BALLARD SIGNS CHINESE DEAL WORTH 11M DOLLAR WITH BROAD-OCEAN
Ballard Power Systems announced that it has entered into a definitive equipment supply agreement with Zhongshan Broad-Ocean Motor Co., Ltd for the supply and delivery of 200 FCveloCity® fuel cell engines to be used in demonstrations of clean energy buses and commercial vehicles in key Chinese cities.
The engines will be manufactured and supplied by Ballard from its operations in British Columbia, with shipments scheduled for 2017. The deal value is approximately $11 million.
Broad-Ocean plans to seize early market demand for fuel cell buses and commercial vehicles in strategic demonstration projects in key Chinese cities. As a result, Ballard will supply Broad-Ocean with 200 fuel cell modules in 2017 to support these initial projects. This $11 million order will be incremental to the expected $25 million value of the technology transfer deal.
Founded in 1994, Broad-Ocean is headquartered in the City of Zhongshan in Guangdong Province and is listed on the Shenzhen Stock Exchange. The Company is a global manufacturer of motors that power small and specialized electric machinery for electric vehicles (EVs), including buses, commercial vehicles and passenger vehicles, and for heating, ventilation and air conditioning (HVAC). Broad-Ocean produces more than 50 million motors annually for customers on 5 continents. On August 18, 2016 Broad-Ocean became Ballard’s largest shareholder following an investment of $28.3 million in Ballard common shares, representing approximately 9.9% of Ballard’s outstanding common shares following the transaction.