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Ballard Reaches Agreement for $44M Order With Weichai-Ballard JV to Support Initial Fuel Cell Vehicle Deployments in China
Ballard Reaches Agreement for $44M Order With Weichai-Ballard JV to Support Initial Fuel C...
About this update from Ballard Power Systems Inc.
[{"type":"text","content":"\n\n\n\nBallard Reaches Agreement for $44M Order With Weichai-Ballard JV to Support Initial Fuel Cell Vehicle Deployments in China\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, May 1, 2019\n\n\n\nVANCOUVER, May 1, 2019 /CNW/ - Ballard Power Systems (NASDAQ: BLDP; TSX: BLDP) today announced that it has reached agreement with Weichai Ballard Hy-Energy Technologies Co., Ltd. (\"Weichai-Ballard JV\") for the supply of a mix of certain fuel cell products and components that will be used in the assembly of modules to power zero-emission fuel cell electric vehicles (FCEVs) in China. The order will have a total value of approximately $44 million to Ballard.\n\n \n \n\n \nOnce assembled by the Weichai-Ballard JV, final modules will be sold to Weichai Power Co., Ltd. (\"Weichai\") to support initial deployments against Weichai's commitment to supply a minimum of 2,000 fuel cell modules for commercial FCEVs in China. All products and components to be supplied by Ballard, as well as related applications engineering support, are planned for delivery in 2019 and 2020, and will be based on Ballard's next-generation LCS stack technology.\nRandy MacEwen, Ballard President and CEO said, \"This is a very exciting next step for our Weichai-Ballard joint venture. Weichai's commitment to support the deployment of 2,000 FCEVs in China is the largest to date globally. It will enable further fuel cell cost reductions as we move toward commercial scaling. Weichai intends to be at the forefront of zero-emission FCEV deployments in China. Since the closing of our strategic collaboration, we have been moving very quickly together to prepare the Weichai-Ballard JV manufacturing facility for the assembly of Ballard fuel cell stacks and modules. We anticipate the Weichai-Ballard JV facility will be operational by the end of 2019, positioning us with a strong set-up in the China market for 2020.\"\nBallard closed a strategic collaboration transaction with Weichai in November 2018. The transaction includes: (i) an equity investment by Weichai in Ballard in the amount of ap...