SI
SI
discoversearch

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor.  We ask that you disable ad blocking while on Silicon Investor in the best interests of our community.  If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

   Technology StocksBallard Power -world leader zero-emission PEM fuel cells


Previous 10 Next 10 
From: kidl11/14/2017 8:30:41 AM
   of 5777
 
Ballard and Siemens Sign $9M Multi-Year Development Agreement For Fuel Cell Engine to Power Cutting-Edge Mireo Commuter TrainCanada NewsWire

VANCOUVER and MUNICH, Germany, Nov. 14, 2017

VANCOUVER and MUNICH, Germany, Nov. 14, 2017 /CNW/ - Ballard Power Systems (NASDAQ: BLDP; TSX: BLDP) today announced that it has signed a Development Agreement with Siemens AG ("Siemens"; www.siemens.com) for the development of a zero-emission fuel cell engine to power Siemens' Mireo light rail train. The Development Agreement has a contemplated value of approximately $9.0 million to Ballard.



Under the terms of the Development Agreement, Ballard will develop a 200 kilowatt fuel cell engine for integration into Siemens' new Mireo train platform. Mireo is a modular commuter train platform designed for speeds of up to 160 kilometers per hour (100 miles per hour). Thanks to lightweight design, energy-efficient components and intelligent onboard network management, the Mireo will consume up to 25% less energy than trains with similar passenger capacity. Initial deployments of the fuel cell-powered Mireo train are planned for 2021.

Sabrina Soussan, CEO of the Mobility Division at Siemens said, "Our cooperation with Ballard is a decisive step towards replacing diesel-powered rail vehicles with emissions-free vehicles in the long term interests of sustainable and climate-friendly mobility. We want to be able to offer our customers flexible train solutions for various suburban routes, which vary according to regional conditions and technical possibilities."

Randy MacEwen, Ballard President and CEO added, "We are seeing rapid market demand growing for clean energy fuel cell technology in a range of Heavy Duty Motive applications, including trains, trams, transit buses and commercial trucks. This Development Agreement with Siemens, a major industrial conglomerate and leading global train OEM, is a testament to the overall value proposition offered by Ballard's fuel cell technology in a demanding use case and duty cycle. In this application, fuel cells enable electrification with range, without the need for costly catenary wire infrastructure."

Siemens is the largest industrial manufacturing company in Europe, headquartered in Munich, Germany and with offices around the globe. Siemens has more than 350,000 employees worldwide and the Company generated revenue in excess of €79 billion (USD$94 billion) in 2016.

Share RecommendKeepReplyMark as Last Read


From: kidl12/7/2017 11:38:18 AM
   of 5777
 
New Fuel Cell Engine Facility Commissioned in Shanghai Canada NewsWire

VANCOUVER and SHANGHAI, China, Dec. 6, 2017

Shanghai Edrive, division of Broad-Ocean, is the first facility for Chinese produced Ballard fuel cell modules Ceremony attended by the Honourable Catherine McKenna, Canada's Minister of Environment and Climate Change VANCOUVER and SHANGHAI, China, Dec. 6, 2017 /CNW/ - Ballard Power Systems (NASDAQ: BLDP; TSX: BLDP) today announced that a subsidiary of strategic partner Zhongshan Broad-Ocean Motor Co., Ltd. ("Broad-Ocean"; www.broad-ocean.com/en/index.html) – called Shanghai Edrive Co. Ltd. ("Shanghai Edrive") – has commissioned its fuel cell engine manufacturing facility located in the City of Shanghai, China. Shanghai Edrive will assemble Ballard FCveloCity® 30-kilowatt (kW) and 85kW fuel cell engines at the facility under a technology transfer, licensing and supply arrangement between Ballard and Broad-Ocean that closed earlier this year. Broad-Ocean also plans to assemble Ballard-designed engines at facilities in Hubei and Shandong Provinces.



An opening ceremony held today at the Shanghai Edrive facility was attended by the Honourable Catherine McKenna, Canada's Minister of Environment and Climate Change and Mr. Ma Xingfa, Vice Chairman of the Shanghai Municipal Government Science and Technology Committee, along with Mr. Gong Jun, CEO of Shanghai Edrive and Mr. Alfred Wong, Managing Director of Guangzhou Ballard Power Systems Co., Ltd.

Minister McKenna noted, "Clean fuels reduce carbon pollution and help improve air quality. That's why Canada supports innovative businesses like Vancouver-based Ballard. Its fuel cells, which are used for electric buses, facilitate affordable zero-emission transportation. Ballard is commercializing and exporting clean energy solutions that are in demand here in China, and around the globe."

