Latest news with #AshishBhandari
Time of India
7 days ago
- Business
- Time of India
Thermax ties up with Norway's HydrogenPro to indigenise alkaline electrolysers for green hydrogen projects
New Delhi: Engineering and environment solutions company Thermax Ltd has entered into a strategic partnership with Norway-based HydrogenPro ASA to localise alkaline water electrolysis technology for large-scale green hydrogen projects in India. Under the agreement, Thermax will have exclusive rights in India for the supply, installation, commissioning and after-sales services of alkaline electrolyser systems based on HydrogenPro's technology. The licensing arrangement also covers future technology upgrades and technical support, the company said in a statement. The technology will be available immediately for ongoing green hydrogen projects in India. As part of the technology transfer, Thermax will engineer and manufacture key systems and balance-of-plant components for integration with stacks supplied by HydrogenPro. A short stack test station will be set up at Thermax's Pune facility as an initial step. Thermax Managing Director and CEO Ashish Bhandari said the tie-up will allow the company to 'immediately offer market-ready alkaline technology-based solutions for deployment across industries in India.' He said the collaboration will combine HydrogenPro's technology with Thermax's project execution expertise to deliver 'integrated, localised, state-of-the-art alkaline electrolyser solutions with complete lifecycle support.' HydrogenPro CEO Jarle Dragvik said the partnership will give the company 'an important entry into the country and a solid market foothold' in one of the fastest-growing hydrogen markets. 'Our goal is to enable the decarbonisation of industry through the use of green hydrogen, particularly in sectors with few or no renewable alternatives,' he said. Thermax said it will offer end-to-end green hydrogen solutions, including turnkey EPC execution and value-added services for optimal performance of production plants.
The Hindu
12-08-2025
- Business
- The Hindu
Thermax ties up with HydrogenPro to indigenise alkaline water electrolysis solution
Thermax Ltd., an energy and environment solutions provider and also into energy transition, has announced an alliance with HydrogenPro, which is into green hydrogen technology and systems for the supply, installation, commissioning, and after-sales services of alkaline electrolyser systems based on HydrogenPro's technology in India. This will be effective immediately and available for deployment in ongoing Indian green hydrogen projects. HydrogenPro brings proven electrolyser technology that fully complies with international standards and certifications. Its in-house expertise in advanced electrode development and coating serves as a key enabler for delivering high-efficiency systems. Through a technology transfer, Thermax will engineer and manufacture key systems and balance-of-plant components of the electrolyser for integration with stacks. Additionally, Thermax and HydrogenPro will collaborate on the joint development of advanced solutions to meet evolving market needs. As a first step, a test station for short stacks will be established at Thermax's facility in Pune. Ashish Bhandari, MD & CEO, Thermax, said, 'Our association with HydrogenPro marks an important step in expanding our green hydrogen portfolio. 'This collaboration enables us to immediately offer market-ready alkaline technology-based solutions for deployment across industries in India. By combining HydrogenPro's proven technology with Thermax's engineering and project execution expertise, we will deliver integrated, localised, state-of-the-art alkaline electrolyser solutions with complete lifecycle support,' he said. Jarle Dragvik, CEO, HydrogenPro, said, 'India, with its strong development in renewable energy is one of the fastest growing hydrogen markets. The partnership with Thermax provides us with an important entry into the country and a solid market foothold. Our goal is to enable the decarbonisation of industry through the use of green hydrogen, particularly in sectors with few or no renewable alternatives to current operational practices.' 'India is striving to decarbonise their industries and modernise power generation, and this closely aligns with our technology. We will jointly develop and deliver comprehensive, integrated solutions that address complex challenges and enable scalable, sustainable energy advancements in India,' he said. With this collaboration, Thermax will offer end-to-end integrated green hydrogen solutions — encompassing the supply of electrolyser systems, turnkey project execution on an EPC (Engineering, Procurement, and Construction) basis, and value-added services to ensure optimal performance of green hydrogen production plants, it said.
