Ballard Announces $7.7M MEA Order From Synergy Joint Venture in China PR Newswire
VANCOUVER, BC and YUNFU, China, July 2, 2020
VANCOUVER, BC and YUNFU, China, July 2, 2020 /PRNewswire/ - Ballard Power Systems (NASDAQ: BLDP) (TSX: BLDP) today announced that it has received a purchase order for $7.7 million of membrane electrode assemblies (MEAs) for use in manufacturing FCvelocity®-9SSL fuel cell stacks from Guangdong Synergy Ballard Hydrogen Power Co., Ltd. (Synergy-Ballard JVCo), a joint venture in which Ballard holds a 10% ownership interest.
Synergy-Ballard JVCo was established in 2017 between Ballard and Guangdong Nation Synergy Hydrogen Power Technology Co. Ltd. (Synergy) in the city of Yunfu in China'sGuangdong Province. The purchase of MEAs announced today was made pursuant to the MEA Long-Term Supply Agreement and Stack Assembly License Agreement signed between Ballard and Synergy-Ballard JVCo in 2019.
MEAs are a critical component of every cell in a fuel cell stack, enabling the chemical process that generates electricity from a combination of hydrogen and oxygen.
"Ballard's leading fuel cell technology is currently powering over 650 Fuel Cell Electric Buses and more than 2,200 fuel cell trucks in China, representing key market share at this early stage of market development," said Alfred Wong, Ballard Managing Director – Asia Pacific. "This follow-on order from the Synergy-Ballard joint venture is an important indicator of the continued progress and market demand for Ballard fuel cell technology in Heavy- and Medium-Duty Motive applications in China, including buses and commercial trucks. We expect to see high adoption of fuel cell electric vehicles in China as the national and provincial governments increasingly prioritize the decarbonization of mobility with zero-emission solutions. Where vehicle use cases require extended range and rapid refueling, we believe Ballard fuel cell technology will offer a compelling value proposition, including high reliability and durability along with competitive total-cost-of-ownership." |
