The Adani Group said on Monday it has signed a non-binding Memorandum of Understanding with Nasdaq-listed Ballard Power Systems to evaluate a joint investment for the commercialisation of hydrogen fuel cells in various mobility and industrial applications in India.
Under the MoU, both parties will examine various options to cooperate, including potential collaboration for fuel cell manufacturing in India, Adani Group said in a statement. Efforts under this MoU will be anchored by Adani New Industries Ltd (ANIL), the newly formed subsidiary of Adani Enterprises, focused on generation of green hydrogen, including downstream products, green electricity generation, manufacture of electrolysers and wind turbines, among others.
Hydrogen is increasingly viewed as a critical medium for the decarbonisation of energy, industry, and mobility. Adani aims to be one of the largest green hydrogen producers in the world through accelerated investment in renewable energy.
“Green hydrogen is the fuel of the future and fuel cells will be a game-changer in India’s energy transition,” said Vneet S Jaain, Director, Adani New Industries Ltd (ANIL).
“Our ability to build a world-class green hydrogen value chain will be critical in facilitating the energy transition and we are excited to partner with Ballard to create a shared fuel cell ecosystem in India. We will be deploying innovative use cases across our businesses with fuel cell trucks, mining equipment, marine vessels, off-road vehicles, and critical industrial power. We will shape the industry through this strategic collaboration,” he said.
“India represents a new growth opportunity for Ballard, and we look forward to working with the Adani group to support and accelerate their energy transition and decarbonisation goals.” said Randy MacEwen, Ballard’s President & CEO.
Ballard Power Systems’ vision is to deliver fuel cell power for a sustainable planet. Ballard’s zero-emission PEM fuel cells enable electrification of mobility, including buses, commercial trucks, trains, marine vessels, passenger cars and forklift trucks.