• Signed an EPC contract and long-term service agreement with Hyderabad-based Medha Servo Drives Pvt. Ltd. for Hydrogen production and Refueling Station at Jind, Haryana, for Indian Railways
• Project equipment to be supplied from GreenH Electrolysis’ newly constructed plant at Jhajjar, Haryana

GreenH Electrolysis (“GreenH”), a joint venture between H2B2 Electrolysis Technologies and GR Promoter Group, today announced that it entered into a contract in October 2023 with Medha Servo Drives Pvt. Ltd. (“Medha”) to build a Hydrogen production and refueling station in Jind, Haryana, to supply Hydrogen for India’s first Hydrogen train under the prestigious Indian Railways’ “Hydrogen for Heritage” initiative.

Indian Railways has awarded a contract to Medha for a pilot project to retrofit Diesel Electric Multiple Unit rake, on the Sonipat-Jind section, from diesel to a hydrogen-powered train, as a first step to achieving India Railways’ net zero emissions goal. In turn, Medha has contracted GreenH to provide the Engineering, Procurement, and Construction (“EPC”) of a Hydrogen production and refueling station for this important and groundbreaking project.

GreenH will provide the necessary equipment from its newly constructed PEM electrolyser manufacturing plant in Jhajjar District, Haryana. The Hydrogen production and refueling station is expected to deploy a comprehensive system to both produce Hydrogen and refuel the trains on a daily basis. To achieve the first stage, a 1 MW electrolyser, supplied by GreenH, will operate round the clock with an expected capacity of 420 kg/day of hydrogen. The refueling infrastructure is expected to integrate 3,000 kg hydrogen storage, hydrogen compressors, and two hydrogen dispensers with pre-cooler integration, allowing for quick refueling of the trains, being adapted to their daily routes. The Hydrogen production and refueling station is expected to be a turn-key solution, comprised of all the technical disciplines (process, electrical, instrumentation and control, safety, etc.), and providing full support to the end user through a Long-term Service Agreement for operation and maintenance purposes.

Mr. Dhiman Roy, CEO and Director, GreenH Electrolysis Pvt. Ltd. said, “We are delighted to be a part of this prestigious Indian Railways project that has the potential to revolutionize our country’s lifeline and decarbonise the transport sector. We are committed to providing the latest technology via our parent company H2B2 Electrolysis Technologies. We look forward to playing a meaningful role in the achievement of India’s green hydrogen plans.”

 Mr. Kasyap Reddy, Managing Director, Medha Servo Drives Pvt. Ltd. said, “We are excited to be partnering with GreenH Electrolysis Pvt. Ltd. in setting up a hydrogen production and refueling station at Jind for India’s first hydrogen-powered train. With GreenH’s technical expertise and globally proven green hydrogen technology at a commercial scale, we believe they are the best partner to deliver this critical project.”

 The Indian Railways plans to operate thirty-five hydrogen trains as part of the “Hydrogen for Heritage” initiative. The first of these hydrogen-fueled trains will run between Jind and Sonipat and will be flagged off next year, marking India’s entry into the league of countries that are actively investing in cutting-edge technologies to transform the transport sector.

 About GreenH

GreenH Electrolysis is a leading green hydrogen technology company manufacturing electrolysers in India. It is a joint venture between H2B2 Electrolysis Technologies and GR Promoter Group. GreenH offers a complete range of solutions to suit varied client requirements including plug & play electrolysers, integrated solutions for large capacities, and development of green hydrogen plants. For more information, visit www.greenh.in

About H2B2

H2B2 Electrolysis Technologies, Inc. is a global, vertically integrated provider of green hydrogen energy systems, services, and equipment, with its own proprietary water electrolysis technology. H2B2’s suite of products and services span the production and transport of hydrogen, from design through operation. Hydrogen is commercialized across a variety of sectors such as industrial, energy storage, mobility and residential. For more information, visit www.h2b2.es.

About GR Promoter Group

GR Promoter Group through their flagship company G R Infraprojects Limited, have a stronghold in integrated EPC and project development with more than two decades of experience in design, construction and O&M of various road, railway, metro, and power transmission & distribution projects pan India. With the in-roads into the green hydrogen domain, they are now extending their footprint into the energy development business.

