- Contract extension to August 2022
supports Audi through vehicle launch
VANCOUVER and INGOLSTADT,
GERMANY, June 11, 2018 /CNW/ - Ballard Power Systems
(NASDAQ: BLDP; TSX: BLDP) today announced that the Company has
signed a 3.5-year extension to its current Technology Solutions
contract with AUDI AG, part of the Volkswagen Group (Volkswagen AG,
www.volkswagenag.com and AUDI AG, www.audi.com), extending the
HyMotion program to August 2022. The
aggregate value of the contract extension is expected to be
C$80-to-130 million (US$62-100 million). The program will support Audi
through its small series production launch.
The HyMotion program encompasses automotive fuel cell stack
development as well as system design support activities. Ballard is
focused on the design and manufacture of world-leading,
next-generation fuel cell stacks for use in Audi's demonstration
car program. Ballard engineers are leading critical areas of fuel
cell product design – including the membrane electrode assembly
(MEA), plate and stack components – along with certain testing and
integration work.
Dr. Peter Mertens, Board Member
for Technical Development at AUDI AG said, "Our collaboration with
Ballard has enabled the acceleration of our automotive fuel cell
program, by bringing together fuel cell skills and expertise in
both organizations. We have developed demonstration cars using fuel
cell technology and design from the HyMotion program, and are
working toward a small series production launch."
Randy MacEwen, Ballard President and CEO stated, "The long-term
HyMotion program is a testament to the commitment that Volkswagen
Group and Audi have shown toward fuel cell electrification and
their partnership with Ballard. Ballard is committed to supporting
Volkswagen and Audi's corporate fuel cell automotive goals and
objectives. We believe the Ballard-designed fuel cell stacks
integrated into Audi's propulsion systems and vehicles will deliver
outstanding automotive fuel cell performance, including highest
power density, lightest weight, highest durability and robust
freeze start capabilities."
Mr. MacEwen added, "The automotive industry is undergoing
extraordinary transformation, driven by electrification, shared
mobility and autonomy. We believe shared mobility and autonomy will
fundamentally change passenger car utilization rates, with much
longer daily range requirements and longer hours of operation. We
expect fuel cell electrification to uniquely provide the passenger
vehicle market with zero-emissions, low noise and smooth
acceleration while also meeting long daily range and rapid
refueling requirements."
Dr. Kevin Colbow, Ballard's Vice
President – Technology and Product Development commented, "Our
highly experienced team of HyMotion engineers and scientists are
collaborating closely with Audi's fuel cell competence center. We
recently completed a series of regularly scheduled program update
meetings with Audi in Germany and
can confirm that we remain on-track with respect to our program
goals."
Ballard signed an initial 4-year contract with Volkswagen AG in
March 2013, followed by a 2-year
extension in February 2015, with the
full 6-year contract term running to March
2019. AUDI AG assumed leadership of the program in 2016.
Concept cars representing multiple Volkswagen and Audi brand
models, and utilizing technology and components developed through
the HyMotion program with Ballard, have been unveiled at
Detroit and LA Auto Shows over the
past several years. This has included the Golf SportWagen HyMotion,
Passat HyMotion and Audi A7 Sportback h-tron quattro.
About Audi
The Audi Group, with its brands Audi,
Ducati and Lamborghini, is one of the most successful manufacturers
of automobiles and motorcycles in the premium segment. It is
present in more than 100 markets worldwide and produces at 16
locations in twelve countries. 100 percent subsidiaries of AUDI AG
include Audi Sport GmbH (Neckarsulm), Automobili Lamborghini S.p.A.
(Sant'Agata Bolognese, Italy) and
Ducati Motor Holding S.p.A. (Bologna, Italy).
In 2017, the Audi Group delivered to customers about 1.878
million automobiles of the Audi brand, 3,815 sports cars of
the Lamborghini brand and 55,900 motorcycles of the Ducati brand.
In the 2017 fiscal year, AUDI AG achieved total revenue of €60.1
billion and an operating profit of €5.1 billion. At present,
approximately 90,000 people work for the company all over the
world, more than 60,000 of them in Germany. Audi focuses on sustainable products
and technologies for the future of mobility.
About Ballard Power Systems
Ballard Power Systems
(NASDAQ: BLDP; TSX: BLDP) 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
anticipated development activities and results as well as
deliveries and deployments of 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.
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content:http://www.prnewswire.com/news-releases/ballard-and-audi-sign-3-5-year-extension-to-long-term-program-for-fuel-cell-passenger-cars-300664335.html
SOURCE Ballard Power Systems Inc.