Ballard Power Systems has closed its transaction to divest non-core assets of its subsidiary Protonex, related to the Power Manager business, to private US-based company Revision Military.
At closing Ballard received an initial payment of approximately $4.1 million, paid in cash and note, and may receive up to a further $11.25 million, based on achievement of specific sales objectives during a 12-month earn-out period.
Ballard, a global provider of clean energy products, has retained certain Protonex assets related to fuel cell propulsion systems for unmanned vehicles, under the Ballard brand.
In 2015, fuel cell specialist Ballard paid approximately $17.5m in shares and cash to acquire Protonex, which included the Power Manager business, a Solid Oxide Fuel Cells business which was divested in January 2018, and the unmanned vehicle business.
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