The Canadian fuel cell specialist Ballard Power Systems has announced an extensive strategic partnership with the Chinese company Weichai Power: Weichai will be investing about 163 million dollars in Ballard.
That gives the Chinese company 19.9% ownership, making them the largest single investor. It was also announced that a joint venture would be founded to address the fuel cell market in China. Weichai will hold 51% of the JV, while the other 49% go to Ballard.
As part of the joint venture technological exchange programme, 90 million dollars will be used to set up exclusive manufacturing rights for Ballards LCS fuel cell stacks in China. Furthermore, the joint venture will exlusively use Ballards Membrane Electrode Assemblies (MEAs) – a core component for fuel cells. The strategic cooperation will also require Weichai to manufacture and deliver at least 2,000 fuel cell electric vehicles in China by 2021.
Furthermore, Broad-Ocean Motor also announced interest in purchasing a 10% part of the joint venture, which would come out of Ballard’s ownership. This would be a 20 million dollar investment. Currently the offer is being discussed.