Megha group to invest in energy transition in Italy, through subsidiary

Drillmec, a Piacenza-based company in the Oil and Gas sector, part of Indian infrastructure giant, Megha Engineering and Infrastructure Ltd (MEIL) group, informed on Friday that its board has approved the investment plan for over 35 million euros in energy transition, The New Indian Express has reported.

The company, jointly with the Indian parent company MEIL, will produce hydrogen through the most advanced technologies available such as electrolysis, pyrolysis, and the design and construction of CO2 capture and storage systems. 

In this context, Drillmec has launched the company Idrogena, a start-up dedicated to the development and industrial production of a pyrolytic converter for the production of ultra-clean hydrogen. “We are pleased to announce this new initiative in our country which is consistent with our history, which is to innovate and develop responsible and safe technologies capable of incorporate energy, social and environmental needs,” said Simone Trevisani, CEO of Drillmec SpA.

The company said that with the converter, the production of hydrogen can take place at destination in a capillary manner, thus significantly reducing transport costs and working around the low energy content of hydrogen.

This announcement follows another press release from the Megha group, in January, which said that Drillmec would invest $ 200 million in setting up a global manufacturing hub in Hyderabad, with focus on Hydrogen. "We are interested in future investment in the Hydrogen fuel project in India.

Simone Trevisani, CEO Drillmec SpA, said in the release. The Hyderabad manufacturing hub will focus on rig manufacturing and ancillaries. This facility also sets up the R&D and training centre of excellence. We have already 3 manufacturing facilities in Italy, USA (Houston), and Belarus. After considering many offers from various countries, we choose Telangana, India, as it has a progressive industrial policy and investor-friendly. We will ensure that this manufacturing hub creates an employment opportunities for about 2,500 people."

Mr. Simone Trevisani, CEO, Drillmec SpA and Mr Jayesh Ranjan, IAS, Principal Secretary to TS Govt, exchanging the signed MoU