Thermax, a company based in India, has recently sealed a global licensing agreement with Ceres Power to manufacture electrolysers. The collaboration involves Ceres Power providing core technology to Thermax, enabling the development and sale of products worldwide. The partnership aims to progress from prototype development to establishing a manufacturing plant and expanding to a larger scale in the future. Thermax's Managing Director and CEO, Ashish Bhandari, highlighted the company's choice of solid oxide electrolyser cell (SOEC) technology due to its high efficiency, making it suitable for industries like fertiliser, steel, refining, and petrochemical in India. This decision aligns with Thermax's expertise in heat management. The agreement entails a nonexclusive global license, allowing Thermax to distribute the developed products globally. The company aims to capture a significant market share of 10-20% in India's electrolyser market, which is forecasted to grow to $2-5 billion by 2030. Despite uncertainties regarding evolving technologies, market dynamics, and competition, Thermax remains confident in its strategic direction. The company's market capitalization has notably increased, with a 71% rise in share value over the past year, indicating positive investor confidence in Thermax's future prospects.