Ballard Power Systems has entered into a strategic collaboration with Weichai Power Co.
Announced at a public event in Jinan, Shandong Province, China, the collaboration includes a substantial equity investment by Weichai in Ballard of approximately $163m, representing a 19.9% interest in the company and reflecting a price based on a 15% premium to the 30-day VWAP.
It also includes the establishment of a joint venture (JV) to support China’s burgeoning Fuel Cell Electric Vehicle (FCEV) market and a $90m 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.
Weichai has also committed to build and supply at least 2,000 fuel cell modules for commercial vehicles in China, as announced by the Chinese company today.
... to continue reading you must be subscribed
