Weichai Power intends to invest in Ballard's 19.9% ​​stake in the field of hydrogen fuel cells

On the morning of August 29, 2018, Weichai Power announced that it has signed a strategic cooperation agreement with Canada's Ballad Power Systems Co., Ltd., the world leader in hydrogen fuel cells, in Jinan, Shandong. Weichai Power intends to invest in a 19.9% ​​stake in Ballard and become the largest shareholder of Ballard. At the same time, the two parties plan to set up a joint venture company in Shandong to develop and manufacture hydrogen fuel cell power system products.

Ballard is a hydrogen fuel cell company based in Canada with core technologies for proton exchange membrane fuel cell materials, membrane electrodes, stacks, modules and systems. Its products are used in heavy duty power systems, material handling, portable power supplies, and Markets such as backup power supply have layouts in Canada, the United States, Europe, and China. In 1993 and 1995, Ballard's shares were listed on the Toronto Stock Exchange and the NASDAQ exchange.

Through this strategic cooperation, Weichai Power intends to invest 163 million US dollars to subscribe for a 19.9% ​​stake in Ballard and become the largest shareholder of Ballard. At the same time, the two parties will establish a joint venture company in China to jointly develop a suitable market for China. Next-generation proton exchange membrane fuel cell stacks, as well as next-generation fuel cell modules for passenger cars, commercial trucks and forklifts. According to the agreement, the registered capital of the joint venture company is not less than RMB 1 billion, of which Weichai Power holds 51% and Ballard holds 49%. The joint venture will have exclusive rights to Ballard's next-generation stack and module technology products in the Chinese commercial vehicle and forklift market, and the two companies will also cooperate in the future of technology products.

In addition, Weichai will supply 2000 hydrogen fuel cell commercial vehicles to the society.

Hydrogen fuel cell technology is one of the ultimate technical routes for new energy vehicles. Compared with lithium batteries, hydrogen fuel cells have advantages in terms of emissions and thermal efficiency. At present, Weichai Power has identified new energy vehicles and powertrains as one of the core technologies of the future. Hydrogen fuel cells are one of the key development directions. In 2016, Weichai Power made a strategic investment in the domestic hydrogen fuel cell leader Vortex, and cooperated with Fulsey in the development of hydrogen fuel cell buses, hydrogen fuel cell heavy trucks and other products. In May of this year, Weichai Power signed a strategic cooperation agreement with CERES POWER, which will cooperate in the field of solid oxide fuel cells and establish a joint venture company in China. At the launching ceremony of the 100 billion-level project in Jinan, Weichai also cooperated with Canada Westport Fuel Systems to develop and manufacture high-end natural gas engines. So far, from solid oxide fuel cells to hydrogen fuel cells and HPDI natural gas engines, Weichai firmly controls the three core technologies of the new energy industry in the future, which will effectively promote the high-end upgrade of the national new energy automobile industry. (This article is from Weichai)