About Medha Servo Drives

Medha Servo Drives Private Limited, established in the year 1984 is an R&D intensive Company dedicated to Railway products. Medha has designed and manufactured various world class high-tech electronics products for application in Locomotives, Coaches and Railway Stations. The Company has successfully established a track record of more than 35 years. Medha’s strength lies in designing, customising and integrating systems that involve multiple functional domains such as control electronics, power electronics, fail safety and mechanical construction.

For further information, please contact:

Amritha Marshall, Kritical Edge Consulting – 9810163212; amritha@kriticaledge.com

Important Information and Where to Find It

In connection with the proposed business combination between RMG Acquisition Corp. III (“RMG III”) and H2B2 Electrolysis Technologies, Inc. (“H2B2”) (the “Business Combination”), RMG III filed with the Securities and Exchange Commission (the “SEC”) a registration statement on Form S-4, which includes a preliminary proxy statement/prospectus (as amended from time to time, the “Proxy Statement/Prospectus”). A definitive proxy statement/prospectus will be mailed to holders of RMG III’s shareholders as of a record date to be established for voting on the Business Combination and other matters as described in the Proxy Statement/Prospectus. The Proxy Statement/Prospectus will include information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of proxies to RMG III’s shareholders in connection with the Business Combination. RMG III will also file other documents regarding the Business Combination with the SEC. Before making any voting or investment decision, investors and security holders of RMG III, as well as other interested persons, are urged to read the Proxy Statement/Prospectus, the definitive proxy statement/prospectus and all other relevant documents filed or that will be filed with the SEC in connection with the Business Combination, including any amendments or supplements to these documents, carefully and in their entirety because they will contain important information about the Business Combination, RMG III and H2B2. Investors and security holders will be able to obtain free copies of the Proxy Statement/Prospectus and all other relevant documents filed or that will be filed with the SEC by RMG III through the website maintained by the SEC at www.sec.gov. In addition, the documents filed by RMG III may be obtained free of charge from RMG III’s website at www.rmgacquisition.com/rmgiii or by written request to RMG III at RMG Acquisition Corp. III, 57 Ocean, Suite 403, 5775 Collins Avenue, Miami Beach, Florida

Participants in the Solicitation

RMG III, H2B2 and certain of their respective directors and officers may be deemed to be participants in the solicitation of proxies from RMG III’s shareholders in connection with the Business Combination. Information about RMG III’s directors and executive officers and their ownership of RMG III’s securities is set forth in RMG III’s filings with the SEC, including RMG III’s Annual Report on Form 10-K for the year ended December 31, 2022, which was filed with the SEC on April 18, 2023 and the Proxy Statement/Prospectus. Additional information regarding the interests of those persons and other persons who may be deemed participants in the Business Combination may be obtained by reading the Proxy Statement/Prospectus regarding the Business Combination. You may obtain free copies of these documents as described in the preceding paragraph.

Forward-Looking Statements

This document includes certain forward-looking statements within the meaning of the federal securities laws. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements are based on various assumptions, whether or not identified in this document, and on the current expectations of the respective management of RMG III and H2B2 and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of RMG III or H2B2. Potential risks and uncertainties that could cause the actual results to differ materially from those expressed or implied by forward-looking statements include, but are not limited to: contractual relationships between GreenH and Medha; the ability of GreenH to execute the EPC contract for the hydrogen production and refueling station; the possibility that H2B2 may be adversely affected by other economic, business, and/or competitive factors; the ongoing impact of the global COVID 19 pandemic; and economic uncertainty caused by the impacts of the conflict in Russia and Ukraine and rising levels of inflation and interest rates; and those factors discussed in RMG III’s public reports filed with the SEC, including its Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K, the Proxy Statement/Prospectus, the definitive proxy statements/prospectuses that RMG III intends to file with the SEC in connection with the Business Combination. If any of these risks materialize or RMG III’s or H2B2’s assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that neither RMG III nor H2B2 presently know, or that RMG III and H2B2 currently believe are immaterial, that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect RMG III’s and H2B2’s expectations, plans or forecasts of future events and views as of the date of this document. RMG III and H2B2 anticipate that subsequent events and developments may cause their assessments to change. RMG III and H2B2 specifically disclaim any obligation to update or revise any forward-looking statements, except as required by law. These forward-looking statements should not be relied upon as representing RMG III’s or H2B2’s assessments as of any date subsequent to the date of this document. Accordingly, undue reliance should not be placed upon the forward-looking statements.

