Ballard Signs A $2.5M Deal, Extends Business With Synergy
Zacks Investment Research | Jul 11, 2016 10:20PM ET
Clean energy product supplier Ballard Power Systems (NASDAQ:BLDP) announced that it has signed a definitive agreement, worth $2.5 million, with Guangdong Nation Synergy Hydrogen Power Technology Co. Ltd. (‘Synergy’).
Details of Technology Solution Agreement
Per the technology solutions agreement, Synergy will have the exclusive right to manufacture and sell Ballard's 1.7 and 5 kilowatt direct hydrogen FCgen®-H2PM fuel cell backup power systems in China.
In addition, Synergy will make additional recurring payments to Ballard for each unit sold, subject to annual minimums. Per this deal, Ballard will also be the exclusive supplier of air-cooled fuel cell stacks to Synergy for use in the FCgen®-H2PM systems that it produces and sells.
Ballard’s Prior Business Ties with Synergy
Ballard’s current agreement with Synergy is an extension of a prior business relationship between the two. The deal includes licensing and equipment supply agreements for fuel cell power modules, parts kits and stacks for buses in China. In 2015, Ballard had signed an agreement with Synergy to support the deployment of 300 fuel cell buses in the cities of Foshan and Yunfu.
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