'Drillmec is planning to invest €35 mn in hydrogen'
Hyderabad: Drillmec, an Italy-based oil and gas drilling rig maker and a part of city-based MEIL Group, on Friday said its board of directors approved investment plan of €35 million in energy transition, which includes initiatives in production of
A press release from MEIL said hydrogen production would be through advanced technologies that are available such as electrolysis, pyrolysis and the design and construction of CO2 capture and storage systems along with geothermal energy. Drillmec has already launched Idrogena, a start-up company dedicated to the development and industrial production of a pyrolytic converter for the production of ultra-clean hydrogen.
Simone Trevisani, CEO of Drillmec said: "We are pleased to announce this new initiative in our country (Italy) which is consistent with our history, which is to innovate and develop responsible and safe technologies capable of incorporating energy, social and environmental