Ballard Power Systems, a world leader in PEM fuel cell
technology, will subscribe as a cornerstone investor in the
proposed IPO of Forsee Power on Euronext Paris
VANCOUVER, BC and PARIS,
Oct. 18, 2021 /CNW/ - Ballard
Power Systems (NASDAQ: BLDP) (TSX: BDLP), a world leader in PEM
fuel cells, and Forsee Power, a leader in smart battery systems for
sustainable electromobility, announce the signing of a Memorandum
of Understanding (MOU) for a strategic partnership to develop fully
integrated fuel cell and battery solutions, optimized for
performance, cost and installation for heavy-duty hydrogen mobility
applications.
A fully integrated solution for hydrogen mobility
The partnership of Ballard and Forsee Power brings together two
industry leaders to develop a fully integrated solution combining a
fuel cell and battery system, optimized to meet the needs of
targeted medium and heavy-duty mobility markets of bus, truck,
rail, marine, and off-road.
This strategic partnership is the beginning of a long-term
collaboration involving the co-design, co-development, production,
marketing, and sales of integrated fuel cell-battery solutions.
With complementary technologies, customers, verticals and
markets, the Ballard and Forsee Power partnership is expected to
increase technological performance, optimize costs, extend service
life, and reduce customer friction points by providing
pre-integrated and optimized electric powertrain solutions.
Combining technological know-how and experience
Hydrogen electric powertrains are made up of a number of key
components, including the fuel cell module, battery system, and
Energy Management System (EMS). The fuel cell module, which is
powered by hydrogen stored in tanks on the vehicle, produces
electricity which is supplied to the electric powertrain.
Batteries, charged by the electricity from the fuel cell, generate
additional energy during sudden variations in load (acceleration or
climbing a steep slope, for example). The fuel cell and battery
systems are thus complementary as the vehicle can move by means of
the fuel cell, battery, or both, as needed by the vehicle duty
cycle. To ensure optimization and high efficiency between these
components a reliable and smart EMS is critical.
For the planned integrated solution, Ballard will supply the
fuel cell system and related controls, and Forsee Power will supply
the battery system and related battery management system, cooling
system and high voltage DC/DC conversion system. The parties will
jointly develop the EMS to optimize the hybrid fuel cell and
battery system architecture.
Strategic investment by Ballard as part of proposed Forsee
IPO on Euronext Paris
As part of the strategic relationship, Ballard is committing to
participate as a cornerstone lead investor (up to €40 million) in
connection with the proposed IPO of Forsee. This commitment would
allow Ballard to acquire a stake in Forsee Power upon its initial
public offering on Euronext in Paris,
France, with Ballard also having the right to appoint a
board member to the Forsee Power board of directors.
Creation of an industrial and commercial force to conquer a
growing international market
Ballard, a global leader with over 100 million kilometers
traveled by more than 3,500 fuel cell electric buses and trucks,
and Forsee Power, a global leader in batteries for light and
heavy-duty electric vehicles, have each been supplying the same
verticals, and some of the same customers, with fuel cell modules
and battery systems since 2016. Optimization of the fuel
cell-battery powertrain, resulting in improved reliability,
durability, efficiency, and cost, is a logical next step for value
creation.
"A key element of our corporate strategy is to simplify the fuel
cell electric vehicle experience for OEM customers and end users,"
said Randy MacEwen, Ballard's
President and Chief Executive Officer. "Our clear goal is to create
more value for our customers. We are working to improve FCEV
powertrain and vehicle performance, lower lifecycle costs, and
simplify powertrain and vehicle systems integration and service. We
believe fuel cells and batteries are highly complementary and can
be integrated together in a smart and compelling architecture that
optimizes performance. Today, OEM customers typically procure the
various pieces of the fuel cell and battery powertrain separately,
and then need to integrate them together. By offering pre-designed
and fully optimized and integrated fuel cell-battery solutions to
our customers, we expect to ease implementation friction points.
