Adani Enterprises signs non-binding MoU with Ballard Power Systems for commercialization of hydrogen fuel cells in India

22 Feb 2022 , 02:16 PM

Adani Enterprises has announced that the Group signed a non-binding Memorandum of Understanding (“MoU”) with Ballard Power Systems to evaluate a joint investment case for the commercialization 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.

Efforts under this MoU will be anchored by Adani New Industries Limited (ANIL), the newly formed subsidiary of Adani Enterprises, focused on the generation of green hydrogen, including downstream products, green electricity generation, manufacture of electrolyzers and wind turbines, among others.

Vneet S Jaain, Director, Adani New Industries Limited (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, a global leader in fuel cell technology, 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.”

“We are excited to partner with Adani given Gautam Adani’s inspiring leadership and the highly complementary assets across the group portfolio,” said Randy MacEwen, Ballard’s President & CEO. “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 decarbonization goals.”

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.

At around 2.08 pm, Adani Enterprises was trading at Rs1655.70 per piece down by 1.7% on Sensex. The stock has touched an intraday high and low of Rs1676.70 per piece and Rs1630.55 per piece respectively.