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Hyundai to establish Rs 1.8 billion Hydrogen Innovation Center at IIT Madras

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Hyundai Motor will establish a dedicated Hydrogen Innovation Center at the Thaiyur campus of IIT Madras with an estimated investment of Rs 1.8 billion. The foundation for this project was laid by Chief Minister M K Stalin on August 21 during the Tamil Nadu Investment Conclave.

The state-of-the-art facility, spanning approximately 65,000 square feet on the outskirts of Chennai, will focus on developing electrolyzers for green hydrogen generation and localizing manufacturing and supply chains. Scheduled for completion by 2026, the centre will also feature a fuel cell test station and pilot demonstrators.

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Sterling and Wilson reports record Rs 1,050 billion order book

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Sterling and Wilson Renewable Energy Ltd (SWREL) has reported its highest-ever outstanding order book, exceeding Rs 1,050 billion as of October 14, 2024.   In Q2 FY25 (July to September), SWREL recorded an order inflow of approximately Rs 205 billion, including an Rs 82.3 billion order received on October 14. All orders were from the domestic market.

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GVPR Engineers declared L1-bidder for power distribution contract in Uttarakhand

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GVPR Engineers has been declared the lowest bidder (L1) for a power distribution contract in Uttarakhand.  The company secured the contract at a value of Rs 3.96 billion for the construction of a 400 KV GIS Switching Substation in Pipalkoti. The bids were invited by the Power Transmission Corporation of Uttarakhand.

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UK Government warned of risks from extended windfall tax on energy companies

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The UK government faces warnings over its proposal to increase and extend the windfall tax on energy companies, which could threaten thousands of jobs and billions in investments. Offshore Energies UK (OEUK), supported by more than 40 organisations, expressed concerns in an open letter to Sarah Jones, UK Minister of State for Industry and Decarbonisation, regarding the recent approval of a 3% increase in the Energy Profits Levy (EPL), raising the rate to 78% and…

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Fluence Energy reports record order intake in Q3 FY2024

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Fluence Energy announced its Q3 FY2024 results, showcasing a record quarterly order intake of $1.3 billion and a record backlog of $4.5 billion. Although revenue decreased by 10% year-over-year to $483.3 million, the company demonstrated strong improvements in profitability. The GAAP gross profit margin increased significantly to 17.2% from 4.1% the previous year, and net income reached $1.1 million, a substantial turnaround from a $35 million loss. Adjusted EBITDA also improved, rising to $15.6 million…

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