Innovative electrolyzer technology capable of producing hydrogen at a
significantly lower cost compared to current levels

Mumbai, October 12, 2021: Reliance New Energy Solar Limited (RNESL), a wholly owned subsidiary of Reliance Industries Limited (RIL), and Denmark-based Stiesdal A/S (Stiesdal) signed a cooperation agreement for technology development, and manufacturing of Stiesdal’s HydroGen Electrolyzers in India. The agreement was signed during a state visit of Denmark to India and announced in the presence of the Hon’ble Mr. Narendra Modi, Prime Minister of India and the Hon’ble Ms. Mette Frederiksen, Prime Minister of Denmark.

Stiesdal is founded by Henrik Stiesdal, a wind power pioneer and leading thought leader in global renewable industry. Stiesdal is engaged in developing and commercializing several technologies to counter climate crisis. The new technology for HydroGen Electrolyzers has the potential to deliver significant cost reduction compared to currently available technologies thereby paving the way for rapid decarbonization and commercialization of affordable Green Hydrogen – a key enabler in achieving India’s green energy transition.

Mr. Mukesh Ambani, the Chairman of Reliance Industries had announced ambitious
plans of setting up a giga factory for manufacturing of hydrogen electrolyzers in
Jamnagar, Gujarat. Through this agreement, RNESL and Stiesdal will combine their
strengths and capabilities and collaborate to further advance the technology
development of HydroGen Electrolyzers and scale it up to set up manufacturing
facilities.

As part of this agreement RNESL and Stiesdal have also agreed to extend their
collaboration to development and implementation of other path breaking climate
change technologies which include offshore wind energy, next generation fuel cells for
conversion of hydrogen to electricity for mobile and static electricity generation, long
duration energy storage and production of carbon negative fuels.

Speaking after signing of the agreement, Mr Mukesh Ambani said, “We at Reliance
see this cooperation agreement with Stiesdal as yet another opportunity to implement
our philosophy of “Caring for the Planet” and “Caring for the People”. It is an important
step towards fulfilling our commitment to accelerate India’s transition to green energy
benefitting from our vast solar energy sources and scaling up innovative and leading
technologies to meet this objective. We aim to leverage Stiesdal’s impressive portfolio
of climate technologies to serve India market and work together to make this portfolio
a global pace setter. In partnership with Stiesdal, we will strive to achieve our stated
goal of offering Hydrogen energy under $1 per kg in 1 decade – the 1-1-1 target for
Green Hydrogen. Reliance is committed to making the greatest contribution to the
National Hydrogen Mission announced by our Hon’ble Prime Minister Mr Narendra
Modi on Independence Day this year. Our vision is to put India on global hydrogen
map and fulfil the developmental aspirations of 1.35 billion Indians.”

Mr Hital Meswani, Executive Director of Reliance Industries, said, “Reliance is
committed to realising its stated ambitions in new energy and accelerating the
technology development and scale up of world leading technologies. We welcome
Stiesdal as our partner and look forward to working together to achieve our goals.”

Mr Henrik Stiesdal, CEO of Stiesdal A/S, said, “We are excited to enter into this
agreement with Reliance New Energy Solar Limited, the New Energy platform of
India’s largest industrial company. As a company, we are committed to the fight
against climate change, seeking to deliver the largest possible impact in the shortest
possible time. For us there could be no greater impact than seeing our technology
scaled up for use in the world’s largest democracy. Production of low-cost hydrogen
is a vital strategic element of the green transition in India and the world, and Reliance
Industries have the reach and capability to ramp up electrolyzer production to the
required levels. We are very much looking forward to developing and expanding our cooperation with Reliance New Energy Solar Limited, not only within the field of hydrogen production, but also within the fields of our other climate technologies.”

The HydroGen Electrolyzer technology is developed by Stiesdal PtX Technologies. It
is an effective technology for green hydrogen production at a game-changing cost
level. The HydroGen Electrolyzer benefits from a combination of innovative solutions
and a thoroughly industrialized approach to product design and achieving maximum
economies of scale in both the output from the electrolyzer unit as well as mass
production of the electrolyzer itself. Combined with Reliance’s deep expertise in
innovation, project execution and operational excellence and its world-class talent
pool, this partnership will bring affordable green hydrogen to millions of Indians.

About Reliance Industries Limited (RIL):

Reliance is India’s largest private sector company, with a consolidated turnover of INR 539,238 crore ($73.8 billion), cash profit of INR 79,828 crore ($10.9 billion), and net profit of INR 53,739 crore ($7.4 billion) for the year ended March 31, 2021. Reliance’s activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and digital services. Reliance is the top-most ranked company from India to feature in Fortune’s Global 500 list of “World’s Largest Companies”. The company stands 55th in the Forbes Global 2000 rankings of “World’s Largest Public Companies” for 2021 – top-most among Indian companies. It features among LinkedIn’s ‘The Best Companies to Work For In India’ (2021).