February 21, 2022, Ahmedabad, India and Vancouver, Canada : The Adani Group (“Adani”; NSE: ADANIENT) announced today it has signed a non-binding Memorandum of Understanding (“MoU”) with Ballard Power Systems (NASDAQ: BLDP; TSX: BLDP) 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 aims to be one of the largest green hydrogen producers in the world through accelerated investment in renewable energy. Efforts under this MoU will be anchored by Adani New Industries Limited (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.

“Green hydrogen is the fuel of the future and fuel cells will be a game-changer in India’s energy transition.” stated Mr. 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.”

“We are excited to partner with Adani given Mr. Gautam Adani’s inspiring leadership and the highly complementary assets across the group portfolio,” said Mr. 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.”

The Adani group, founded in 1988, has a current market capitalization 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.

Ballard Power Systems’ vision is to deliver fuel cell power for a sustainable planet. Ballard zero-emission PEM fuel cells are enabling electrification of mobility, including buses, commercial trucks, trains, marine vessels, passenger cars and forklift trucks.