From pv magazine India
Adani Group and Canada-based PEM fuel cell producer Ballard Power Systems have signed a memorandum of understanding to evaluate a joint investment in the commercialisation of hydrogen fuel cells for 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.
Green hydrogen is a logical next step for the Adani Group, given its capabilities in large-scale renewables and transmission and distribution infrastructure. The Group sees itself well-positioned to become one of the largest producers of green hydrogen globally.
Adani efforts under this MoU will be led through its newly formed subsidiary Adani New Industries Limited (ANIL), which is focused on the generation of green hydrogen, including downstream products, green electricity generation, manufacture of electrolysers, and wind turbines, among others.
“Green hydrogen is the fuel of the future and fuel cells will be a game-changer in India’s energy transition,” stated 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.
The Adani group, founded in 1988, has a current market capitalisation of US$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.
“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 and 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 decarbonisation goals.”
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