Factories making the stacks that split water into hydrogen and oxygen with electricity - alkaline, PEM and newer designs - backed by SIGHT's manufacturing incentive.
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.
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.
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.