IGX and ACME signed Memorandum of Understanding (MOU) for cooperation and collaboration on developing the green hydrogen and ammonia market in India.

Mumbai, Sunday, 11th February 2024: ACME Group, a leading renewable energy company in India, and Indian Gas Exchange (IGX), India’s first natural gas exchange, today signed a memorandum of understanding (MoU) for cooperation and collaboration on developing the green hydrogen and ammonia market in India. The MoU was signed by Shri Manoj Kumar Upadhyay, Founder and Chairman of Acme Group and Shri Rajesh Kumar Mediratta, Managing Director and CEO of IGX at the ongoing India Energy Week in Goa.

Acme Group is a pioneer in green hydrogen and ammonia space and combined with the deep experience of IGX in creating liquid tradeable market for natural gas, both companies aim to develop the physical traded market for green molecules across the country starting with regional hubs located near to hydrogen and ammonia projects and leading eventually into a nation-wide hub.

The MoU between IGX and Acme covers the partnership across the hydrogen and ammonia value chain, starting from production to logistics and supply to the industrial customers for use in a range of applications and reduce the overall emissions contributing to the national decarbonization targets.

Speaking on the occasion, Shri Ashwani Kumar Dudeja, Group President and Director of Acme Group said, “We’re excited to collaborate with IGX on developing the market for green hydrogen and its derivatives in India, aiming to pioneer sustainable energy solutions and create liquid and transparent market for customers.”

Shri Rajesh Kumar Mediratta, MD and CEO, IGX said, “Together, we will develop innovative strategies to accelerate adoption, fostering economic growth and advancing energy security for a more sustainable future by creating a short-term tradeable market leveraging our learnings and experience from developing similar solutions for the natural gas sector.”