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BHEL has signed a Strategic Collaboration Agreement with Norway-based Hystar AS for PEM electrolyser systems

ICICIdirect Research 14 Aug 2026 DISCLAIMER

News: BHEL has signed a Strategic Collaboration Agreement with Norway-based Hystar AS for PEM electrolyser systems for green hydrogen projects, enabling phased indigenisation and local manufacturing of PEM electrolysers in India. The tie-up follows BHEL’s July 2026 collaboration with thyssenkrupp nucera India for alkaline electrolyser systems, giving BHEL capabilities across both major electrolyser technologies. The partnership is expected to strengthen BHEL’s project execution capabilities and participation in India’s emerging green hydrogen market.

View: The collaboration is positive as it broadens BHEL’s green hydrogen portfolio beyond alkaline technology and supports localisation of PEM electrolyser systems, potentially improving its addressable market as India scales green hydrogen capacity. Along with the thyssenkrupp nucera tie-up, BHEL is positioning itself as an integrated electrolyser solution provider, supporting its participation in the National Green Hydrogen Mission and creating a new growth opportunity beyond its traditional power equipment business.

Impact: Positive

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