News18
12-08-2025
- Business
- News18
Thermax partners with Norwegian company HydrogenPro
Agency: Last Updated: August 12, 2025, 19:30 IST Representational image (Image: News18) New Delhi, Aug 12 (PTI) Homegrown Thermax Ltd has partnered with Norway-based HydrogenPro to supply, install and commission alkaline electrolysers systems in India. In a statement, Thermax said it will also provide after-sales services of alkaline electrolyser systems based on HydrogenPro's technology. An alkaline electrolysis system helps produce green hydrogen by splitting water into hydrogen and oxygen through the use of direct current power. As part of the technology licensing and agreement for supply of stacks, including any future upgrades and technical support from HydrogenPro, Thermax said, 'It will have exclusive rights in India for the supply, installation, commissioning, and after-sales services of alkaline electrolyser systems based on HydrogenPro's technology, which will be effective immediately and available for deployment in ongoing Indian green hydrogen projects". Thermax will engineer and manufacture key systems and balance-of-plant components of the electrolyser for integration with stacks through a comprehensive technology transfer. Later in a video interaction, Thermax MD and CEO Ashish Bhandari said, 'Our association with HydrogenPro marks an important step in expanding our green hydrogen portfolio". The collaboration enables Thermax to offer market-ready alkaline technology-based solutions for deployment across industries in India. By combining HydrogenPro's proven technology, integrated, localised, state-of-the-art alkaline electrolyser solutions will be delivered with complete lifecycle support, he said. Swipe Left For Next Video View all When asked about potential in India's hydrogen market, HydrogenPro CEO Jarle Dragvik said, 'India, with its strong development in renewable energy, is one of the fastest-growing hydrogen markets. The partnership with Thermax provides us with an important entry into the country and a solid market foothold". Pune-based Thermax is a leading energy and environment solutions provider. PTI ABI ABI BAL BAL (This story has not been edited by News18 staff and is published from a syndicated news agency feed - PTI) view comments News agency-feeds Thermax partners with Norwegian company HydrogenPro Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy. Read More
Entrepreneur
28-06-2025
- Business
- Entrepreneur
Old Waste, New Energy: Ashish Bhandari, MD & CEO, Thermax Limited
As the world scrambles for cleaner energy and tighter efficiency, India's Thermax Limited is doing something refreshingly rare: putting its money, talent, and tech where its mission is. Opinions expressed by Entrepreneur contributors are their own. You're reading Entrepreneur India, an international franchise of Entrepreneur Media. As the world scrambles for cleaner energy and tighter efficiency, India's Thermax Limited is doing something refreshingly rare: putting its money, talent, and tech where its mission is. And at the helm of this transformation is Ashish Bhandari, the MD & CEO who's steering the 58-year-old engineering firm into the thick of the energy transition. "We are very focused on being a partner in energy transition to our customers. Which means almost everywhere there is energy," states Bhandari. From petrochemical giants to potato chip factories, the company's footprint is as diverse as the fuels it's transforming. At a time when energy headlines are dominated by solar panels and hydrogen dreams, Thermax is quietly turning agricultural waste, flue gases, and even potato steam into power, profit, and planetary goodwill. Waste-to-energy isn't just a line item on a sustainability report here; it's the center of gravity. Bhandari doesn't mince words about it. "The single biggest area where I can talk about is this whole waste-to-energy area." From converting palm industry waste like empty fruit bunches in Southeast Asia to tackling India's Parali grass — the smog-inducing scourge of northern winters — Thermax is aggressively building capability. In fact, in Thermax's industrial heating range, biomass already accounts for more than 70 per cent of its sales. That's not a gentle pivot; that's a power slide. One minute you're hearing about mustard stalks being turned into fuel, and the next, about cutting-edge Flexi Source systems that can run on up to 11 different kinds of fuels. "More importantly," Bhandari points out, "we take what is wasted within the plant currently and give it