Waaree Energies Ltd on Monday, February 23, said its wholly owned subsidiary, Waaree Clean Energy Solutions has signed an “Electrolyzer-as-a-Service” (EaaS) agreement with ZFI for a 2.5 MW electrolyzer project in Uttar Pradesh.

The agreement is part of ZFI’s green hydrogen (GH2) expansion plans in the state, the company said in a regulatory filing.

Additionally, the two companies have entered into a strategic memorandum of understanding (MoU) for the supply of 50 MW of electrolyzers through the EaaS route.

Waaree Energies ended marginally higher for the day, 0.60% at ₹2,914.90 apiece.  

The company is also in talks with several state governments including the government of Andhra Pradesh to set up a proposed greenfield battery manufacturing facility involving an investment of over ₹8,000 crore.

Last month, the company reported strong earnings report for the quarter ended December 31 with net profit rising 26% quarter-on-quarter to ₹1,062 crore from ₹842 crore in Q2. Revenue for the quarter increased 24.7% sequentially to ₹7,656 crore from ₹6,065 crore.

Headquartered in Mumbai, Waaree Energies is a global energy transition company that specialises in solar energy solutions with a strong presence in over 20 countries.

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