Market News

Gautam Adani Tweets on Green Hydrogen Collaboration with TotalEnergies

Gautam Adani, Chairman of the Indian conglomerate Adani Group, tweeted about the latest collaboration with the French oil and gas behemoth, TotalEnergies (NYSE: TTE).

According to the deal, TotalEnergies will buy a 25% minority interest stake in Adani Enterprises Limited (AEL), which comes under Adani New Industries, to produce one million tons of hydrogen yearly by 2030.

Furthermore, Adani New Industries will invest about $50 billion to develop green energy over ten years. The partnership aims “to produce the world’s least expensive electron,” thereby leading to the production of “the world’s least expensive Green H2.”

His tweet was welcomed with warm wishes for the entity’s ambition to produce the cheapest alternative to drive decarbonization.

Following the news, shares of the Indian conglomerate jumped over 6% on the Indian bourse, the National Stock Exchange (NSE). Meanwhile, TTE stock rose nearly 3% on the NYSE.

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