New Delhi, June 30 -- India's Acme Group and Japan's IHI Corp have secured a $3 billion price support from the Japanese government for their green hydrogen joint venture in Odisha, enabling customers in Japan to buy green hydrogen at a cost comparable to grey hydrogen.

The Gopalpur project, which has an annual capacity of 405,000 tonnes, will supply green ammonia to IHI Corp., as well as other Japanese customers including Mitsubishi Gas Chemical Co., Hokkaido Electric Power Co, Nippon Beet Sugar Manufacturing Co., Kobelco Power Kobe Inc., Sumitomo Chemical Co. and UBE Corp.

Green hydrogen produced using renewable energy costs more than grey hydrogen produced using non-renewable sources. Under the so-called contract for difference (CfD) ...