- Investment accelerates expansion of Ballard production
capacity
VANCOUVER, July 3, 2018 /PRNewswire/ - Ballard Power
Systems (NASDAQ: BLDP; TSX: BLDP) today announced that it has
acquired certain strategic assets of Automotive Fuel Cell
Cooperation Corporation ("AFCC"), a private company owned by
Daimler AG ("Daimler") and Ford Motor Company
("Ford").
As part of a planned wind-down of AFCC's operations in
Vancouver, which are co-located
with Ballard at its headquarters, Daimler and Ford have in-housed
and relocated their fuel cell stack development activities to
Germany and the U.S.,
respectively. As a result, Daimler and Ford have agreed to sell
AFCC assets to Ballard.
Randy MacEwen, Ballard's
President & CEO said, "This acquisition supports and
accelerates our growth plans in two key respects. First, it
immediately provides needed expansion of our product and material
testing capabilities that will be used to support new and existing
programs, products, as well as customers. In addition, we have
acquired key production equipment that provides much of the
incremental capacity needed to meet forecasted growth over the next
five years."
Mr. MacEwen added, "With these valuable assets already in place
and functioning within Ballard's existing Vancouver facilities, this transaction
accelerates the expansion of our fuel cell testing, production and
lab capacity at a lower cost, compared to acquiring new equipment.
We view this acquisition as a high value and capital efficient
transaction from a Ballard shareholder perspective, enabling us to
accelerate production growth objectives more efficiently compared
to the expected cost of procuring and installing new equipment with
long associated lead times."
The extensive array of testing, production and lab assets
acquired – with a footprint of approximately 11,000 square feet of
floor space – includes:
- Testing Equipment – Test stands, Core Automotive Test
(CAT) equipment as well as other stations and equipment used in the
testing of materials, fuel cell stacks and power modules;
- Prototype Production Equipment – Key prototype
production equipment used in the manufacture of membrane electrode
assemblies (MEAs), a core technology component used in fuel cell
stacks; and
- Lab and Quality Inspection Equipment – A broad range of
measurement, testing and inspection equipment underpinning the
analysis and understanding of critical fuel cell and MEA
materials.
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 market growth drivers, product attributes and
corresponding value propositions for our customers. 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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SOURCE Ballard Power Systems Inc.