MEIL’s Drillmec to invest Euro 35 million in Italy – EQ Mag Pro
Hyderabad: Oil and gas sector player Drillmec, which is part of Indian infrastructure giant MEIL Group, announced that its board of directors had approved an investment plan for over Euro 35 million (about Rs 295 crore) in the energy segment in Italy. This includes production of hydrogen, construction of carbondioxide capture and storage systems and geothermal energy.
In this context, Drillmec has launched the company Idrogena, a startup dedicated to the development and industrial production of a pyrolytic converter for the production of hydrogen. “We are pleased to announce this new initiative in our country,” said Simone Trevisani, CEO of Drillmec SpA.
With the converter, production of hydrogen can take place at destination in a capillary manner that reduces transport costs. It will be safe to use with minimal training and will be powered by renewable energy, a release said.
Drillmec is an original equipment manufacturer for land-based drilling rigs. In January, it announced the establishment of its global manufacturing hub in Telangana with a proposed investment of $200 million (about Rs 1,500 crore). It will create employment opportunities to about 2,500 people.