Ballard Power Systems has acquired certain strategic assets of Automotive Fuel Cell Cooperation Corporation, a private company owned by Daimler AG and Ford Motor Company.
As part of a planned wind-down of AFCC’s operations in Vancouver, which are co-located with Ballard at its headquarters, Daimler and Ford have in-housed and relocated their fuel cell stack development activities to Germany and the US, respectively. As a result, Daimler and Ford have agreed to sell AFCC assets to Ballard.
Randy MacEwen, Ballard’s President and CEO said, “This acquisition supports and accelerates our growth plans in two key respects. First, it immediately provides needed expansion of our product and material testing capabilities that will be used to support new and existing programmes, products, as well as customers. In addition, we have acquired key production equipment that provides much of the incremental capacity needed to meet forecasted growth over the next five years.”
MacEwen added, “With these valuable assets already in place and functioning within Ballard’s existing Vancouver facilities, this transaction accelerates the expansion of our fuel cell testing, production and lab capacity at a lower cost, compared to acquiring new equipment. We view this acquisition as a high value and capital efficient transaction from a Ballard shareholder perspective, enabling us to accelerate production growth objectives more efficiently compared to the expected cost of procuring and installing new equipment with long associated lead times.”
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