Ballard Signs Historic Strategic Collaboration With Weichai Power, Advancing China Strategy
Vancouver, Canada and Jinan/Weifang, China – Ballard Power Systems announced at a public event in Jinan, Shandong Province, China that it has entered into a strategic collaboration with Weichai Power Co., Ltd.
In addition, Zhongshan Broad-Ocean Motor Co., Ltd. - a current Ballard strategic investor and Chinese partner – has agreed to invest a further approximately $20 million at the same 15% premium to maintain its 9.9% ownership position in Ballard. As a result, the Weichai and Broad-Ocean equity investments in Ballard will total approximately $183 million.
All the foregoing transactions are expected to close in Q4 2018, subject to completion of definitive agreements, regulatory approvals and other customary closing conditions.
Source: IWR Online, 30 Aug 2018