Randy MacEwen, Ballard President and CEO said, "Commissioning of Shanghai Edrive's facility is an important step in our strategy to localize production in China, as the market for fuel cell-powered heavy duty applications – including buses and commercial trucks – heats up in China. And, this timing dovetails with the recent roll-out of the Shanghai Fuel Cell Vehicle Development Plan, a ground-breaking initiative for large-scale vehicle deployment. The Plan includes annual production targets of 3,000 fuel cell electric vehicles by 2020 and 30,000 fuel cell electric vehicles by 2025."

Mr. MacEwen continued, "We are thrilled to have Broad-Ocean as a key partner to accelerate the adoption of fuel cell-powered heavy-duty vehicles in China. Broad Ocean has manufacturing scale, supply chain muscle, operations excellence, bus and commercial vehicle OEM relationships, and a strong balance sheet. Ballard will also benefit from Broad-Ocean's demand pull-through of fuel cell vehicles for use in its own new energy vehicle leasing business."

Mr. Gong Jun, Shanghai Edrive CEO added, "We anticipate significant demand for zero-emission fuel cell electric buses and commercial trucks in key Chinese cities, including Shanghai. We are excited to collaborate with Shanghai to support implementation of the Shanghai Fuel Cell Vehicle Development Plan. Our company has already started production of Ballard-designed fuel cell engines and we expect to scale our manufacturing operation through 2018."

Shanghai Edrive's fuel cell engine manufacturing facility is over 50,000 square feet and has a capacity to manufacture and test several thousand engines annually. Ballard has provided training to Shanghai Edrive to ensure consistent manufacturing build quality and engine performance.

Each fuel cell engine assembled by Shanghai Edrive will utilize FCvelocity®-9SSL fuel cell stacks manufactured by Guangdong Synergy Ballard Hydrogen Power Co., Ltd., a joint venture owned by Guangdong Nation Synergy Hydrogen Power Technology Co. Ltd. ("Synergy") and Ballard in the City of Yunfu in China'sGuangdong Province. The joint venture manufacturing facility was commissioned in September 2017.

Shanghai Edrive was founded in 2008 as a manufacturer of electric drive systems and motor controllers for use in a variety of electric vehicles and has been a subsidiary of Broad-Ocean since 2016.

On August 18, 2016 Broad-Ocean became Ballard's largest shareholder following an investment of $28.3 million in Ballard common shares, representing approximately 9.9% of Ballard's outstanding common shares following the transaction. During 2017 Broad-Ocean has manufactured over 70 million motors to power small and specialized electric machinery for electric vehicles (EVs), including buses, commercial vehicles and passenger vehicles, and for heating, ventilation and air conditioning (HVAC).

Share RecommendKeepReplyMark as Last Read


From: kidl2/14/2018 10:14:18 AM
   of 5777
 
Ballard Announces Planned Deployment of 500 Fuel Cell Commercial Trucks in Shanghai

PR Newswire

VANCOUVER and SHANGHAI, Feb. 13, 2018

500 licensed trucks highlight progress in the adoption of Ballard fuel cell technology in China's transportation sector Expected to be world's largest deployment of fuel cell commercial trucks VANCOUVER and SHANGHAI, Feb. 13, 2018 /PRNewswire/ - Ballard Power Systems (NASDAQ: BLDP; TSX: BLDP) today announced the planned deployment of 500 licensed fuel cell electric commercial trucks – all using Ballard fuel cell stack technology – in Shanghai, China.



Each of the 500 Dongfeng Special Vehicle trucks is now licensed, plated and powered by a 30 kilowatt fuel cell engine that was designed and integrated by Shanghai Reinventing Fire Technology Company Limited ("Re-Fire"), featuring Ballard FCvelocity®-9SSL proton exchange membrane (PEM) fuel cell stacks.

Each box van truck is manufactured by Dongfeng Special Vehicle Co. Ltd., measures 6.4 meters (21 feet) in length, can carry a load of 3.2 tons and has an expected range of more than 330 kilometers (205 miles). The trucks will be operated by Shanghai Sinotran New Energy Automobile Operation Co., Ltd., a newly established fuel cell electric vehicle operator, and are expected to be used primarily for intra-city deliveries of goods.

Ballard and Re-Fire have entered into a collaboration agreement under which Re-Fire has agreed to use Ballard-designed fuel cell stacks in its fuel cell engines. Ballard's FCvelocity®-9SSL stacks are now being manufactured and are available from Guangdong Synergy Ballard Hydrogen Power Co., Ltd., Ballard's joint venture in Yunfu, Guangdong Province.