back to them in the form of useful energy." The company captures the steam from potato frying, uses it to power chillers for cooling, and recycles the recovered water vapor back into the system to wash more potatoes. It's the industrial equivalent of eating your chips and having them too. Thermax's IIoT platform, Edge Live, has seen breakneck adoption since launching in 2022. It now monitors over 4,800 assets across 200+ plants in 22 countries. "We want to be able to monitor a variety of data that industrial plants give out," Bhandari says, "starting with assets that Thermax is particularly comfortable with and we know very well, which are at the heart of energy for any given plant." Edge Live isn't just about uptime; it's about insight — unlocking 2 to 10 per cent efficiency gains with machine learning, diagnostics, and real-time analytics. But for all its current scale, the real drama lies in what's next. Thermax is placing serious bets on hydrogen, carbon capture, and advanced biofuels — technologies that are still warming up in the bullpen. "We are doing our own R&D in areas around hydrogen, even some specifics of carbon capture," Bhandari shares. The company is also engaging in strategic partnerships with firms like Ceres Power and Steinmüller, and even dabbling in acquisitions; all part of a three-pronged strategy to stay ahead in a volatile, innovation-heavy market. Of course, not all experiments go according to plan. "Last year, Thermax lost a fair bit of money in stabilizing these bio-CNG plants," Bhandari admits. Driving all this is a cultural shift that might be the company's most transformative work yet. The company has revamped leadership development to cultivate a growth mindset, brought in global talent for R&D, and embedded innovation into its DNA. For a company once best known for boilers, that's quite the heat-up. In a major industry of India, if not the world, Thermax is delivering results — sometimes in kilowatts, sometimes in clean air, and increasingly, in data. Factsheet:
Business Standard
10-05-2025
- Business
- Business Standard
Thermax Q4 PAT jumps 8% YoY to Rs 206 cr; declares dividend of Rs 14/sh
Thermax's consolidated net profit jumped 8.09% to Rs 205.90 crore in Q4 FY25 as against Rs 190.33 crore posted in Q4 FY24. Revenue from operations grew by 11.62% to Rs 3,084.93 crore in the quarter ended 31 March 2025. Profit before tax (PBT) was at Rs 300.64 crore in Q4 FY25, up 19.84% as against Rs 250.86 crore posted in Q4 FY24. On the segmental front, revenue from industrial products stood at Rs 1,430.41 crore (up 18.47% YoY), revenue from industrial infra stood at Rs 1,415.19 crore (up 4.32% YoY), revenue from green solutions stood at Rs 151.87 crore (up 4.14% YoY) and revenue from chemical segment stood at Rs 210.10 crore (up 36.32% YoY) during the quarter. As of 31 March 2025, the order balance stood at Rs 10,693 crore, reflecting a 6% increase from Rs 10,111 crore in the corresponding quarter of the previous year. Order booking for the quarter was Rs 2,119 crore, representing an 8% decline compared to Rs 2,309 crore in the same quarter of the previous fiscal year. The quarterly results were affected by the recognition of higher technology intervention costs amounting to Rs 66 crore in Bio-CNG projects under the industrial infra segment. On standalone basis, the companys net profit zoomed 113.96% to Rs 275.05 crore in Q4 FY25 as against Rs 128.55 crore posted in Q4 FY24. Revenue from operations added 13.46% YoY to Rs 1,971.65 crore posted in Q4 FY25. The order booking for the quarter declined by 6% to Rs 1,526 crore, compared to Rs 1,623 crore in the same period last year. The order backlog as of 31 March 2025 stood at Rs 6,026 crore, a decrease of 3% from Rs 6,213 crore. Meanwhile, the board has recommended a dividend of Rs 14 per share for FY 2024-25. The record date for payment of dividend is fixed as Friday, 4 July 2025. Further, the board has approved the re-appointment of Ashish Bhandari as managing director, chief executive officer, and key managerial personnel of the company for a further term of five years, effective from September 1, 2025, to 31 August 2030. Thermax, a leading energy and environment solutions provider, is one of the few companies in the world that offers integrated innovative solutions in the areas of heating, cooling, power, water and waste management, air pollution control and chemicals. Thermax has manufacturing facilities in India, Europe and Southeast Asia. Shares of Thermax advanced 2.47% to Rs 3,234.75 on Friday, 9 May 2025.
