Weichai Group subscribes for 19.9% of Ballard
Weichai Power Co., Ltd. through the wholly-owned subsidiary Weichai (HOWO PARTS, SINOTRUK PARTS) Power (Hong Kong) International Development Co., Ltd. subscribed for 19.9% of Canada Ballard Power Systems Co., Ltd. for US$164 million to complete the delivery on November 13, 2018, Canada. Formally became the largest shareholder of Ballard. At the same time, Weichai Power will appoint two Ballard board members, and Ballard's board seats will increase from 7 to 9.
Ballard is a global leader in hydrogen fuel cells in Canada. It designs, develops, manufactures and markets proton exchange membrane fuel cell products for various applications and provides technical services. Products and engineering services are mainly used for heavy power. Systems, including passenger cars, trucks, light rails and ships. In addition, Ballard's products and engineering services are also used in materials handling, stationary power stations and other markets. Ballard has leading customers in major markets around the world, including the US, Europe, China, and Japan. Ballard was listed on the Toronto Stock Exchange and the NASDAQ exchange in 1993 and 1995 respectively.
After the equity cooperation, the two parties will immediately enter the stage of substantive business cooperation, strategically focus on the Chinese market, develop the next generation of hydrogen fuel cell products, and quickly realize the commercialization and engineering of relevant leading technologies in China.
Joint venture
The two parties will jointly invest 1.1 billion yuan to establish a joint venture company, Weichai Power (HOWO PARTS, SINOTRUK PARTS) will own 51%, and Ballard will hold 49%. The board of directors of the joint venture company has 5 members, Weichai Power has appointed 3 directors, and Ballard has appointed 2 directors. The joint venture will have exclusive rights to Ballard's next-generation proton exchange membrane fuel cell stack and module technology products in the Chinese passenger car, commercial truck and forklift market.
Joint development and product procurement
The joint venture will pay Ballard $90 million to jointly develop next-generation proton exchange membrane fuel cell stacks and modules. The joint venture will have exclusive rights to these technologies in the Chinese passenger car, truck and forklift market, and Ballard will have exclusive rights to these technologies in China's overseas markets. At the same time, the two parties have reached an agreement on the cooperation framework of 4.0kW/L stack technology and future technologies of 4.0kW/L or above. By the end of 2021, Weichai plans to work with the joint venture to provide 2,000 fuel cell modules for the domestic market using Ballard technology. These modules are expected to be available at the end of this year.
At present, Weichai has established its strategic goal of leading the global industry development in 2030. Through this transaction, Weichai Power will use its cooperation with internationally renowned companies to integrate global resources, fully enter the field of hydrogen fuel cells, accelerate the breakthrough of the core technology of hydrogen fuel cells, promote the launch of Weichai Power's new energy strategy, and lead China's commercial vehicles. And the forklift industry to upgrade to new energy, to help win the "blue sky defense war."
Ballard is a global leader in hydrogen fuel cells in Canada. It designs, develops, manufactures and markets proton exchange membrane fuel cell products for various applications and provides technical services. Products and engineering services are mainly used for heavy power. Systems, including passenger cars, trucks, light rails and ships. In addition, Ballard's products and engineering services are also used in materials handling, stationary power stations and other markets. Ballard has leading customers in major markets around the world, including the US, Europe, China, and Japan. Ballard was listed on the Toronto Stock Exchange and the NASDAQ exchange in 1993 and 1995 respectively.
After the equity cooperation, the two parties will immediately enter the stage of substantive business cooperation, strategically focus on the Chinese market, develop the next generation of hydrogen fuel cell products, and quickly realize the commercialization and engineering of relevant leading technologies in China.
Joint venture
The two parties will jointly invest 1.1 billion yuan to establish a joint venture company, Weichai Power (HOWO PARTS, SINOTRUK PARTS) will own 51%, and Ballard will hold 49%. The board of directors of the joint venture company has 5 members, Weichai Power has appointed 3 directors, and Ballard has appointed 2 directors. The joint venture will have exclusive rights to Ballard's next-generation proton exchange membrane fuel cell stack and module technology products in the Chinese passenger car, commercial truck and forklift market.
Joint development and product procurement
The joint venture will pay Ballard $90 million to jointly develop next-generation proton exchange membrane fuel cell stacks and modules. The joint venture will have exclusive rights to these technologies in the Chinese passenger car, truck and forklift market, and Ballard will have exclusive rights to these technologies in China's overseas markets. At the same time, the two parties have reached an agreement on the cooperation framework of 4.0kW/L stack technology and future technologies of 4.0kW/L or above. By the end of 2021, Weichai plans to work with the joint venture to provide 2,000 fuel cell modules for the domestic market using Ballard technology. These modules are expected to be available at the end of this year.
At present, Weichai has established its strategic goal of leading the global industry development in 2030. Through this transaction, Weichai Power will use its cooperation with internationally renowned companies to integrate global resources, fully enter the field of hydrogen fuel cells, accelerate the breakthrough of the core technology of hydrogen fuel cells, promote the launch of Weichai Power's new energy strategy, and lead China's commercial vehicles. And the forklift industry to upgrade to new energy, to help win the "blue sky defense war."
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