"Re-Fire has developed a leading position as a system integrator in the fast-moving Chinese fuel cell transportation market," said Randy MacEwen, Ballard President and CEO. "We are pleased to be collaborating with Re-Fire as we drive market adoption of fuel cell electric vehicles – or FCEVs – incorporating Ballard fuel cell technology. We believe this is the largest planned deployment of fuel cell-powered trucks anywhere in the world. It is not surprising that this is happening in Shanghai given that city's leadership in the commercial adoption of FCEVs."

Mr. Robin Lin, Re-Fire CEO noted, "Fuel cell electric commercial trucks represent a large and attractive market opportunity in China, particularly where user requirements favor long range, heavy payloads and fast refueling. Ballard is the premier global PEM fuel cell technology company, so using Ballard-designed fuel cell stacks in our engines was an easy decision."

Mr. Lin concluded, "With the integration work completed in late-2017, and all 500 commercial trucks having received green license plates for new energy vehicles in Shanghai, we are now preparing for vehicle launch. We expect to deploy all 500 trucks in 2018, subject to parallel activities, including appropriate scaling of fueling infrastructure and our service platform."

In 2017, the Science and Technology Commission of Shanghai, the Shanghai Municipal Commission of Economy and Information and the Shanghai Municipal Development & Reform Commission launched the "Shanghai Fuel Cell Vehicle Development Plan", a ground-breaking Plan calling for the annual production of 3,000 FCEVs by 2020.

Two recently-constructed hydrogen refueling stations are currently operating in Shanghai, with two additional stations planned for completion in the first half of 2018. As per the "Shanghai Fuel Cell Vehicle Development Plan", a total of 5-to-10 hydrogen fueling stations are planned by 2020.

China is forecasted to account for approximately 42% of global production of medium- and heavy-duty trucks in 2020, or approximately 1.1 million units, according to LMC Automotive.

About Shanghai Reinventing Fire Technology Company Limited ("Re-Fire")
Re-Fire is recognized as an integration leader in the fuel cell industry, offering innovative proprietary fuel cell engine products and state-of-the-art fuel cell powertrain solutions to OEM customers and end users. To learn more about Re-Fire, please visit re-fire.com.

About Dongfeng Special Vehicle Company Limited
Founded in 1969, Dongfeng Special Vehicle Co., Ltd. is a special purpose vehicle manufacturer located in China in Shiyan in Hubei Province, China. A member of the Dongfeng group of companies, it manufactures dump trucks, box van trucks, truck mounted loader cranes, wing van trucks, and other vehicles under the Dongfeng brand name. To learn more, please visit dftq.net.

About Ballard Power Systems
Ballard Power Systems (NASDAQ: BLDP; TSX: BLDP) provides clean energy products that reduce customer costs and risks, and helps customers solve difficult technical and business challenges in their fuel cell programs. To learn more about Ballard, please visit www.ballard.com.

This release contains forward-looking statements concerning anticipated deployment of vehicles incorporating our products. 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 forward-looking statements are based on Ballard's assumptions relating to its financial forecasts and expectations regarding its product development efforts, manufacturing capacity, and market demand.

These statements involve risks and uncertainties that may cause Ballard's actual results to be materially different, including 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. Readers should not place undue reliance on Ballard's forward-looking statements and Ballard assumes no obligation to update or release any revisions to these forward looking statements, other than as required under applicable legislation.

This press release does not constitute an offer to sell or the solicitation of an offer to buy securities. The Ballard Common Shares have not been registered under the United States Securities Act of 1933, as amended, or the securities laws of any other jurisdiction and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

SOURCE Ballard Power Systems Inc.


Share RecommendKeepReplyMark as Last Read


From: kidl2/14/2018 8:06:52 PM
   of 5777
 
Ballard Wins $4.2M Program to Develop Next-Gen Air-Cooled Fuel Cell Stack For Forklift Trucks

PR Newswire

VANCOUVER, Feb. 14, 2018

  • Ultra-high durability stack expected to enable significant cost reduction in Class 3 lift trucks powered by fuel cells
VANCOUVER, Feb. 14, 2018 /PRNewswire/ - Ballard Power Systems (NASDAQ: BLDP; TSX: BLDP) today announced that it has signed a Technology Solutions program with an unnamed strategic customer to develop a next generation air-cooled fuel cell stack. The multi-year program has an initial value to Ballard of approximately $4.2 million.



A key objective of the Technology Solutions program is to design and validate an ultra-high durability, high performance air-cooled fuel cell stack for uses in a number of target market applications, including certain material handling applications, with a target operating lifetime of 20,000 hours. A key market opportunity will be the integration of the next generation stacks into fuel cell systems for class 3 lift trucks, such as pallet jacks, deployed in high throughput distribution centers and warehouse operations. Other potential applications include systems for stationary continuous and backup power.

