Adani Group and Canadian PEM (polymer electrolyte membrane) fuel cell producer Ballard Power Systems have signed a memorandum of understanding to consider joint investment in the commercialization of hydrogen fuel cells in India, for mobility and industrial applications.
Under the agreement, the partners will examine various co-operate opportunities including fuel cell manufacture in India.
Green hydrogen could be a logical move for Adani, given its experience in large scale renewables and electricity transmission and distribution infrastructure. The group sees itself as well-positioned to become a big green hydrogen producer.
Adani’s efforts under the deal signed with Ballard will be led by newly formed green hydrogen subsidiary Adani New Industries Limited, which is focused on production of the energy carrier including via downstream products, green electricity generation and the manufacture of electrolyzers and wind turbines.
“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 of Adani New Industries. “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 market capitalization of $151 billion, comprising seven publicly listed companies with businesses spanning power generation and distribution; renewables; infrastructure; seaport, airports, shipping, and rail; mining and resources, and other sectors.
“We are excited to partner with Adani, given [Adani Group chairman and founder] 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 decarbonization goals.”
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