Solar Energy Corporation of India (SECI) and H2Global have signed a new Memorandum of Understanding (MoU). This MoU has been created with the aim of developing international green hydrogen trade corridors between Europe and India.

The MoU sets out a pathway to future trade cooperation between the EU and India and it does this through focusing on the exchange of knowledge on market-based mechanisms. It also clearly focuses on providing support to the supply and demand of green hydrogen.

So far, state-owned SECI has been responsible for managing the Indian Government’s electrolyser manufacturing and green hydrogen subsidy auctions.

The German foundation was created in order to facilitate international hydrogen trade auctions, where an intermediary purchases the energy carrier at market price and then goes onto reselling it to the highest European bidder. This German foundation stated that, ‘the MoU aims to accelerate trade.’

Timo Bollerhey, CEO of Hinto, the intermediary company used in H2Global auctions, commented, “This agreement sets the stage for scaling up international trade in renewable hydrogen while fostering closer cooperation between India and Europe.”

H2Global Executive Director, Markus Exenberger, mentioned, “This MoU highlights the importance of forging strong partnerships to accelerate the energy transition. We look forward to the opportunities this collaboration will bring.”