Dr. Kevin Colbow, Ballard Vice President – Technology and Product Development said, "We are excited to win this innovative development program with an important strategic partner. We believe an air-cooled fuel cell stack with 20,000 hours of operating lifetime in demanding operating conditions will be industry leading. This next generation stack is expected to significantly reduce the total cost of ownership for fuel-cell powered Class 3 lift trucks, thereby increasing the value proposition and serviceable addressable market."

About Ballard Power Systems
Ballard Power Systems (NASDAQ: BLDP; TSX: BLDP) provides clean energy products that reduce customer costs and risks, and helps customers solve difficult technical and business challenges in their fuel cell programs. To learn more about Ballard, please visit www.ballard.com.

This release contains forward-looking statements concerning anticipated development results and impacts on our products. 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 forward-looking statements are based on Ballard's assumptions relating to its financial forecasts and expectations regarding its product development efforts, manufacturing capacity, and market demand.

These statements involve risks and uncertainties that may cause Ballard's actual results to be materially different, including 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. Readers should not place undue reliance on Ballard's forward-looking statements and Ballard assumes no obligation to update or release any revisions to these forward looking statements, other than as required under applicable legislation.

This press release does not constitute an offer to sell or the solicitation of an offer to buy securities. The Ballard Common Shares have not been registered under the United States Securities Act of 1933, as amended, or the securities laws of any other jurisdiction and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

Share RecommendKeepReplyMark as Last Read


From: kidl2/28/2018 2:42:02 PM
   of 5777
 
Ballard Receives LOI For 40 Fuel Cell Engines To Power Van Hool Buses in Germany PR Newswire

VANCOUVER and KONINGSHOOIKT, Belgium, Feb. 28, 2018

Largest order ever for fuel cell buses in EuropeIndicative of growing European interest in fuel cells for use in heavy duty transportation applications VANCOUVER and KONINGSHOOIKT, Belgium, Feb. 28, 2018 /PRNewswire/ - Ballard Power Systems (NASDAQ: BLDP; TSX: BLDP) today announced it has received a Letter of Intent ("LOI") from Van Hool NV ("Van Hool"; vanhool.be, a bus OEM partner in Belgium, for 40 FCveloCity®-HD fuel cell engines to power buses under the Joint Initiative For Hydrogen Vehicles Across Europe ("JIVE") funding program. These buses are expected to be the first fuel cell bus deployments supported under JIVE I.

The 40 buses will be powered by Ballard FCveloCity®-HD 85 kilowatt fuel cell engines, which Ballard expects to receive a purchase order for and to begin shipping in the second half of 2018. Van Hool plans to deploy 30 of these buses with the Regionalverkehr Köln GmbH transit agency in the city of Cologne, Germany, and plans to deploy the remaining 10 buses with WSW mobil GmbH transit agency in Wuppertal, Germany, with deliveries expected to begin in 2019.

"There is momentum in the growing global deployments of fuel cell technology for heavy duty transportation applications," said Rob Campbell, Ballard Chief Commercial Officer. "Where transit buses and other heavy vehicles are typically characterized by high utilization rates together with the need for rapid refueling, fuel cell electric platforms are an especially attractive zero-emission alternative. We are very pleased with this progress and expect to begin work soon with Van Hool in fulfilling initial buses under the JIVE I program, in addition to the engines we announced last September for use in Van Hool tram-buses planned for deployment in Pau, France."

Filip Van Hool, CEO of Van Hool, added, "We have successfully integrated Ballard products into our buses in the past and view the LOI announced today as another important step in our journey to commercialize innovative fuel cell electric buses. We look forward to collaborating with Ballard in the many deployments we are targeting under the programs."

Ballard believes that its fuel cell engine product line has an unparalleled performance record. The Company's seven generations of FCveloCity® fuel cell engines have been deployed in buses in 15 countries on 5 continents during the past 10 years. These fuel cell engines powered buses that have travelled more than 12 million kilometers (7.45 million miles) cumulatively in revenue service, equivalent to circling the globe 299 times. In addition, the Company believes that its FCveloCity® products have demonstrated industry-leading durability, as evidenced by more than 25,000 hours of revenue service in buses of the Transport for London fuel cell bus fleet.

Europe's JIVE funding programs are intended to pave the way to commercialization of fuel cell electric buses by coordinating procurement activities to unlock economies-of-scale and reduce costs as well as supporting new hydrogen refueling stations. The JIVE I program targets deployment of 139 fuel cell buses in 9 locations and the JIVE II program targets a further deployment of 152 buses in 14 locations – for a total of 291 fuel cell buses to be deployed in European cities.

