Indian multinational conglomerate Essar Group plans to spend up to USD 3.6 bn on hydrogen production and decarbonization in India and the UK, Bloomberg reports. In an initial phase, the company plans to invest USD 1.2 bn in blue hydrogen production at its Stanlow refinery in northwest England, with a final investment decision expected later this year, Prashant Ruia, director of one of the group’s subsidiaries, told Bloomberg. Later down the road, the company aims to invest in reducing emissions at the refinery and producing green ammonia for export to the UK and Europe. The refinery is linked to a project that’s eligible for UK government funding for carbon capture and storage. If the UK finalizes a market framework later this year, as expected, Essar Group could potentially get the blue hydrogen project up and running by 2027, Ruia told Bloomberg.

South Korea’s SK Signet poised for growth in the US: South Korean EV charging infrastructure firm SK Signet says the planned rollout of its 400 KW ultrafast EV charger in the US will lead to exponential growth across the market, Signet CEO Shin Jung-ho said in an interview with South Korean News Agency Yonhap. Already a supplier of US-based EV charging networks Electrify America and EVgo, the company’s manufacturing plant in Texas is set to become commercially operational in June producing 10k units of Signet’s V2 chargers annually.

Part of global expansion plans: The company secured its first production contract in the UK earlier this month, signing a EUR 7.6 mn agreement through its European subsidiary SK Signet Europe. There are expansion plans to enter four other countries across the continent including Germany, and France, according to a company statement.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

• Nissan expects its global share of EV sales will reach 55% by 2030, with hybrid vehicles and EVs projected to make up as much as 98% of its sales in Europe in 2026, up 13% from a previous company estimate. (Statement)
• Sri Lanka’s Board of Investment gave the green light for Adani Green Energy to develop two 350 MW wind energy plants in the country worth USD 442 mn. The wind farms are set to be commissioned in 2025. (Reuters)
• Several European wind turbine manufacturers — including Denmark’s Vestas — are in preliminary talks with the Vietnamese government to establish turbine production plants in the country. (Reuters)
• Italy’s oil giant Eni made record net profits totalling EUR 13.3 bn in 2022 — the largest for the company in over a decade. Earlier this year, the profits for oil groups more than doubled in 2022, garnering criticism in the international press and “spurring outraged calls on governments to impose windfall taxes on the industry.” (Reuters)