Thermax Limited and Hindustan Petroleum Corporation Limited (HPCL) have signed a memorandum of understanding to collaborate on advancing sustainable energy solutions, the companies announced at India Energy Week 2026.

Thermax, a leading energy and environment solutions provider, and HPCL, a Maharatna public sector enterprise and one of India’s largest integrated oil refining and marketing companies, will work together to exchange scientific information, conduct joint research, and encourage demonstration and deployment of emerging energy technologies. The collaboration will focus on HP AEM electrolysers, carbon dioxide capture solutions, bio-pyrolysis oil processing and other new energy areas.

The partnership aims to accelerate the deployment of indigenous, sustainable energy technologies and support the “Make in India” initiative in alignment with India’s energy transition and climate objectives.

“India’s energy transition will be driven by strong partnerships, and this collaboration between Thermax and HPCL reflects that belief,” said Ashish Bhandari, managing director and chief executive officer of Thermax Limited. “By combining Thermax’s technology and product expertise with HPCL’s complementary R&D capabilities, operational excellence and scale, the partnership will advance solutions across green hydrogen, carbon capture and bio-based fuels, accelerating the journey from innovation to on-ground implementation.”

Thermax Limited (NSE: THERMAX) operates in the energy and environment space with a portfolio that includes clean air, clean energy, clean water and chemical solutions. The company provides audit, consulting, execution and maintenance services supported by digital solutions. Thermax operates 16 manufacturing facilities across India, Europe and Southeast Asia and has more than 45 Indian and international subsidiaries.

HPCL operates two oil refineries on India’s east and west coasts and holds stakes in HMEL and MRPL joint venture refineries. A greenfield joint venture refinery in Rajasthan is under construction. The company has a nationwide marketing and infrastructure network that includes 24,572 retail outlets, 6,389 LPG distributorships, 80 POL depots and terminals, two LPG import facilities, 55 LPG bottling plants, 59 aviation fuel stations and a pipeline network spanning 5,440 kilometers. HPCL and its subsidiaries have also developed additional infrastructure, including a 5 MMTPA LNG storage and regasification terminal at Chhara in Gujarat and authorization to develop city gas distribution networks in 25 geographical areas.

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Thermax, HPCL sign MoU to advance sustainable energy solutions at India Energy Week 2026

Thermax Limited