VANCOUVER, BC and AHMEDABAD,
India, Feb.
22, 2022 /CNW/ - Ballard Power Systems (NASDAQ: BLDP) (TSX:
BLDP) announced today it has signed a non-binding Memorandum of
Understanding ("MOU") with the Adani Group ("Adani Group"; NSE:
ADANIENT) 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, founded in 1988, is the largest and fastest-growing
portfolio of diversified businesses in India, with a current market capitalization of
approximately US$150 billion,
comprising of 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. Adani Group is the
largest solar power developer in the world and has a goal to be the
world's largest renewable energy company by 2030. Adani Group has
committed to investing US$70 billion
in solar, wind and hydrogen value chains over the next decade as
part of its commitment to global action on climate change.
Hydrogen is increasingly viewed as a critical medium for the
decarbonization of energy, industry, and mobility. Adani Group 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, 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. "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."
ABOUT BALLARD POWER SYSTEMS
Ballard Power Systems' (NASDAQ: BLDP; TSX: BLDP) 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. To learn more about
Ballard, please visit www.ballard.com.
FORWARD-LOOKING STATEMENTS
This release contains forward-looking statements concerning the
development and delivery of fuel cell products and Adani's use of
such products, and the benefits and anticipated market adoption of
them. These forward-looking statements reflect Ballard's current
expectations as contemplated under section 27A of the Securities
Act of 1933, as amended, and Section 21E of the Securities Exchange
Act of 1934, as amended. Any such statements are based on Ballard's
assumptions relating to its financial forecasts and expectations
regarding its product development efforts, manufacturing capacity,
and market demand. For a detailed discussion of the factors and
assumptions that these statements are based upon, and factors that
could cause our actual results or outcomes to differ materially,
please refer to Ballard's most recent management discussion &
analysis. Other risks and uncertainties that may cause Ballard's
actual results to be materially different include general economic
and regulatory changes, detrimental reliance on third parties,
successfully achieving our business plans and achieving and
sustaining profitability. For a detailed discussion of these and
other risk factors that could affect Ballard's future performance,
please refer to Ballard's most recent Annual Information Form.
These forward-looking statements are provided to enable external
stakeholders to understand Ballard's expectations as at the date of
this release and may not be appropriate for other purposes. Readers
should not place undue reliance on these statements and Ballard
assumes no obligation to update or release any revisions to them,
other than as required under applicable legislation.
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SOURCE Ballard Power Systems Inc.