Lumax Auto Technologies said it has inked a pact to acquire a majority stake in Greenfuel Energy Solutions from its existing shareholders for an undisclosed amount.
The proposed acquisition will enable the company to enter into the green and alternate fuels segment which is expected to witness strong and accelerated growth in the coming years, Lumax Auto said in a statement.
Greenfuel is a supplier of high-pressure fuel delivery and storage systems primarily for CNG and hydrogen automobiles.
It also supplies fire and smoke alarm, detection and suppression systems for the automotive industry.
Greenfuel founder and CEO Akshay Kashyap said the collaboration is expected to unlock tremendous value for both stakeholders and drive innovation in the automotive sector, leading to a shift towards cleaner and more sustainable mobility solutions.
Recent Posts
Japan Launches Major R&D Project to Advance Shipbuilding with Alternative Fuels
EU Adopts Emissions Standards for Low Carbon Hydrogen to Bolster Clean Energy Market
Trafigura to Implement ZeroNorth’s AI Platform Across Global Fleet
Cochin Shipyard to Construct eCap Marine’s Hydrogen-Fuelled SeaShuttles for Samskip
India Strengthens Hydrogen Economy with Hyundai-IIT Madras Innovation Centre
India Showcases Green Maritime Ambitions at London Investment Meet
Hong Kong Launches Incentive Scheme to Promote Green Maritime Fuel Bunkering
MSC Hosts Sustainability Experience in Antwerp for Global Supply Chain Leaders