MEIL to invest €35 mn in energy transition

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 euros in energy transition, which includes initiatives in production of hydrogen.

Simone Trevisani, CEO of Drillmec SpA, said: "We are pleased to announce this new initiative in our country which is consistent with our history, which is to innovate and develop responsible and safe technologies capable of incorporate energy, social and environmental needs. This revolution awaited since 120 years, will allow the production of hydrogen without CO2 emissions, in fact among its strengths will be the ability to prevent the generation of carbon dioxide by producing in its place precious graphite used by large industrial sectors. This technology fits within the natural gas value chain, thus compensating for the lack of a hydrogen distribution network which currently represents the main hurdle to mass adoption."

Srinivas Bommareddy, Chairman of the board of directors, Drillmec SpA, said: "I congratulate the team in the new initiative and wish them all very success in the fast evolving Green Hydrogen technologies."

In this context, Drillmec has launched the company Idrogena, a start-up dedicated to the development and industrial production of a pyrolytic converter for the production of ultra-clean hydrogen through the most advanced technologies available such as electrolysis, pyrolysis and the design and construction of Co2 capture and storage systems and last but not least geothermal energy.

The development of this technology at a competitive cost will allow it to operate at low pressure, will have contained dimensions and will be safe to use with minimal training. Powered by renewable energy, it will not make use of polluting catalysts, will not produce waste and will produce the quantity necessary for multiple uses including Industrial use and local public transport.