STL, Hygenco partners for green hydrogen revolution in India's Optical Industry

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STL, Hygenco partners for green hydrogen revolution in India's Optical Industry

STL, Hygenco partners for green hydrogen revolution in India's Optical Industry

Industry News
Oct 16,23

Under this extensive long-term agreement, Hygenco will oversee the operation of a Green Hydrogen facility for STL for a period of 20 years.

STL, Hygenco partners for green hydrogen revolution in India's Optical Industry

Sterlite Technologies, a prominent player in optical and digital solutions, has recently joined forces with Hygenco, a domestic green hydrogen solutions provider, to secure a consistent supply of Green Hydrogen for its manufacturing facilities. Under this extensive long-term agreement, Hygenco will oversee the operation of a Green Hydrogen facility for STL for a period of 20 years. This facility, entirely powered by renewable energy sources, is slated to be operational within the next 15-18 months. Significantly, this initiative marks a pioneering milestone as India's first Green Hydrogen project within the optical industry, bolstering STL’s commitment to achieve NetZero status by 2030.

STL's expertise in materials science, photonics, and precision engineering has led to the establishment of a state-of-the-art semiconductor-grade Glass Preform Plant in Aurangabad, Maharashtra. This cutting-edge Industry 4.0 facility specialises in manufacturing Glass Preforms, essential components for producing world-class optical fibre. Notably, Hydrogen and Oxygen are indispensable elements in the optical fibre production process and are also used as fuel in glass-making blast furnaces from silica particles. Within the optical fiber value chain, gases such as Hydrogen and Oxygen pose challenges for decarbonisation. Through this forward-looking partnership, STL and Hygenco aim to achieve an annual carbon abatement of approximately 30%.

Currently, STL relies on electrolysers powered by conventional energy sources. However, the integration of renewable energy-based electrolysers by Hygenco will empower STL to internally produce its Hydrogen supply, mitigating occupational health risks associated with procuring Hydrogen in cylinders. This system, equipped with autonomous energy management and control capabilities, will facilitate continuous monitoring and real-time decision-making, ensuring optimal efficiency.

Market-wise, STL experienced a notable surge in its shares, with prices rising by 2.92% to reach Rs 162.05 per share, up from the previous closing figure of Rs 157.45. Moreover, the company's order book, as of June 30, 2023, stood impressively at Rs 10,938 crore, distributed across its three core business units - Optical Networking, Global Services, and Digital. With the recent addition, the order book has now surpassed Rs 11,000 crore, underscoring the company's robust market presence, even as its current market capitalisation stands at Rs 6,230 crore.

Source: dsij.in