Waaree Energies Limited has informed the Exchange regarding a press release dated February 23, 2026.
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Waaree Clean Energy Solutions Private Limited, a wholly owned subsidiary of Waaree Energies, signed an Electrolyzer as a Service (EAAS) agreement with Zero Footprint Industries Ltd (ZFI) to supply a 2.5 MW alkaline electrolyzer for ZFI's green hydrogen expansion in Uttar Pradesh, under a 15-year long-term contract. The electrolyzer will be manufactured at Waaree's Dungri plant in Gujarat and is expected to produce around 41 lakh Nm3 of green hydrogen and 20 lakh Nm3 of green oxygen annually, serving mentha oil, chemical, steel, and pharma industries. Additionally, the companies entered a strategic MoU to supply 50 MW of electrolyzers through the EAAS route, with potential to scale capacity to 10,000 m3/hr over five years across multiple locations in Northern India. The first project has a fast-track timeline of about 7 months, with commercial operations expected by Q3 FY2026-27, supported by UPNEDA under the Green Hydrogen Policy 2024. The project aligns with India's National Green Hydrogen Mission targeting 5 MMTPA production and is expected to abate around 70,000 MT of carbon annually.
This is a positive development for Waaree Energies, strengthening its position in India's emerging green hydrogen market with a long-term, predictable revenue stream through the innovative EAAS model. The 50 MW MoU pipeline and alignment with national green hydrogen targets could provide sustained order visibility and support the stock's growth narrative in the clean energy space.