Adani Enterprises signs MoU with Ballard Power Systems to commercialize fuel cells

Adani Enterprises 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 parties will examine various options to cooperate, including potential collaboration for fuel cell manufacturing in India.

Hydrogen is increasingly viewed as a critical medium for the decarbonization of energy, industry and mobility. Adani Enterprises aims to be one of the largest green hydrogen producers in the world through accelerated investment in renewable energy.

The efforts under this MoU will be anchored by Adani New Industries (ANIL), 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.

Adani Enterprises (AEL) reported a consolidated net loss of Rs 12 crore in Q3 FY22 as against a net profit of Rs 297 crore in Q3 FY21. The loss was due to losses in developing business. Total income increased by 61% Y-o-Y (year-on-year) during the quarter to Rs 18,963 crore due to improved realization on the back of higher index prices in IRM segment.

Shares of Adani Enterprises (AEL) slipped 1.40% to Rs 1,660.75 on BSE. AEL is the flagship company of Adani Group, one of India's largest business conglomerates. The company's business investments are centred on the fields of airport management, technology parks, roads, data centre and water infrastructure.

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