Waaree Energies Share Price in Focus; Subsidiary Signs 2.5 MW Electrolyzer Deal with ZFI, Plans 50 MW Expansion

Waaree Energies Limited's subsidiary, Waaree Clean Energy Solutions Private Limited, has secured a significant green hydrogen project and expansion commitment with Zero Footprint Industries Ltd (ZFI). 

2.5 MW Electrolyzer EAAS Agreement 

On February 23, 2026, Waaree Clean Energy and ZFI signed an Electrolyzer as a Service (EAAS) agreement for a 2.5 MW alkaline electrolyzer system in Uttar Pradesh.  

Under the 15-year contract, Waaree will design, engineer, supply, install, commission, own, and operate the electrolyzer, manufactured at its Dungri, Gujarat plant.  

The system will produce approximately 41 lakh Nm³ of green hydrogen and 20 lakh Nm³ of green oxygen annually, supplying ZFI's customers in mentha oil, chemical, steel, and pharma industries. 

Key features include proven alkaline technology, 500 m³/hr capacity (scalable to 10,000 m³/hr), and a fast-track timeline with commercial operations expected by Q3 FY2026-27. 

Strategic 50 MW MOU 

Concurrently, the companies signed a Memorandum of Understanding (MOU) for Waaree to supply an additional 50 MW of electrolyzers through the EAAS model.  

This supports ZFI's plan to establish multiple decentralized green hydrogen projects across northern India, targeting a cumulative capacity of 10,000 m³/hr over five years.  

The expansion aligns with India's National Green Hydrogen Mission and Uttar Pradesh's Green Hydrogen Policy 2024. 

Project Impact and Collaboration 

The initial 2.5 MW project will abate approximately 70,000 metric tons of CO₂ annually, equivalent to planting 400,000 trees. ZFI Director Anurag Agarwal emphasized the partnership's role in enabling economical green hydrogen transitions for industrial clients.  

Waaree's CEO of Hydrogen Business, Anuj Sharma, highlighted the agreement as a showcase for the company's technology and operational capabilities. 

HydrogenWala (Shardul Kulkarni), a ZFI advisor, noted the EAAS model's maturity, offering a win-win for developers and manufacturers through risk-sharing and predictable revenue streams. 

Read More: Waaree Energies Share Price Gains Amid Clarification on Energy Storage Expansion! 

Waaree Energies Share Price Performance  

As of February 24, 2026, at 9:24 AM, Waaree Energies share price on NSE was trading at ₹2,938.10 up by 0.76% from the previous closing price.  

Conclusion 

Waaree Energies' subsidiary has secured a landmark 2.5 MW green hydrogen EAAS project with ZFI, coupled with a 50 MW expansion MOU. This positions the company as a key player in India's emerging green hydrogen economy, leveraging decentralized production models and long-term service agreements to drive decarbonization in industrial sectors. 

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