VANCOUVER, BC and
A fully integrated solution for hydrogen mobility
The partnership of
This strategic partnership is the beginning of a long-term collaboration involving the co-design, co-development, production, marketing, and sales of integrated fuel cell-battery solutions.
With complementary technologies, customers, verticals and markets, the
Combining technological know-how and experience
Hydrogen electric powertrains are made up of a number of key components, including the fuel cell module, battery system, and Energy Management System (EMS). The fuel cell module, which is powered by hydrogen stored in tanks on the vehicle, produces electricity which is supplied to the electric powertrain. Batteries, charged by the electricity from the fuel cell, generate additional energy during sudden variations in load (acceleration or climbing a steep slope, for example). The fuel cell and battery systems are thus complementary as the vehicle can move by means of the fuel cell, battery, or both, as needed by the vehicle duty cycle. To ensure optimization and high efficiency between these components a reliable and smart EMS is critical.
For the planned integrated solution, Ballard will supply the fuel cell system and related controls, and
Strategic investment by Ballard as part of proposed Forsee IPO on Euronext Paris
As part of the strategic relationship, Ballard is committing to participate as a cornerstone lead investor (up to €40 million) in connection with the proposed IPO of Forsee. This commitment would allow Ballard to acquire a stake in
Creation of an industrial and commercial force to conquer a growing international market
Ballard, a global leader with over 100 million kilometers traveled by more than 3,500 fuel cell electric buses and trucks, and Forsee Power, a global leader in batteries for light and heavy-duty electric vehicles, have each been supplying the same verticals, and some of the same customers, with fuel cell modules and battery systems since 2016. Optimization of the fuel cell-battery powertrain, resulting in improved reliability, durability, efficiency, and cost, is a logical next step for value creation.
"A key element of our corporate strategy is to simplify the fuel cell electric vehicle experience for OEM customers and end users," said
"I am delighted with the signing of this strategic MOU with Ballard, with whom we share the same ambition to develop sustainable, zero emission mobility. This partnership is expected to provide key strategic advantages: technological know-how, industrial capacities, and geographical coverage to capture the growth of the hydrogen vehicle market. While the climate emergency urges the transport sector to accelerate its energy transition, it will be a game changer to advance hydrogen mobility, bringing a stronger offering of zero-emission technologies to our OEM customers for road, rail and marine applications. I want to thank Ballard for their trust materialized by this significant cornerstone investment as part of our IPO," stated
ABOUT
ABOUT FORSEE POWER
Forsee Power is an industrial group specializing in smart battery systems for sustainable electric transport (LEV, trucks, buses, trains, marine vessels). A major player in
FORWARD-LOOKING STATEMENTS
This release contains forward-looking statements concerning the development and delivery of products resulting from the strategic partnership, and the benefits and anticipated market adoption of them. These forward-looking statements reflect Ballard's current expectations as contemplated under section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Any such statements are based on Ballard's assumptions relating to its financial forecasts and expectations regarding its product development efforts, manufacturing capacity, and market demand. For a detailed discussion of the factors and assumptions that these statements are based upon, and factors that could cause our actual results or outcomes to differ materially, please refer to Ballard's most recent management discussion & analysis. Other risks and uncertainties that may cause Ballard's actual results to be materially different include general economic and regulatory changes, detrimental reliance on third parties, successfully achieving our business plans and achieving and sustaining profitability. For a detailed discussion of these and other risk factors that could affect Ballard's future performance, please refer to Ballard's most recent Annual Information Form. These forward-looking statements are provided to enable external stakeholders to understand Ballard's expectations as at the date of this release and may not be appropriate for other purposes. Readers should not place undue reliance on these statements and Ballard assumes no obligation to update or release any revisions to them, other than as required under applicable legislation.
DISCLAIMER
This press release does not constitute or form a part of any offer or solicitation to purchase or subscribe for securities nor of any offer or solicitation to sell securities in
The securities mentioned herein have not been and will not be qualified for sale to the public under applicable Canadian securities laws and, accordingly, any offer and sale of the securities in
SOURCE
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