New Delhi: State-run Bharat Heavy Electricals Limited (BHEL) has signed a long-term exclusive memorandum of understanding (MoU) with Horizon Fuel Cell Technologies Pte Ltd of Singapore, the company said in a regulatory filing on Friday.
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According to the filing, the MoU covers cooperation on “hydrogen fuel cell-based rolling stock” for the domestic market, with exclusivity for a period of 10 years.
The scope of the agreement is structured around “business sharing” and is aimed at creating and entering a new market segment in India. The filing noted that there is no share exchange or consideration involved in the arrangement.
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By tying up with Horizon Fuel Cell Technologies, BHEL is looking to expand into the hydrogen-powered transport segment as India pushes for cleaner mobility solutions. The company described the rationale as “creation and entry of a new market segment.”