Ballard Power (BLDP) Closes China JV Transaction with Synergy; Receives Initial Payments
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Ballard Closes Landmark Joint Venture Deal For Local Production of Fuel Cell Stacks in China
October 25, 2016 5:00 PM EDTExpected to generate $170M minimum revenue over 5-years
VANCOUVER and FOSHAN, China, Oct. 25, 2016 /PRNewswire/ - Ballard Power Systems (NASDAQ: BLDP; TSX: BLD) today announced the closing of its joint venture transaction with Guangdong Nation Synergy Hydrogen Power Technology Co. Ltd. ("Synergy") for the establishment of an FCvelocity®-9SSL fuel cell stack production operation in the City of Yunfu, in China's Guangdong Province. As of closing, Ballard received initial payments totaling $10.9 million.
The transaction has an estimated minimum value to Ballard of $170 million over 5-years and... More