Results of the JIVE programs are expected to demonstrate the technical readiness of fuel cell buses to bus operators and the economic viability of hydrogen as a zero-emission bus fuel to policy makers. These programs are supported by a total of €57 million in grants from the Fuel Cells and Hydrogen Joint Undertaking (FCH JU).

About Ballard Power Systems
Ballard Power Systems (NASDAQ: BLDP; TSX: BLDP) provides clean energy products that reduce customer costs and risks, and helps customers solve difficult technical and business challenges in their fuel cell programs. To learn more about Ballard, please visit www.ballard.com.

This release contains forward-looking statements concerning anticipated deliveries and deployments of our products. 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 forward-looking statements are based on Ballard's assumptions relating to its financial forecasts and expectations regarding its product development efforts, manufacturing capacity, and market demand.

These statements involve risks and uncertainties that may cause Ballard's actual results to be materially different, including 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. Readers should not place undue reliance on Ballard's forward-looking statements and Ballard assumes no obligation to update or release any revisions to these forward looking statements, other than as required under applicable legislation.

This press release does not constitute an offer to sell or the solicitation of an offer to buy securities. The Ballard Common Shares have not been registered under the United States Securities Act of 1933, as amended, or the securities laws of any other jurisdiction and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

SOURCE Ballard Power Systems Inc.

Share RecommendKeepReplyMark as Last Read


From: kidl5/1/2018 9:06:41 AM
   of 5777
 
Ballard Receives Purchase Order for 40 Fuel Cell Modules to Power Van Hool Buses in Germany

PR Newswire

VANCOUVER and KONINGSHOOIKT, Belgium, May 1, 2018

VANCOUVER and KONINGSHOOIKT, Belgium, May 1, 2018 /PRNewswire/ - Ballard Power Systems (NASDAQ: BLDP; TSX: BLDP) today announced it has received a purchase order from Van Hool NV ("Van Hool"; vanhool.be, a bus OEM partner in Belgium, for 40 FCveloCity®-HD fuel cell modules to power buses under the Joint Initiative for hydrogen Vehicles across Europe ("JIVE") funding programs. The purchase order is further to Ballard's announcement of a Letter of Intent, which was issued on February 28, 2018.

Ballard expects to make initial shipments of the FCveloCity®-HD 85 kilowatt modules later in 2018, with initial deliveries of buses expected in 2019. Van Hool plans to deploy 30 buses with the Regionalverkehr Köln GmbH transit agency in Cologne, Germany, and the remaining 10 buses with WSW mobil GmbH transit agency in Wuppertal, Germany.

"This is the largest order ever for fuel cell buses in Europe and will be the first deployments under the JIVE I program," said Rob Campbell, Ballard Chief Commercial Officer. "Transit buses are an excellent example of a strong fit for fuel cell technology, which is able to meet the key requirements of long range, rapid refueling, heavy payload and full route flexibility. We are excited to see the growing interest in Europe for the use of our zero-emission power products."

Europe's JIVE funding programs are intended to pave the way to commercialization of fuel cell electric buses by coordinating procurement activities to unlock economies-of-scale and reduce costs as well as supporting new hydrogen refueling stations. The JIVE I program targets deployment of 139 fuel cell buses in 9 locations and the JIVE II program targets a further deployment of 152 buses in 14 locations – for a total of 291 fuel cell buses to be deployed in European cities.

Results of the JIVE programs are expected to demonstrate the technical readiness of fuel cell buses to bus operators and the economic viability of hydrogen as a zero-emission bus fuel to policy makers. These programs are supported by a total of €57 million in grants from the Fuel Cells and Hydrogen Joint Undertaking (FCH JU).

Share RecommendKeepReplyMark as Last Read


From: kidl8/29/2018 8:26:42 AM
   of 5777
 
Ballard Signs Historic Strategic Collaboration With Weichai Power, Advancing China Strategy

Canada NewsWire

VANCOUVER and JINAN and WEIFANG, China, Aug. 29, 2018

  • Equity investment of approximately $163M from Weichai, at 15% premium; Weichai to be Ballard's largest shareholder
  • Deal includes $90M technology transfer, Joint Venture establishment, Weichai commitment for at least 2,000 fuel cell commercial vehicles
  • Broad-Ocean Motors to increase holdings to retain 9.9% ownership for additional proceeds of approximately $20M
VANCOUVER and JINAN and WEIFANG, China, Aug. 29, 2018 /CNW/ - Ballard Power Systems (NASDAQ: BLDP; TSX: BLDP) today announced at a public event in Jinan, Shandong Province, China that it has entered into a strategic collaboration with Weichai Power Co., Ltd. ("Weichai"; en.weichaipower.com, which includes (i) a substantial equity investment by Weichai in Ballard of approximately $163 million, representing a 19.9% interest in the company and reflecting a price based on a 15% premium to the 30-day VWAP, (ii) establishment of a joint venture ("JV") to support China's burgeoning Fuel Cell Electric Vehicle ("FCEV") market, (iii) a $90 million technology transfer program to the JV related to Ballard's next-generation LCS fuel cell stack and power modules for bus, commercial truck and forklift applications in China, and (iv) a commitment by Weichai to build and supply at least 2,000 fuel cell modules for commercial vehicles in China, as announced by Weichai today.

