Adani Enterprises Limited said that it has signed an agreement with Ashok Leyland (ASOK.NS) and Ballard Power’s (BLDP.TO) Canada unit to provide a pilot project to develop a hydrogen fuel cell electric truck (FCET) for mining logistics.
As per the details of the agreement, Ballard will supply the fuel cell engine for the project led by Adani. Ashok Leyland will supply the vehicle and technical support for the project. Adani Group’s flagship enterprise, FSCET, is scheduled for launch in India in 2023.
Hydrogen, made by separating water by electrolysis, can be used as a fuel. If the mechanism that does that is powered using a renewable source of energy, the product is commonly called green hydrogen.
The group led by Asia’s richest man Gautam Adani plans to invest more than $50 billion in green energy for the manufacture of up to 3 million tons of green hydrogen annually, according to AEL.
The Indian government had launched a 179 billion rupee ($2 billion) campaign to incentivize the production of green hydrogen and set out green hydrogen targets for various industries just two weeks before this announcement.
As per the details, the companies such as Reliance Industries (RELI.NS), Indian Oil (IOC.NS), NTPC (NTPC.NS), Adani, JSW Energy (JSWE.NS) and Acme Solar (ACMO.NS) are all interested in green hydrogen production.
Adani Group (an Indian energy company) entered a strategic partnership with French energy company Total Energies for a green hydrogen project in India. India aims to reach net zero carbon emissions by 2070.