Green hydrogen, produced from water via electrolysis powered by renewable electricity, is deemed a crucial enabler for a climate-neutral future. In India, the Government has launched a National Hydrogen Mission to incentivize the development of a green hydrogen industry. India's leading renewable energy producer, ReNew Power, sees this as an opportunity to expand from clean electricity production into green hydrogen generation. In this context, ReNew Power requested the Capstone team to analyze this business opportunity and recommend a strategic pathway forward. 

The team of six analyzed India’s hydrogen policies and corporate behaviors, and provided an understanding about how this landscape could evolve by referring to hydrogen policies and investments overseas. At the end, the team compiled a report of over a hundred slides with their recommendations for the company’s strategy and an executive summary. Through the research, the team noticed that currently the incentives the Indian government provides for hydrogen production remain scarce. Worldwide, hydrogen policies were mostly demand-driven, although some regions/countries have provided funding for technological and industrial developments. Overall, ReNew Power is well-positioned in India based on its experience and existing partnership with other players. However, since many global projects are in nascent stages, there are few success stories that can provide experiences to build on. Given these uncertainties and risks, the team recommended the company to consider conservatively moving downward in the value chain as the industry matures and more business certainty is built.