The Adani Group said that it has signed a non-binding Memorandum of Understanding with Nasdaq-listed Ballard Power Systems.
Adani will evaluate making joint investment for 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. Hydrogen is increasingly viewed as a critical medium for the decarbonization 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.
Efforts under this MoU will be anchored by Adani New Industries Limited (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.
Vneet S Jaain, director, Adani New Industries Limited (ANIL), said that, green hydrogen is the fuel of the future and fuel cells will be a game-changer in India’s energy transition. They will be deploying innovative use cases across their businesses with fuel cell trucks, mining equipment, marine vessels, off-road vehicles, and critical industrial power. They would shape the industry through this strategic collaboration.
Randy MacEwen, CEO and president, Ballard, said that, India represents a new growth opportunity for Ballard, and they look forward to working with the Adani group to support and accelerate their energy transition and decarbonisation goals.
Adani Group has a current market capitalisation of $151 billion, comprising seven publicly listed companies with businesses spanning power generation and distribution, renewable energy, gas and infrastructure, logistics (seaport, airports, shipping, and rail), mining and resources, and other sectors.
Source: Economic Times
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