The Adani Group said on Monday that it has signed a non-binding Memorandum of Understanding with Nasdaq-listed Ballard Power Systems to examine a collaborative investment in India for the commercialization of hydrogen fuel cells in a variety of transportation and industrial applications.
Production of Green Hydrogen
According to Adani Group, the MoU will allow both parties to explore numerous alternatives for collaboration, including the possibility of collaborating on fuel cell manufacturing in India. Adani New Industries Ltd (ANIL), a newly formed subsidiary of Adani Enterprises, will spearhead efforts under this MoU, which will focus on the generation of green hydrogen, as well as downstream products, green electricity generation, and the manufacturing of electrolyzers and wind turbines, among other things.
Hydrogen is becoming more widely recognized as a vital medium for decarbonizing energy, industry, and transportation. Through increased investment in renewable energy, Adani intends to become one of the world's largest green hydrogen producers.
"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).
"We are pleased to join with Ballard to create a shared fuel cell ecosystem in India since our ability to build a world-class green hydrogen value chain will be vital in supporting the energy transition." With fuel cell trucks, mining equipment, marine vessels, off-road vehicles, and crucial industrial electricity, we will be delivering unique use cases across our industries. Through this strategic alliance, we will transform the industry," he stated.
"India represents a new development opportunity for Ballard, and we look forward to collaborating with the Adani group to help them achieve their energy transition and decarbonization goals faster." Ballard's President and CEO, Randy MacEwen, stated.
The mission of Ballard Power Systems is to provide fuel cell power for a more sustainable world. Buses, commercial trucks, railways, marine vessels, passenger cars, and forklift trucks can all benefit from Ballard's zero-emission PEM (Proton-Exchange Membrane) fuel cells.
