Pune (Maharashtra) [India], May 5 (ANI/NewsVoir): Indian global automotive components manufacturer ADVIK Hi-Tech Private Limited today announced that it has signed a Joint Venture (JV) with Australian clean energy company Pure Hydrogen Corporation Limited (ASX: PH2 or ‘Pure Hydrogen’).
The JV will see the parties establish a Joint Venture Private Limited Company (“JV Co”) in India, with ADVIK holding a 51% share and Pure Hydrogen a 49% share in the Private Limited Company.
JV Co will establish a hydrogen production facility in India, which intends to sell, transport, and distribute hydrogen across India. The company will also be in a position to supply HFCEV buses and trucks, which could put India at the forefront of hydrogen production, sale, and distribution globally.
ADVIK is a well-established automotive components company with over USD 100 million in annual revenues. The company has a leading position in high technology components for passenger vehicles, commercial vehicles, and two-wheeler as a core supplier to almost all major Original Equipment Manufacturers (OEMs.). ADVIK additionally has a JV with H2X Global Pty. Ltd., and together with Pure Hydrogen, will take a leading position in India for the development and production of a hydrogen ecosystem from hydrogen fuel to hydrogen powered generator units and hydrogen powered vehicles.
The two companies are hoping to revolutionize the heavy vehicle market in India by providing green hydrogen fuel and hydrogen fuel cell vehicles (HFCEVs) to help reduce emissions and costs. JV Co also plans to tender for Government contracts involving Bus supply & hydrogen refueling. There is also the opportunity for the PowerH2 Generators to be an alternative to Diesel-powered generators. Further, ADVIK has been approved by the Government of India for the Production Linked Incentive (PLI) Scheme for the hydrogen fuel cell system. PLI focuses on emerging industry capabilities as it aims to push forward India’s transition to clean energy and the JV will benefit from this PLI.
Aditya Bhartia, Managing Director of ADVIK expressed, “ADVIK is delighted to partner with Pure Hydrogen for developing the hydrogen eco-system in India. It is encouraging to see Pure Hydrogen set up multiple projects in Australia to manufacture & transport hydrogen. The Indian government is focusing on hydrogen as a fuel and intends to be a major production and export hub. In addition to the green hydrogen, this JV will utilize technologies like turquoise hydrogen – produced by methane pyrolysis and emerald hydrogen – produced from waste. With this collaboration, we aim to be an end-to-end solution provider for the hydrogen ecosystem, from hydrogen generation to hydrogen-powered mobility and stationary solutions.”
Managing Director of Pure Hydrogen Scott Brown said, “We are excited to be partnering with ADVIK in India and with Pure Hydrogen expertise in hydrogen eco-system, will give the JV a major strategic advantage in India and a big head start to become a leading player here. India is obviously a massive market and it makes good commercial sense to build a presence in India with an established and respected local company. We believe India would be a world leader in hydrogen economy in the future and this JV is a strategic fit to our global business plan.”
ADVIK Hi-Tech Private Limited is a leading & Global automotive components manufacturer. We have been catering to the needs of a number of domestic and overseas customers across four continents in the passenger car, commercial vehicle, stationary engine and two wheelers segment for the past two decades. ADVIK provides products to our customers, keeping in mind their needs and specifications. Our customer base includes leading automotive original equipment manufacturers in India, Europe, UK, USA and ASEAN Region.
For further details, please visit: www.advik.co.in.
Pure Hydrogen is an Australian focused Clean Energy Company with hydrogen, Gas and mobility businesses including a strategic interest in H2X Global Limited. The Company has 5 hydrogen projects under development and 3 gas projects, Windorah Gas Project in the Cooper Basin, Australia’s most prolific onshore producing petroleum basin, Project Venus CSG in the Surat Basin in Queensland and the Serowe Project CSG in Botswana.
For further details, please visit: www.purehydrogen.com.au.
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