In addition, Zhongshan Broad-Ocean Motor Co., Ltd. ("Broad-Ocean"; www.broad-ocean.com/en/index.html) – a current Ballard strategic investor and Chinese partner – has agreed to invest a further approximately $20 million at the same 15% premium to maintain its 9.9% ownership position in Ballard. As a result, the Weichai and Broad-Ocean equity investments in Ballard will total approximately $183 million.

All the foregoing transactions are expected to close in Q4 2018, subject to completion of definitive agreements, regulatory approvals and other customary closing conditions.

Established in 2002 and with listings on the Hong Kong and Shenzhen stock exchanges, Weichai Power Co., Ltd. is a leading automotive and equipment manufacturer specializing in the production of powertrains, automobiles, intelligent logistics, automotive parts and components. In 2017 Weichai manufactured more than 617,000 engines, 149,000 heavy duty trucks and 200,000 forklift trucks, and generated total revenue of 151.57 billion RMB (approximately $22.7B), with an employee base of 74,474 people.

Subject to closing, the strategic collaboration announced today includes these key elements:

1)

Strategic Equity Investments – Weichai will purchase a sufficient number of Ballard shares so as to hold a 19.9% ownership position following the transaction (including completion of Broad-Ocean's share purchase), becoming Ballard's largest shareholder. This equity investment will generate approximately $163 million of gross proceeds to Ballard through the subscription and purchase of shares issued from treasury at a price per share of $3.54 based on a 15% premium to the 30-day VWAP (volume weighted average price) of $3.08.




Weichai's investment will be subject to 2-year "standstill" and resale restrictions (subject to customary exceptions). For so long as Weichai holds at least 15% of Ballard's outstanding shares, it will have the right to nominate two directors to Ballard's board of directors, and Ballard will expand its board from the current seven directors to nine directors after closing. Weichai has also agreed that, in the event of a third-party offer to buy Ballard, Weichai will have the right to make a superior proposal or otherwise must vote its shares in accordance with the Ballard board recommendation.




In addition, Broad-Ocean has agreed to purchase a sufficient number of Ballard shares so as to maintain its 9.9% ownership position (after completion of Weichai's purchase). This equity investment will be made at the same price per share as paid by Weichai and will generate approximately $20 million of gross proceeds to Ballard through the subscription and purchase of additional shares issued from treasury.




Proceeds are planned to be used for investment in Ballard's core fuel cell business and to support M&A transactions.



2)

Technology Transfer and China Joint Venture – Weichai and Ballard have agreed to form a joint venture company in Shandong Province, China, with Weichai and Ballard initially owning 51% and 49%, respectively. The JV will pay $90 million to Ballard under a technology transfer program for the exclusive rights to manufacture Ballard's next generation LCS fuel cell stack and certain LCS-based modules for the bus, commercial truck and forklift markets in China. The JV will exclusively purchase Membrane Electrode Assemblies (MEAs), a critical technology component of each fuel cell, from Ballard under a long-term supply agreement. Weichai and Ballard will fund pro rata shares of the JV based on a business plan that is currently under discussion. Weichai will hold three of five JV board seats and Ballard will hold two, with Ballard having certain shareholder protection provisions. Ballard will also retain an exclusive right to the transferred technologies outside China.




Broad-Ocean has also expressed an interest in acquiring a 10% ownership position in the JV, which would correspondingly reduce Ballard's ownership position. Discussions regarding this investment are currently underway between the parties.



3)

Fuel Cell Sales – Weichai separately announced today that it has agreed to supply a minimum of 2,000 fuel cell modules for commercial vehicles in China by 2021. This is the largest announced planned commercial fuel cell vehicle deployment in history globally. Specific terms related to the supply of fuel cell power modules for commercial vehicles, including scope, product mix, pricing and timing of shipments, are under discussion between Weichai and Ballard.




