Ballard Power Inks $11M Deal To Supply 200 Fuel Cell Engines

 | Apr 06, 2017 10:45PM ET

Ballard Power Systems Inc. ( (NASDAQ:BLDP) ) announced that it has entered into a definitive equipment supply agreement with Zhongshan Broad-Ocean Motor in Guangdong Province, China. Per this approximately $11-million deal, Ballard Power will supply and deliver 200 FCveloCity fuel cell engines to Broad-Ocean. These fuel engines will be used to demonstrate clean energy buses and commercial vehicles in major Chinese cities.
The company will manufacture and supply these engines from its operations in British Columbia. The shipments are expected to be completed by the end of 2017.
Ballard Extends Ties with Broad-Ocean
In Feb 2017, Ballard Power signed a definitive strategic agreement with Broad-Ocean related to technology transfer, licensing and supply arrangements. The $25-million deal includes assembly and sale of FCveloCity 30-kilowatt (kW) and 85kW fuel cell engines in China.
In Sep 2016, the two companies signed a Memorandum of Understanding (MoU), wherein Ballard Power will manufacture fuel cell modules for use in buses and commercial vehicles in select cities and regions across China. (Read More: Zacks Investment Research
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Written By: Zacks Investment Research

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