Strategic Hydrogen and Methanol Fuel Cell Manufacturing In India Agreement Signed Off between FC TecNrgy Pvt Ltd and SFC Energy, AG of Germany during the India visit of Chancellor Olaf Scholz for Summit level talks with Prime Minister Shri Narendra Modi in New Delhi

New Delhi, India February 25, 2023 – In a significant boost to the Atmanirbhar (Make in India initiative of the Indian Govt in the field of Clean Energy and CO2 reduction, FC TecNrgy Pvt Lt (FCTec), a leading Indian Fuel Cell Engineering & and System Integrator of Methanol and Hydrogen Fuel Cells for stationary and mobile hybrid power solutions and its German partner, SFC Energy AG of Munich, Germany (through its Indian subsidiary known as SFC Energy India Ltd (SFC India), one of the world’s leading Fuel Cell enterprise signed off their strategic Hydrogen and Fuel Cell Manufacturing Agreement in India. SFC will manufacture its EFOY Hydrogen and EFOY Methanol Fuel Cells locally and take care of quality assurance. At the same time, FCTecnrgy will continue to be the ‘Go To Market’ partner, which will include identifying opportunities, engineering & assembly of customized Fuel Cell solutions, System Integration besides the design & development of other critical components for such solutions, and after-sales service. The agreement was officially signed off during the India visit of German Chancellor Olaf Scholz with the German government and industry delegation for summit-level talks with Indian Prime Minister, Shree Narendra Modi, and the Indian delegation.

Both partners will be co-located in a 35000 sq feet state-of-the-art manufacturing and assembly hub in Udyog Vihar, Gurgaon, the high-tech zone of the Indian National Capital Region. The new facility is expected to be operational by Apr 2023 and fully scaled up by the end of 2023. To underline the strategic relevance, the newly founded SFC India and FCTec have also agreed on mutual equity participation between the two enterprises.

The establishment of the SFC subsidiary follows SFC Energy’s “Make in India” agreement with FCTec aims to comply with the local legal and regulatory framework under the Atma Nirbhar Bharat initiative which also serves to stimulate investment, promote innovation, develop skills, protect intellectual property and build a world-class production infrastructure in the high potential Hydrogen and Methanol Fuel Cell Indian market for both partners. India has formulated ambitious climate protection targets and aims to reduce its CO₂ emissions by 45% by 2030 compared to 2005 and become climate neutral by 2070. To achieve these goals, using green hydrogen as an energy carrier will play a decisive role with the “National Hydrogen Energy Mission” spearheading the initiative. In the same way, the Methanol Fuel Cells are ideal for multiple mission-critical power applications for Oil & Gas, Video Surveillance, Telecom, Defence, and Homeland Security users in India.

“We have been amongst the first in India to commence designing and marketing Methanol Fuel Cells based power solutions for over seven years. We further strengthened this by adding Hydrogen Fuel Cells to our portfolio in 2022.  Manufacturing the entire solution including the Fuel Cells in India is part of our long-term strategy which will position us as one of the market leaders in this segment of Fuel Cells in India. Driven by our Prime Minister, Shri Narendra Modi and our Government is very focused on significantly reducing Carbon emissions through technology-based innovations. This thrust, the latest policies and initiatives by the Indian government have given a significant boost to small startups like FCTec.  Hydrogen Fuel Cells will be amongst the key enablers of a Hydrogen Economy and we are very excited to be a part of the oncoming revolution in clean energy. We also see our fuel cells for a number of such solutions including replacement of diesel/petrol generators that are widely used in India” said Colonel Karandeep Singh (Retired), the founding Director of FCTec.

Dr. Peter Podessor, the CEO of SFC added “SFC has been active in the Indian market for seven years, knows it very well, and works constructively and trustingly with partners there. The step to open a location in India is logical and a part of our medium-term strategy. With this new presence, we want to further expand our Asian business with India as a core market. We are also benefiting from the political tailwind of the Indian government, which has launched and continues to launch numerous support programs for the production of clean energy in order to reduce CO₂ emissions. We can contribute to this with our fuel cells. Therefore, the opening in Gurgaon is also a strong signal in the global Race-to-Net Zero.”

About FC TecNrgy Pvt Ltd

FC TecNrgy (FCT) is a Fuel Cell and Sustainable Energy Tech enterprise based out of Gurugram Haryana and the first company to commence marketing and deploying Methanol Fuel Cells in India. With over seven years of experience in extended trials and validations, the company has fielded more than 800 Fuel Cell Solutions in India as a backup power to remote locations & critical infrastructures. We are the first venture in India to secure Fuel Cell contracts with the Indian Army, Indian Air Force, Ministry of Home Affairs, and Smart Cities.

About SFC Energy AG

SFC Energy AG is a leading provider of hydrogen and methanol fuel cells for stationary and mobile hybrid power solutions. With the Clean Energy and Clean Power Management business segments, SFC Energy is a sustainably profitable fuel cell producer. The Company distributes its award-winning products worldwide. The Company is headquartered in Brunnthal/Munich and operates production facilities in Germany, the Netherlands, Romania, and Canada. SFC Energy AG is listed on the Deutsche Boerse Prime Standard and has been part of the selection index SDAX since 2022 (GSIN: 756857, ISIN: DE0007568578).