"Today marks an exciting and historic milestone on our roadmap to commercialize fuel cell vehicles, as we embark on a long-term collaboration with Weichai," said Randy MacEwen, Ballard President and CEO. "Ballard is thrilled to partner with Weichai, the world's largest manufacturer of diesel engines, with a corporate strategy to be China's leader in zero-emission fuel cell powertrains and FCEVs. Weichai brings considerable expertise in the traditional motive power business, including engine design, application engineering and powertrain integration, along with extensive customer relationships, deep knowledge of the China market, substantial operations scale, supply chain muscle and a solid balance sheet. Weichai together with its parent company is also well positioned with its portfolio of acquisitions and investments in leading bus, truck and material handling OEMs. In addition, Broad-Ocean's anticipated participation in this strategic collaboration, including its incremental investment in Ballard, is further validation of the exciting China market opportunities."

Mr. MacEwen continued, "As strategic partners and shareholders, Weichai and Broad-Ocean are strongly aligned with the interests of Ballard's shareholders. The new JV will offer a compelling framework through which our next-generation LCS fuel cell stack and power modules will be successfully integrated into buses, commercial trucks and forklifts for the China market. Weichai's announced plan to deploy a minimum of 2,000 fuel cell commercial vehicles in China by 2021 is the largest commitment of commercial FCEVs to date globally. We believe this strategic collaboration will create an unparalleled ability to effectively address the Heavy and Medium Duty Motive markets in China with the most technologically advanced and competitively positioned fuel cell products, as we drive down costs and approach commercial scaling."

Mr. Tan Xuguang, Chairman and CEO of Weichai stated, "The transition in China to zero-emission vehicles is underway, and we expect fuel cells to play an important role in a variety of motive applications. Weichai, through our joint venture with Ballard, intends to be the leader in development of the Fuel Cell Electric Vehicle supply chain, by offering the most advanced fuel cell stacks and modules. Ballard is the global leader in PEM fuel cell technology and power products, and we envision a strong collaboration with formidable capabilities to address the large market in China for zero-emission buses, commercial trucks and material handling equipment."

Mr. Charles Lu, Chairman of Broad-Ocean added, "Weichai's visionary entry into the fuel cell industry and significant investment in Ballard are strong indicators of the future market potential. We are thrilled to deepen our strategic collaboration with Ballard and Weichai. We also plan to be a strategic customer of the joint venture."

Ballard is in ongoing discussions with existing partners in China to ensure continued support for products using current generation technology, and to facilitate a smooth future transition to products based on next-generation technology.

BMO Capital Markets acted as financial advisor to the Company in connection with this transaction.

Conference Call
Ballard will host a conference call to discuss this transaction on Wednesday, August 29, 2018 at 11:00 a.m. Eastern Time (8:00 a.m. Pacific Time). Interested investors can access the live conference call by dialing +1.604.638.5340. Alternatively, a live audio and slide webcast can be accessed through a link on Ballard's homepage ( www.ballard.com). Following the call, the audio webcast and presentation materials will be archived in the Earnings, Interviews & Presentations area of the Investors section of Ballard's website ( www.ballard.com/investors).

Share RecommendKeepReplyMark as Last Read


From: kidl9/19/2018 11:33:50 AM
   of 5777
 
Ballard Unveils Next Generation Zero-Emission Fuel Cell Stack for Heavy Duty Motive Market

PR Newswire

VANCOUVER and HANNOVER, Germany, Sept. 19, 2018

Raising the bar with high performance & reduced cost VANCOUVER and HANNOVER, Germany, Sept. 19, 2018 /PRNewswire/ - Ballard Power Systems (NASDAQ: BLDP; TSX: BLDP) today unveiled its next-generation high performance liquid-cooled fuel cell stack, the FCgen®-LCS, at the IAA Commercial Vehicles Trade Fair and Convention being held this week in Hannover, Germany.



The FCgen®-LCS features important design and performance enhancements, while also offering an impressive reduction in total-cost-of-ownership. This stack will be a core technology component of Ballard's 8th-generation power module portfolio for use in Heavy Duty Motive applications – including buses, commercial trucks and trains – planned for initial launch in 2019, and other applications such as forklifts.

Randy MacEwen, Ballard President and CEO said, "We are laser focused on strengthening the customer value proposition in Heavy Duty Motive. With the unveiling of the FCgen®-LCS, we are once again raising the bar in the industry. The FCgen®-LCS is expected to offer attractive customer value based on significantly reduced capital and operating costs, ultra-high durability, improved power density, impressive freeze start capability, enhanced efficiency, packaging flexibility, and high performance in a broad range of climatic conditions and duty cycles. With today's unveiling of the FCgen®-LCS stack and next year's planned launch of LCS-based power modules, Ballard will remain the market leader in zero-emission PEM fuel cell power solutions for the Heavy Duty Motive market."

