Ballard Power Enters Indian Hydrogen Market With MoU
Vancouver, Canada / Ahmedabad, India - The Indian government announced a hydrogen roadmap last year to help India meet its climate goals and make the country a hub for green hydrogen. Ballard Power is also looking to benefit from this.
Founded in 1988, the Adani Group comprises seven publicly listed companies with a current total market capitalization of approximately $150 billion, with businesses spanning power generation and distribution, renewable energy, gas and infrastructure, logistics (seaport, airports, shipping, and rail), mining and resources, and other sectors. The Adani Group aims to become one of the world's largest producers of green hydrogen through accelerated investment in renewable energy. It plans to invest $70 billion in the solar, wind and hydrogen sectors over the next decade. The implementation of these goals is anchored at the newly established company Adani New Industries Limited, which will focus on the production of green hydrogen, including downstream products, the generation of green electricity, the manufacture of electrolysers and wind turbines, among other activities.
"Green hydrogen is the fuel of the future and fuel cells will be a game-changer in India’s energy transition. We will shape the industry through this strategic collaboration", said Adani New Industries Limited Director Vneet S Jaain, welcoming the cooperation. "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", adds Ballard Power CEO Randy MacEwen.
India launches hydrogen roadmap
India launched its Hydrogen Roadmap last August (2021). The program is designed to incentivize investors to produce the fuel at low cost and help the country move away from its dependence on fossil fuels. The roadmap is also designed to help the government meet its climate goals and make India a center for green hydrogen. The goal by 2030 is to produce 5 million tons of green hydrogen and implement the expansion of renewable energy capacity needed to achieve that goal.
On Thursday of last week (Feb. 17, 2022), India's Ministry of Energy notified the first part of the National Hydrogen Roadmap. The policy includes free transmission of renewable electricity from one state to another for hydrogen and ammonia production, and is intended to help reduce costs for the industry. The interstate transmission fee waiver will be granted for a 25-year period to producers of green hydrogen and green ammonia from projects that come online before June 30, 2025. The government is also considering offering subsidies and obliging oil refineries and fertilizer plants to use the fuel in the second phase, which is still in preparation, Energy Minister Raj Kumar Singh said.
Ballard Power stock gains
After the shares of RENIXX group Ballard Power marked their lowest point of the year so far on Monday, closing at 7.56 euros (closing price, Feb. 21, 2022, Stuttgart Stock Exchange), the stock regained ground in yesterday's trading, rising 7.1 percent to 8.10 euros (Feb. 22, 2022, closing price, Stuttgart Stock Exchange). In today’s trading, the share has so far gained a further 2.9 percent to 8.33 euros (Feb. 23, 2022, 03:08 p.m., Stuttgart Stock Exchange).
Source: IWR Online, 23 Feb 2022
