Factories making the stacks that split water into hydrogen and oxygen with electricity - alkaline, PEM and newer designs - backed by SIGHT's manufacturing incentive.
Larsen & ToubroDirect supplier · MediumListed
Reliance IndustriesDirect supplier · LowListed
Adani Enterprises (Adani New Industries)Direct supplier · LowListed
Waaree EnergiesEmerging entrant · LowListed
Advait Energy TransitionsEmerging entrant · HighListed
OhmiumDirect supplier · HighUnlisted
Ohmium
US-headquartered PEM electrolyser maker with a factory in Bengaluru
Strengths
Electrolyser awards in both tranches (137 MW each, Jan and Aug 2024)
One of the few makers already producing stacks in India
Risks
Unlisted; depends on venture funding
PEM costs more than alkaline per MW
Background
Privately held (Ohmium International, US)
Compiled from public reporting — not exchange-listed.
Where it fits
An electrolyser stack is a pile of cells with electrodes and membranes; electricity splits purified water into hydrogen and oxygen. Stacks are skid-mounted with power electronics and gas separation, and sized in megawatts. Alkaline designs are cheaper; PEM follows variable solar and wind better.
Why it matters
Almost all electrolysers in the world are made in China and Europe. SIGHT Component I awarded 1,500 MW a year in Jan 2024 and another 1,500 MW in Aug 2024 - 3,000 MW across 15 companies - with a per-kW incentive that falls each year. Tranche I factories were due from Aug 2026, Tranche II from Mar 2027.
Where the value pool sits
A young, low-volume business today; India alone would need tens of GW for the 2030 target. Value goes to makers with proven stacks and warranties; many Indian entrants license technology (McPhy, HydrogenPro, John Cockerill) rather than own it.
Key drivers
SIGHT per-kW incentive (falling over five years)
Domestic orders from SIGHT producers and refinery tenders
Captive demand inside groups that also produce hydrogen (Reliance, Adani, L&T, Waaree)
Potential bottlenecks
Stack technology is mostly licensed from abroad
Few large orders yet, so factories run below capacity
Membranes, catalysts and power electronics are imported
Investor metrics to watch
Factory commissioning vs the Aug 2026 / Mar 2027 dates