Contact for Investors

Roberto Wilson Fernández: roberto.wilson@h2b2.es // +34 645 094 134

GreenH Electrolysis, a joint venture between H2B2 Electrolysis Technologies of Spain, and GR Group from India, announced its first, 1 GW, state-of-the-art, PEM electrolyser manufacturing plant in India. The company has already procured a 97,000 sq. ft. facility in Reliance MET Industrial Park, Jhajjar District, Haryana, for the first phase of the plant. The company has already started installation of the plant and hopes to commence operations by October this year.

Dhiman Roy, Director and CEO, GreenH Electrolysis said, “We are thrilled to announce our first manufacturing plant in India, the technology for which will be provided by H2B2 Electrolysis Technologies, our Spanish parent company. This technological expertise is coupled with the project development and EPC experience of GR Group our Indian parent company, a leading player in the infrastructure sector in India. We are all set to commence operations in October with an initial capacity of 100 MW and deliver cutting-edge green hydrogen technology electrolysers to our Indian customers. We have taken a large area to be able to quickly ramp up. In the next two years, we plan to take up this capacity to 500MW in the same premises. For Phase 2, we will procure additional land to expand the capacity to 1 GW.”

Anselmo Andrade, CEO, H2B2 Electrolysis Technologies said, “H2B2 is excited to be a part of this growth journey in the green hydrogen space in India. As a global technology company operating in the hydrogen sector through electrolysis, we believe that with the backing of our technological expertise, coupled with the experience and support of GR Promoter Group, GreenH will be able to meet the potential demand for green hydrogen in the country.”

Ashwin Agarwal, Director, GR Promoter Group. said, “Green Hydrogen has a critical role to play in India’s efforts to achieve its net-zero target by 2047. With the Government taking significant steps to promote green hydrogen, we expect the market to grow exponentially. This state-of-the-art facility will help meet the demand for electrolysers in India, especially from the commercial and industrial segments and will help enhance India’s hydrogen production capabilities.”

This manufacturing plant signifies GreenH’s long-term commitment to the “Make in India” initiative and the Indian Government’s Green Hydrogen Mission. Backed by the experience of H2B2, and GR Group, the company is well-placed to address potential demand as well as scale up operations as the market expands.

The green hydrogen market in India is at an inflection point and has the potential to grow rapidly. According to the NITI Aayog, a think tank and Rocky Mountain Institute Report, hydrogen demand in India is expected to increase fourfold by 2050 with the steel industry and heavy-duty transportation driving 52% of the demand. It is estimated that India spends over $160 billion of foreign exchange every year on energy imports, a number that could double in the next 15 years.

The ‘National Hydrogen Mission’ was launched to scale up green hydrogen production and align India’s energy transition efforts with global best practices in technology, policy, and regulation. The Mission aims to support the government’s efforts in meeting climate targets and making India a green hydrogen hub.

About GreenH

GreenH Electrolysis is a leading Green Hydrogen technology company manufacturing electrolysers in India. It is a JV between H2B2 Electrolysis Technologies from Spain and GR Promoter Group from India. GreenH offers a complete range of solutions to suit varied client requirements including plug-and-play electrolysers, integrated solutions for large capacities, and the development of Green Hydrogen plants. To know more about us, visit our website www.greenh.in

About H2B2

Created in 2016, H2B2 is a leading global technology company within the renewable energy sector with two decades of experience in the production, processing, and development of hydrogen through electrolysis. With a presence in Spain, the United States, Latin America, Asia and the United Kingdom, its goal is to generate solutions that cover the entire value chain of green hydrogen and enable the vertical integration of this energy source.

About GR Group

GR Promoter Group through their flagship company GR Infraprojects Limited, have a stronghold in integrated EPC and project development with more than two decades of experience in design, construction and O&M of various road, railway, metro, and power transmission & distribution projects pan India. With the in-roads into the green hydrogen domain, they are now extending their footprint into the energy development business.

GreenH is co-sponsor of the 5th edition Green Hydrogen in India conference organized by Renewable Watch Magazine and Powerline Magazine, on 18 & 19 April at Le Meridien, New Delhi. This year, the theme of the event is ‘Key Developments and Future Roadmap’.

