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Hyundai, IIT-M join forces for Rs 180 cr Hydrogen Valley Innovation Hub in Chennai
Industry News- Jan 17,24
The memorandum of understanding, signed during the recent Global Investors Meet, involves Hyundai Motor India, IIT-Madras, and Guidance Tamil Nadu, the state government's investment promotion agency.
Hyundai Motor India and the Indian Institute of Technology, Madras, have joined forces to establish a Hydrogen Valley Innovation Hub with an investment of Rs 180 crore. This collaborative initiative aims to promote the adoption of hydrogen-based clean energy solutions across various applications and sectors. The memorandum of understanding, signed during the recent Global Investors Meet, involves Hyundai Motor India, IIT-Madras, and Guidance Tamil Nadu, the state government's investment promotion agency.
The Hydrogen Valley Innovation Hub project, with a total cost of Rs 180 crore, will see an investment of Rs 100 crore from Hyundai Motor India Ltd for its capital expenditure needs. IIT-Madras, based in Chennai, will take on the responsibility of setting up the hub on its extensive campus, providing both the physical infrastructure and research and development facilities. Additionally, IIT-M will develop a curriculum and knowledge base for skill development, overseeing the operation and maintenance of the Hydrogen Valley.
Professor V Kamakoti, Director of IIT Madras, highlighted the project's alignment with the country's sustainable development goals, emphasizing the importance of moving towards non-fossil fuel alternatives. The timely funding from Hyundai is expected to accelerate the growth of the consortium overseeing the Hydrogen Valley project.
Guidance Tamil Nadu will play a crucial role in supporting policy advocacy related to hydrogen technologies and the development of regulations. The initiative not only contributes to India's green hydrogen objectives but also fosters knowledge-sharing and skill development.
Source: Indiatimes
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