Ballard Power Systems has signed a non-binding MOU with the Adani Group to evaluate a joint investment case for the commercialization of 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.

Adani Group has committed to investing US$70 B in solar, wind and hydrogen value chains over the next decade as part of its commitment to global action on climate change. Efforts under this MOU will be anchored by Adani New Industries Limited, the newly formed subsidiary of Adani Enterprises, focused on generation of green hydrogen, including downstream products, green electricity generation, manufacture of electrolyzers 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," said Vneet S. Jaain, Director, Adani New Industries Limited. "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 Mr. 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."