Ballard Power (BLDP) Announces Purchase Orders from Audi AG
Get the Pulse of the Market with StreetInsider.com's Pulse Picks. Get your Free Trial here.
Ballard Power Systems (NASDAQ: BLDP) today announced that automotive OEM Audi AG has issued purchase orders to Ballard to accelerate certain key development activities under the current long-term Technology Solutions program that Volkswagen Group has with Ballard.
As announced by Ballard in a February 11, 2015 press release, the current 6-year engineering services contract with Volkswagen Group runs to March 2019, with an optional 2-year extension beyond that date. The contract has an estimated value of C$100-140 million (approximately US$80-112 million at the time of Ballard's press release). The resulting HyMotion program encompasses automotive fuel cell stack development as well as system design support activities.
Volkswagen Group recently transferred responsibility for fuel cell development to its Audi luxury brand, and is also accelerating the timeline for series production. The acceleration in HyMotion program activities is focused on reconfiguration of the current fuel cell stack and acceleration in the development of a next-generation fuel cell stack.
Dr. Petra Hackenberg-Wiedl, head of Fuel Cell Office Audi AG and Volkswagen Group said, "We see our future as including electric powertrains, both battery and fuel cell vehicles."
Randy MacEwen, Ballard President and CEO said, "This acceleration of the HyMotion program confirms Volkswagen Group's commitment to fuel cell technology and its long-term partnership with Ballard. At Ballard, we are fully committed to the consistent delivery of program goals and to the support of Volkswagen Group and Audi as it progresses toward its electrification targets with the world's leading fuel cell stacks."
Dr. Kevin Colbow, Ballard's Vice President – Technology and Product Development added, "Our HyMotion team of engineers and scientists are collaborating closely with Audi's experts and together we are on-track with respect to key technical and financial goals set for the current year."
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- UPDATE: Analogic (ALOG) CEO Green Resigns; Successor Named
- VeriFone Systems (PAY) Expands Alipay Acceptance
- ProAssurance (PRA) Prelim. Q3 EPS Tops Views
Create E-mail Alert Related CategoriesCorporate News, Management Comments, Momentum Movers
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!