VANCOUVER, British
Columbia and YUNFU, China,
Aug. 31, 2016 /PRNewswire/
-- Ballard Power Systems (NASDAQ: BLDP; TSX: BLD) today joined
the Party Secretary of China's
Guangdong Province, Mr. Hu
Chunhua, and his delegation for a tour of the future site of
Ballard's planned joint venture with Guangdong Nation Synergy
Hydrogen Power Technology Co. Ltd. ("Synergy") in the Foshan
(Yunfu) Industrial Transfer Park in Yunfu, Guangdong Province ("Yunfu Fuel Cell
Park").
On July 18, Ballard announced the
signing of definitive agreements with Synergy for the establishment
of an FCvelocity®-9SSL fuel cell stack production
operation and joint venture in the City of Yunfu, in Guangdong Province. The fuel cell stacks will
be packaged into locally-assembled fuel cell engines and integrated
into zero-emission buses and commercial vehicles in China. Subject to closing, the transaction has
a contemplated minimum value to Ballard of $168 million over 5-years. The transaction is
scheduled to close in 2016, subject to customary closing conditions
including required regulatory approvals.
Secretary Hu's delegation also toured Synergy's fuel cell module
assembly facility and the Foshan Feichi fuel cell bus assembly
operation, both in the Yunfu Fuel Cell Park. Synergy also
demonstrated 12 different fuel cell vehicles, including ten
11-meter Feichi buses with Ballard's FCveloCity®-HD
85-kilowatt (kW) fuel cell engine, one 6.9-meter Feichi bus with
Ballard's FCveloCity®-MD 30kW fuel cell engine, and one
7-tonne Dongfeng Special Vehicle commercial truck with an
integrated 30kW fuel cell engine. The 11-meter Feichi fuel cell bus
design recently achieved a major technical and commercial milestone
– national government certification as a permitted fuel cell bus in
China.
"Ballard and our Foshan-Yunfu partners have made significant
progress since Secretary Hu's visit to Ballard in Vancouver in May," said Randy MacEwen, Ballard's President and CEO. "The
Yunfu plan for locally assembled fuel cell stacks, fuel cell
modules and fuel cell buses is now in focus."
Mr. Frank Ma, Chairman of
Guangdong Nation Synergy Hydrogen Power Technology Co. Ltd. said,
"Ballard is the preeminent fuel cell brand for buses and commercial
vehicles in China. Together we are
positioning fuel cells as a compelling solution for clean energy
buses and commercial vehicles in China's high-population cities where air
quality is a top priority. By localizing stack and module
production, we will drive costs down to enable sustainable market
demand for fuel cell buses and commercial vehicles based on
economics, zero emissions and passenger experience."
Guangdong Province, the most
populace province in China with
more than 100 million people, includes the cities of Guangzhou and Shenzhen and accounts for more than 25% of
China's foreign trade.
Guangdong Province is investing in
clean energy mass transit solutions to help address the
environmental objectives of China's 13th 5-Year Plan, including
improved air quality.
About Ballard Power Systems
Ballard Power Systems (NASDAQ: BLDP; TSX: BLD) provides clean
energy products that reduce customer costs and risks, and helps
customers solve difficult technical and business challenges in
their fuel cell programs. To learn more about Ballard, please visit
www.ballard.com.
This release contains forward-looking statements concerning
planned product deployments and market demand for our products.
These forward-looking statements reflect Ballard's current
expectations as contemplated under section 27A of the Securities
Act of 1933, as amended, and Section 21E of the Securities Exchange
Act of 1934, as amended. Any such forward-looking statements are
based on Ballard's assumptions relating to its financial forecasts
and expectations regarding its product development efforts,
manufacturing capacity, and market demand.
These statements involve risks and uncertainties that may cause
Ballard's actual results to be materially different, including
general economic and regulatory changes, detrimental reliance on
third parties, successfully achieving our business plans and
achieving and sustaining profitability. For a detailed discussion
of these and other risk factors that could affect Ballard's future
performance, please refer to Ballard's most recent Annual
Information Form. Readers should not place undue reliance on
Ballard's forward-looking statements and Ballard assumes no
obligation to update or release any revisions to these forward
looking statements, other than as required under applicable
legislation.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy securities. The Ballard
Common Shares have not been registered under the United States
Securities Act of 1933, as amended, or the securities laws of any
other jurisdiction and may not be offered or sold in the United States absent registration or an
applicable exemption from registration requirements.
For further information: Guy
McAree +1.604.412.7919, media@ballard.com or
investors@ballard.com
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SOURCE Ballard Power Systems Inc.