No core business: Ballard Power sells drone business to Honeywell
Vancouver, Canada - Fuel cell specialist Ballard Power has announced the sale of its Unmanned Aerial Vehicle (UAV) business. The Ballard subsidiary based in Southborough, Massachusetts, has been sold to Honeywell International.
The two companies have committed to a long-term strategic collaboration to combine Ballard's expertise in fuel cell technology with Honeywell's leadership position in aerospace. An agreement is currently being worked on.
Randy MacEwen, Ballard's President and CEO said: “We remain positive on the long-term outlook for fuel cell propulsion systems in the UAV market. However, we determined to divest this non-core systems business given our strategic focus on the Heavy- and Medium-Duty Motive markets of bus, truck, train and marine, where we expect scaled commercialization and growth through 2030 and beyond. We believe the UAV business will be best positioned within the Honeywell enterprise and look forward to our ongoing collaboration with Honeywell and growing the exciting business opportunities for a range of urban air mobility and broader aerospace applications.”
The Ballard Power share cannot benefit from the transaction and loses 4.1 per cent to 15.25 euros last week (closing price 16.10.2020, Stuttgart Stock Exchange).
Source: IWR Online, 19 Oct 2020