Adani Group signs MoU with Ballard Power Systems For Hydrogen Fuel Cells In India

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The Adani Group has 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 the firms will examine various options to cooperate, including potential collaboration for fuel cell manufacturing in India.

“Green hydrogen is the fuel of the future and fuel cells will be a game-changer in India’s energy transition. 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.”

Mr. Vneet S Jaain, Director, Adani New Industries Limited (ANIL)

Hydrogen is becoming a more important medium for decarbonizing energy, industry, and mobility. Through increased investment in renewable energy, Adani intends to become one of the world’s largest green hydrogen producers. Adani New Industries Limited (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 manufacture of electrolyzers and wind turbines, among other things.

“We are excited to partner with Adani given Mr. Gautam Adani’s inspiring leadership and the highly complementary assets across the group portfolio. 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.”

Mr. Randy MacEwen, Ballard’s President & CEO

The Adani group has a current market capitalization of US$151 billion and has seven publicly listed companies with businesses spanning power generation and distribution, renewable energy, gas and infrastructure, logistics, mining and resources, and other sectors. While Ballard’s zero-emission PEM fuel cells are enabling electrification of mobility, including buses, commercial trucks, trains, marine vessels, passenger cars, and forklift trucks.

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