Dr. Kevin Colbow, Ballard's Vice President – Technology and Product Development added, "The Ballard brand is synonymous with PEM fuel cell technology leadership. Our long-standing investment in PEM fuel cell research and product development, together with more than 8 million miles of on-road bus experience with customers across a variety of operating conditions, has resulted in this next generation, high performance PEM fuel cell stack."

Benefits of the FCgen®-LCS, compared to the current generation liquid-cooled fuel cell stack that it will replace, include:

Lower Cost – Expected 40% reduction in total-cost-of-ownership, achieved through various design and processing improvements, including: improved durability; lower catalyst loading; increased power density; improved unit cell performance; greater efficiency; and optimized high-volume MEA manufacturing processes. (The total-cost-of-ownership comparison is based on life cycle cost of a 50-kilowatt fuel cell stack operating for 50,000 hours with a single refurbishment.) Ultra-Long Durability – Planned operating lifetime of more than 30,000 hours – which exceeds the useful lifetime of many vehicles – made possible through improved MEA design and processing, as well as the use of reusable carbon bi-polar plates and molded compression hardware. High Power Density – 33% increase in power density, reducing physical stack size for a given amount of power, and thereby enabling tighter packaging into limited available space. Freeze Start Capability – Able to start in cold temperatures from -25oC (-13oF). Higher Tolerance to Operating Conditions – Higher performance attributes of the stack enable tolerance to a wider range of operating conditions, including: cold weather conditions and freeze start capabilities; operation at temperatures of up to 85oC (185oF), thereby reducing cooling requirements; and compatibility with high- and low-pressure operating conditions. Simplified Systems Integration – Several important features simplify systems integration requirements, including: compact design; flexible packaging from 20-to-220 cells; ports located at both ends of the stack provide easier access for fluids as well as the ability to mount the stack in several different orientations; and expanded vehicle integration flexibility for both air and cooling systems, enabled by the stack's expanded range of operating pressure, humidity and temperature. Sustainability – FCgen®-LCS features key sustainability design characteristics, including: higher efficiency; the use of reusable low-cost carbon plates and compression hardware; and the ability to recover catalyst material from MEAs. Ballard will be showcasing the FCgen®-LCS product in Hannover, Germany at the IAA Commercial Vehicles Trade Fair and Convention, September 19th-27th in Hall P11EG, booth 401-02. Further details, including contact information, can be found on the Company's website – www.ballard.com.

Ballard will continue to support the Company's existing customers where current generation FCvelocity®-9SSL fuel cell stack technology is used.

Share RecommendKeepReplyMark as Last Read


From: kidl9/21/2018 10:53:22 AM
   of 5777
 
Liebreich: Planes, Trains and Automobiles – the Electric Remake

Snip:

But, but, hydrogen!

At this point, I am sure any die-hard fans of hydrogen must be practically jumping out of their chairs. Because, yes, if you are talking about hybrid aviation options, hydrogen is one of the potential fuels that you could use. And, yes, you could use a fuel cell to convert it to electricity to replenish the on-board battery, though a turbine could work perfectly well too. While I continue to be scathing about the benefits of hydrogen for short-distance transport – anything under, say, 250 miles, whether by road, rail or air – longer-distances are where hydrogen might have a chance (as might biofuels).

Long-distance rail travel is another sector balanced between the benefits of electrification and hydrogen. With electrification of railway tracks costing as much as $2.5 million per mile, connecting up long-distance routes becomes prohibitively expensive. Hydrogen offers a potential way of reducing CO2 emissions and air pollution. In November 2017, Alstom signed a deal with the transport authority of Lower Saxony for 14 iLint hydrogen fuel cell trains, along with 30 years of maintenance and fuel, and the first train was certified for passenger use by the German Federal Railway Authority this summer.

However, hydrogen is not the only option (leaving aside the fact that if the hydrogen is generated from methane you might as well run the train on compressed natural gas, or CNG, as is occasionally done in India). Another way to eliminate emissions without electrifying the whole track would be for the train to carry a battery and recharge periodically en route, as proposed by Bombardier, U.K.-based start-up Vivarail and others. This might well end up cheaper and simpler than the hydrogen option, particularly for short and middle-distance routes.

For long-distance trucking, the electric rapid-charge concept is facing real competition from hydrogen. Feisty start-up Nikola is promoting a 1,000-mile hydrogen truck, for which it has 800 pre-orders from Anheuser-Busch. Call me skeptical until they have proven they can build vehicles, but most major truck manufacturers are also developing hydrogen concept trucks.

More:

about.bnef.com


Share RecommendKeepReplyMark as Last Read


From: Chartgod5/22/2019 3:31:41 PM
   of 5777
 
Hello? anyone home? 4.35/4.40 resistence?


Share RecommendKeepReplyMark as Last ReadRead Replies (1)
Previous 10 Next 10