GH2 Solar Unveils ₹1,000-Crore Hydrogen Push with Morena Project, Eyes IPO by 2026 – EQ
In Short : GH2 Solar has unveiled a ₹1,000-crore investment pipeline, starting with a ₹400-crore joint venture with South Korea’s AHES Ltd to set up a 105 MW electrolyzer manufacturing plant in Morena, Madhya Pradesh. Backed by a ₹157.5-crore PLI subsidy, the plan also includes a 3 GWh battery line, scaling to 500 MW by 2030. An IPO is targeted for 2026.
In Detail : GH2 Solar has announced ambitious plans to invest ₹1,000 crore in India’s green hydrogen ecosystem, marking a major step toward clean energy growth. The company is betting big on hydrogen as the next frontier of renewable energy and is laying the foundation for large-scale manufacturing. This expansion is expected to reshape the country’s energy transition roadmap in the coming years.
As part of this investment pipeline, GH2 Solar has entered into a ₹400-crore joint venture with South Korea’s AHES Ltd. The collaboration will set up a 105 MW electrolyzer manufacturing facility in Morena, Madhya Pradesh. Electrolyzers, which are used to produce hydrogen from water using renewable electricity, are critical for India’s green hydrogen mission and decarbonization goals.
The company has also secured a ₹157.5-crore subsidy under the government’s Production Linked Incentive (PLI) scheme, ensuring additional support for the manufacturing push. This financial boost underscores the government’s commitment to promoting hydrogen as a sustainable fuel alternative. The subsidy is expected to accelerate project execution while lowering costs and making green hydrogen more commercially viable in the Indian market.
In addition to electrolyzers, GH2 Solar plans to establish a 3 GWh battery assembly line, which will complement hydrogen-based energy systems. The battery unit will provide critical storage solutions, enabling hybrid models that combine hydrogen production with battery storage. This integrated approach is designed to improve grid flexibility, reduce dependence on fossil fuels, and enhance renewable energy reliability across multiple sectors.
Looking ahead, GH2 Solar aims to scale its electrolyzer capacity to 500 MW by 2030. Such large-scale expansion will place the company among India’s leading hydrogen technology manufacturers. By targeting both domestic demand and export opportunities, GH2 Solar is positioning itself to become a key player in the global green hydrogen value chain.
The investment in Morena is expected to generate significant local benefits, including job creation and infrastructure development. The project will create employment opportunities during construction and operation while also driving skill development in advanced energy technologies. GH2 Solar’s commitment to Madhya Pradesh reflects a broader vision of using industrial growth to uplift regional economies.
Industry analysts believe GH2 Solar’s move comes at the right time, as the global demand for hydrogen solutions continues to rise. With countries accelerating their net-zero roadmaps, India is seeking to emerge as a major hub for green hydrogen production and exports. By focusing on electrolyzer manufacturing, GH2 Solar is strengthening India’s strategic advantage in this fast-growing sector.
The company’s leadership has further announced plans to launch an Initial Public Offering (IPO) in 2026 to fund future growth. The IPO will help raise additional capital, attract strategic investors, and strengthen GH2 Solar’s financial foundation. This step highlights the company’s confidence in its long-term strategy and its aim to become a publicly recognized leader in hydrogen innovation.
Overall, GH2 Solar’s ₹1,000-crore investment pipeline marks a decisive shift in India’s renewable energy landscape. By combining electrolyzer manufacturing, battery assembly, and hydrogen deployment, the company is setting the stage for a cleaner, more sustainable future. Its upcoming IPO and long-term expansion plans signal a bold vision to drive India’s leadership in the global hydrogen economy.
