Ceres Power Holdings plc has signed a solid oxide electrolysis cell (SOEC) systems license with Thermax Limited.

• Non-exclusive global license agreement to develop Ceres’ SOEC system technology, including designs for electrolyzer module systems that will be manufactured and sold by Thermax
• Partnership will accelerate system development ready for commercial use within the hard-to-abate green ammonia, petrochemical and steel industries in India and other territories where Thermax already has well-established market presence
• Collaboration announces Ceres’ market entry into fast-growing and dynamic Indian market which has targeted 5 MMt of green H₂ production by 2030 
• The agreement includes license fees and product royalties to be received by Ceres

Listed on India’s NSE, Thermax is one of India’s largest process equipment manufacturers with an extensive industrial portfolio that includes clean air, clean energy, clean water and chemical solutions. As an integrated solutions provider with capabilities across the green H₂ value chain, Thermax provides extensive levels of industry insight and know-how. The two companies have entered a non-exclusive, global license agreement for Thermax to manufacture, sell and service stack array modules (SAM) based on Ceres' advanced SOEC technology. The partnership marks a significant step towards accelerating the deployment of SOEC technology in India and worldwide that will enable cost-effective green H₂ production.

Ceres will partner with Thermax to leverage Ceres’ highly differentiated electrolysis technology and Thermax’s extensive experience in heat integration and waste heat recovery to manufacture a first-of-a-kind pressurized SOEC module, a building block for further development of multi-MW SOEC electrolyzers. As a step towards commercialization, Thermax plans to establish a manufacturing facility for the electrolyzer systems, develop the supply chain and localize critical components. This collaboration positions Thermax among the few companies globally to provide large-scale SOEC systems for commercial applications.

India is currently the world’s third-largest economy in terms of energy needs, spending $185 billion on imported energy in 2022 according to World Economic Forum data. In 2022, the Indian government launched the National Green H₂ Mission providing $2.3 billion in incentive funding to target the production of 5 MMtpy of green H₂ by 2030. This will be used both to meet India’s energy security needs and to decarbonize hard-to-abate sectors on the path to net zero for 2070.