During the event, GreenH will showcase some of their state-of-the-art technology solutions for hydrogen production systems. Also, on display at the stall will be a miniature of one of the largest Hydrogen project being developed in the US by H2B2 with the California Energy Commission
Read more: (GreenH Electrolysis on LinkedIn: #greenh #greenhydrogen #hydrogennow)

• GreenH Electrolysis will cover the whole value chain of hydrogen, with a focus on the manufacturing of electrolysers and the development of green hydrogen production plants in India and Asia.
• H2B2 will deliver their expertise as a technology developer and GR Promoter Group (the Promoter group of G R Infraprojects Ltd) will bring in their know-how of project development in the Indian market.
• The new Indian company will start operations in 2023 with the deployment of a 100MW production plant that will escalate into a hydrogen Gigafactory.
• GreenH Electrolysis is rooted in H2B2’s and GR Promoter Group understanding of the critical role green hydrogen plays in India’s energy security goals and the country’s transition to decarbonization, as its energy basket depends on foreign fuels, and it is the world’s third biggest emitter of greenhouse gases.

H2B2 Electrolysis Technologies (H2B2) and GR Promoter Group have announced the initiation of a joint venture to develop hydrogen solutions. The co-venturers will hold a 50% share in their new company, GreenH Electrolysis, which will operate in the Indian market, with the possibility to extend their activity to other countries in Asia.

GreenH Electrolysis will engage in the manufacturing of water-based electrolysers and the development of green hydrogen production plants based on off-taker agreements. It will cover the whole value chain of hydrogen, including the following features: innovation, design, engineering, manufacturing, integration, financing and O&M for modular hydrogen production systems and ad hoc/industrial solutions capabilities.

Through this strategic partnership, H2B2 and GR Promoter Group will integrate their complementary resources and expertise. H2B2, an established player in multiple hydrogen markets such as the United States, Europe, Middle East and Latin America, brings to GreenH Electrolysis two decades of experience in hydrogen production, processing, and technology development. GR Promoter Group will make a grand entry into the green hydrogen business by leading the project development and the O&M of the facilities thanks to its extended experience and knowledge in the construction and development of key infrastructures across the country.

The first project of the Indian company GreenH Electrolysis will be the deployment of an electrolyser production plant. The plant will start at a production capacity of 100MW and will escalate into a hydrogen Gigafactory. Work is expected to start at the beginning of 2023.

GreenH Electrolysis is rooted in H2B2’s and GR Promoter Group’s understanding of the critical role hydrogen plays in India’s transition to decarbonization. According to Ashwin Agarwal, spokesperson for GR Promoter Group and co-director of the new local company, “as the hydrogen momentum accelerates in India, it is becoming increasingly key for our economy to put an active and strong focus on the multiple pathways hydrogen opens up on the road to achieve net zero emissions goals”. Currently, the country is the world’s third-biggest emitter of greenhouse gases.

In this context, Florencio Ferrera, representative of H2B2 and co-director of the joint venture has agreed on the opportunity partnerships like GreenH Electrolysis represent to set India on the global map of green hydrogen. “Today’s announcement is in line with H2B2’s objective to be present in the promising Indian Green Hydrogen market. We will work together to drive the growth of India’s hydrogen production capabilities thanks to our proven specialization in electrolysers and hydrogen technology,” added Ferrera.

A year after India announced their National Hydrogen Energy Mission (NHM), aimed at meeting its climate targets and making the country a green hydrogen hub, the Government has pushed for different policies to achieve its ambitious goals. According to NITI Aayog, the premier policy think-tank of the Government of India, India should be able to have the world’s largest electrolysis capacity for green hydrogen generation of over 60 GW/5 million tonnes by 2030 for domestic consumption and the world’s largest electrolyser annual manufacturing capacity of 25GW by 2028 for both domestic and international markets.

This growth will also impact the country’s self-reliance targets, allowing the economic giant to curb its dependence on energy imports. As both Ferrera and Agarwal admit, one of the main goals of their new alliance will be to increase India’s energy security, as the current country’s energy basket is dominated by imported fossil fuels.

About H2B2

Created in 2016, H2B2 is a leading global technology company within the renewable energy sector with two decades of experience in the production, processing and development of hydrogen through electrolysis. With a presence in Spain, the United States, Latin America, Asia and the United Kingdom, its goal is to generate solutions that cover the entire value chain of green hydrogen and enable the vertical integration of this energy source.

About GR Group

GR Promoter Group through their flagship company G R Infraprojects Limited, have a stronghold in integrated EPC and project development with more than two decades of experience in design, construction and O&M of various road, railway, metro, and power transmission & distribution projects pan India. With the in-roads into the green hydrogen domain, they are now extending their footprint into the energy development business.