Ballard Power Systems has announced today that it has entered into a strategic collaboration with Weichai Power, which includes a substantial equity investment of approximately $163 million, representing a 19.9 % interest in the company, and the establishment of a joint venture to support China’s burgeoning Fuel Cell Electric Vehicle market. The agreement includes as well 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 a commitment by Weichai to build and supply at least 2,000 fuel cell modules for commercial vehicles in the country (as announced by Weichai today).
In addition, Zhongshan Broad-Ocean Motor – a current Ballard strategic investor and Chinese partner – has agreed to invest a further approximately $20 million 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.
