Thermax, based in Pune, India, has partnered with UK-based Ceres Power to manufacture electrolyzers for green hydrogen production in a bid to increase its market share to 10-20% by 2030. The company aims to be a one-stop shop for customers in their energy transition journey, offering renewable energy solutions like wind, solar, and green hydrogen technologies. Thermax also provides clean coal technologies for coal-to-methanol and coal-to-chemicals conversion. They have adopted a build, own, operate (BOO) model for renewable energy projects, providing solutions using biomass waste and managing assets for customers. While focusing on green initiatives, Thermax acknowledges the role of thermal power in addressing power demand efficiently. The company is keen on expanding its business in international markets, particularly in Southeast Asia, the Middle East, and Africa. Thermax's plans in the green hydrogen space include localizing solid oxide electrolysis technology through its partnership with Ceres. However, there are policy challenges and uncertainties in the green hydrogen space, including the shift from grey to green hydrogen, cost and sourcing considerations.