– The summit, held at the World Trade Centre, Bengaluru, focused on the commercialisation of hydrogen technology, positioning India as a global hub for energy transition innovation
Bengaluru, 22nd August 2024: Transition VC, India’s first energy transition-focused Venture Capital fund, in partnership with IEEE, hosted a landmark summit “India – A Gateway to Global Entrepreneurs.” This event, part of Transition VC and IEEE’s ongoing joint-initiative “Net Zero Warriors”, marked a critical step from the Venture Capital and Tech ecosystem in advancing global net-zero goals.
In July 2023, Transition VC and IEEE joined forces to launch “Net Zero Warriors”, an initiative to empower startups originating from the academic community to introduce deep-tech solutions for energy transition sectors. With a structured framework, the initiative set out to address the dual concern of environmental preservation and economic growth, in keeping with India’s energy security requirements which necessitate a twofold increase in per capita primary energy consumption by 2047.
An extension of this initiative, the Benguluru summit brought together leading figures in the energy industry, including representatives from NTPC, Omega Seiki Mobility, and Ador Powertron to discuss India’s role in the global hydrogen economy and its path towards achieving net-zero emissions. Hydrogen Fuel Cell startup Protonas, which recently achieved remarkable breakthroughs in low-cost PEM Hydrogen Fuel Cell solutions, also participated in the event. The marquee gathering featured a series of discussions and presentations highlighting India’s potential to lead the global energy transition through hydrogen technology.
The summit’s keynote address was delivered by Debashisa Manasa Ranjan from NTPC, who outlined NTPC’s role in leading India’s hydrogen projects. He discussed the strategic initiatives, challenges, and opportunities in scaling hydrogen technologies to meet India’s energy needs, with a focus on integrating hydrogen into the country’s energy mix by 2070.
Featuring several needle-moving conversations, the event concluded with a panel discussion featuring Uday Narang (Founder of Omega Seiki Mobility), David DeVries (Founder of Protonas), Lakshmanan D (Senior Manager – Hydrogen, NTPC), and Priyanka Sahasrabhudhe (International Strategy Lead at Yonder H2 by Ador Powertron). Moderated by Transition VC’s General Partner Mustafa Wajid, the panel explored the roadmap for developing a mainstream hydrogen economy in India from 2030 to 2050, discussing policy frameworks, public-private partnerships, investment strategies, and technological innovations that will drive the hydrogen economy forward.
During the panel, Omega Seiki Mobility Founder Uday Narang remarked, “Hydrogen has the potential to revolutionise the three-wheeler market in India, provided it can offer a vehicle lifespan of 7-10 years and access to adequate financing. With these conditions in place, large-scale implementation is feasible. At Omega Seiki, we are already conducting tests with our hydrogen-powered vehicles, demonstrating the immediate viability of this technology.”
Commenting on the success of the summit, Mustafa Wajid, General Partner of Transition VC, said, “This summit represents a pivotal moment for India in the global energy transition landscape. By bringing together industry leaders, entrepreneurs, and innovators, we are not only advancing the hydrogen economy but also reinforcing India’s role as a global technology hub. At Transition VC, we are committed to supporting the development and commercialisation of sustainable technologies that will drive the world towards a net-zero future.”
Transition VC is India’s first energy transition-focused VC fund which was launched by marquee investors Raiyaan Shingati and Mohammed Shoeb Ali. The fund is on a mission to offset 40M tons of carbon emissions by investing in breakthrough tech while making extraordinary financial returns for its LPs.
IEEE is the world’s largest technical professional organisation dedicated to advancing technology for the benefit of humanity. IEEE and its members inspire a global community through its highly cited publications, conferences, technology standards, and professional and educational activities. With more than 421,000 members in over 160 countries, IEEE is the most-trusted voice for engineering, computing and technology information around the globe.
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