Adani, Ballard Power inks MoU for investment in H2 fuel cell manufacturing in India

Adani Group and Ballard Power Systems have announced that they partnered to assess a joint investment in hydrogen fuel cell manufacturing in India.

Under the MoU, both parties will assess various options to cooperate, including potential collaboration for fuel cell manufacturing in India, Adani group said in a declaration.

Adani aims to be one of the largest green hydrogen producers in the world through accelerated investment in renewable energy.

Efforts under the 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, it stated.

"Green hydrogen is the fuel of the future and fuel cells will be a game-changer in India's energy transition," Vneet S Jaain, Director, Adani New Industries Limited (ANIL), said.

"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, stated Randy MacEwen, Ballard's President & CEO in the statement.

India signifies 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, MacEwen said.