Thermax soars on entering into strategic collaboration with Ceres Power
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Thermax is currently trading at Rs. 4802.65, up by 158.80 points or 3.42% from its previous closing of Rs. 4643.85 on the BSE.
The scrip opened at Rs. 4698.55 and has touched a high and low of Rs. 4889.35 and Rs. 4684.05 respectively. So far 5252 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 5835.00 on 08-Jul-2024 and a 52 week low of Rs. 2500.00 on 29-Nov-2023.
Last one week high and low of the scrip stood at Rs. 4889.35 and Rs. 4288.00 respectively. The current market cap of the company is Rs. 55334.40 crore.
The promoters holding in the company stood at 61.98%, while Institutions and Non-Institutions held 28.02% and 10.00% respectively.
Thermax has entered into strategic collaboration with Ceres Power, a subsidiary of Ceres Power Holdings plc (CWR.L), a leading developer of clean energy technology. 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 solid oxide electrolysis cell (SOEC) technology. The company will also develop, commercialise and sell SAM balance of modules (SBM) and multi-megawatt SOEC electrolyser modules. The partnership marks a significant step towards accelerating the deployment of SOEC technology in India and worldwide that will enable cost-effective green hydrogen production.
Under this partnership, the company will leverage its extensive experience in heat integration and waste heat recovery to manufacture a first-of-its-kind pressurised SAM and design, engineer, and develop SAM balance of module (SBM), a building block for further development of a multi-MW SOEC electrolyser module.
The collaboration is set to revolutionise the hydrogen production landscape by delivering systems that are up to 25% more efficient than incumbent low-temperature electrolysis technologies and effectively utilise steam generated from industrial process heat/waste heat recovery. This makes it an optimal solution for decarbonising hard-toabate industries such as ammonia/fertiliser, steel, refineries and chemical production.
Thermax is a leading energy and environment solutions provider is one of the few companies in the world that offers integrated innovative solutions in the areas of heating, cooling, power, water and waste management, air pollution control and chemicals.
