Norwegian clean energy and circular economy solutions in India

This week, we are organising a business delegation to New Delhi and Mumbai, led by Minister of Trade and Industry Vestre.

In New Delhi, around 70 representatives from 40 Norwegian and Indian companies in the clean energy, circular economy and maritime sectors met to discuss collaboration and build networks.

'Traditionally, Norwegian businesses have been involved in India's oil and gas and maritime industries, but opportunities and interest are growing in areas such as renewable energy – including solar, wind and hydropower – as well as hydrogen, energy storage systems and the circular economy,' says Cristian Valdes Carter, head of our New Delhi office.

In 2023, India will become the world's most populous country and has set a target of net-zero emissions by 2070. India will play a key role in enabling the world to achieve the goals of the Paris Agreement.

The business delegation aims to create a forum where Norwegian companies can explore opportunities for collaboration with Indian companies. Minister of Trade and Industry Vestre is leading the delegation and has held talks with India's Minister of Power, Raj Kumar Singh; Minister of Ports, Shipping and Waterways, Sarbananda Sonowal; and Minister of Commerce and Industry, Piyush Goyal, on how Norway and India can work together to address India's major energy transition and its need for green solutions.

'India is a vast market that continues to grow rapidly. Norwegian businesses must help drive India's green transition and work to secure market share. There are significant opportunities for Norwegian technology and investment, particularly in clean energy, green maritime industries and the circular economy. These are also areas where India has ambitious goals,' says Minister of Trade and Industry Jan Christian Vestre.

On Thursday, Norwegian and Indian companies also signed a number of letters of intent. Among them was battery company Beyonder, which signed agreements with two major industrial companies in India. One of these is ReNew Power, India's largest renewable energy company, which is exploring a pilot project with Beyonder to use its technology to improve power quality and reduce the largest fluctuations in electricity supplied to the grid by wind farms.

Beyonder also signed an agreement with Tata Consulting Services to explore various projects in India and elsewhere.

'These are leading companies looking to adopt our Norwegian-developed battery technology, which is more sustainable, responds faster and has a longer lifespan,' says Beyonder CEO Svein Kvernstuen.

Another participating company is circular economy business Norwegian Green Tech, which signed a joint venture agreement with an Indian partner to turn waste into energy by converting non-recyclable waste into gas and biochar for heating.

World Wide Wind is another Norwegian company that signed a letter of intent with an Indian organisation, the Agency for New and Renewable Energy Research and Technology (Anert), to build a floating offshore wind pilot off the coast of the Indian state of Kerala. The company's offshore wind structure has a unique design, uses recyclable materials and is highly energy-efficient.

Other companies taking part in the delegation include Skyfri, Scatec, Yara, Kongsberg, Freyr, DNV, Statkraft, World Wide Wind and Seid.

On Friday, the delegation will continue to Mumbai, where green solutions for the maritime industry are on the agenda.