Ballard Power Systems has entered into a definitive agreement to divest assets of its subsidiary Protonex to private US-based company Revision Military to “focus on core fuel cell market opportunities”.
The deal, valued at up to $16m, will see Ballard divest certain non-core assets related to the Power Manager business. The fuel cell specialist will retain certain assets related to fuel cell propulsion systems for military and commercial unmanned vehicles.
Terms of the transaction include upfront consideration of $4.75m to Ballard – payable in cash and note – subject to a customary working capital adjustment, and up to a further $11.25m, based on achievement of specific sales objectives during a 12-month earn-out period.
The transaction is expected to close within the next 60 days, subject to customary closing conditions.
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