogenPro Partnership is poised to play a vital role in meeting India’s ambitious clean energy targets and fostering a sustainable industrial landscape.

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