Our exciting partnership with Forsee Power represents an important
step to achieve our goal. Together, we plan to accelerate scaled
adoption of hydrogen FCEVs in heavy-duty mobility
applications."
"I am delighted with the signing of this strategic MOU with
Ballard, with whom we share the same ambition to develop
sustainable, zero emission mobility. This partnership is expected
to provide key strategic advantages: technological know-how,
industrial capacities, and geographical coverage to capture the
growth of the hydrogen vehicle market. While the climate emergency
urges the transport sector to accelerate its energy transition, it
will be a game changer to advance hydrogen mobility, bringing a
stronger offering of zero-emission technologies to our OEM
customers for road, rail and marine applications. I want to thank
Ballard for their trust materialized by this significant
cornerstone investment as part of our IPO," stated Christophe Gurtner, Chairman & CEO of Forsee
Power.
ABOUT BALLARD POWER SYSTEMS
Ballard Power Systems' (NASDAQ: BLDP; TSX: BLDP) vision is to
deliver fuel cell power for a sustainable planet. Ballard
zero-emission PEM fuel cells are enabling electrification of
mobility, including buses, commercial trucks, trains, marine
vessels, passenger cars and forklift trucks. To learn more about
Ballard, please visit www.ballard.com.
ABOUT FORSEE POWER
Forsee Power is an industrial group specializing in smart
battery systems for sustainable electric transport (LEV, trucks,
buses, trains, marine vessels). A major player in Europe, Asia,
and North America the Group
designs, assembles and supplies energy management systems based on
the most robust cells available on the market as well as provides
installation, commissioning and on-site or remote maintenance.
Forsee Power also offers financing solutions (battery rental) and
second life solutions for transport batteries. www.forseepower.com
| @ForseePower
FORWARD-LOOKING STATEMENTS
This release contains forward-looking statements concerning the
development and delivery of products resulting from the strategic
partnership, and the benefits and anticipated market adoption of
them. These forward-looking statements reflect Ballard's current
expectations as contemplated under section 27A of the Securities
Act of 1933, as amended, and Section 21E of the Securities Exchange
Act of 1934, as amended. Any such statements are based on Ballard's
assumptions relating to its financial forecasts and expectations
regarding its product development efforts, manufacturing capacity,
and market demand. For a detailed discussion of the factors and
assumptions that these statements are based upon, and factors that
could cause our actual results or outcomes to differ materially,
please refer to Ballard's most recent management discussion &
analysis. Other risks and uncertainties that may cause Ballard's
actual results to be materially different include general economic
and regulatory changes, detrimental reliance on third parties,
successfully achieving our business plans and achieving and
sustaining profitability. For a detailed discussion of these and
other risk factors that could affect Ballard's future performance,
please refer to Ballard's most recent Annual Information Form.
These forward-looking statements are provided to enable external
stakeholders to understand Ballard's expectations as at the date of
this release and may not be appropriate for other purposes. Readers
should not place undue reliance on these statements and Ballard
assumes no obligation to update or release any revisions to them,
other than as required under applicable legislation.
DISCLAIMER
This press release does not constitute or form a part of any
offer or solicitation to purchase or subscribe for securities nor
of any offer or solicitation to sell securities in Canada, the United
States or any other jurisdiction. The securities mentioned
herein have not been and will not be registered under the U.S.
Securities Act of 1933, as amended (the "U.S. Securities Act"), and
may not be offered or sold, directly or indirectly, within
the United States except pursuant
to an exemption from or in a transaction not subject to, the
registration requirements of the U.S. Securities Act. Forsee Power
does not intend to register any of its shares in the United States nor to conduct a public
offering of securities in the United States. The distribution
of this document in certain countries may constitute a breach of
applicable law.
The securities mentioned herein have not been and will not be
qualified for sale to the public under applicable Canadian
securities laws and, accordingly, any offer and sale of the
securities in Canada will be made
on a basis which is exempt from the prospectus requirements of such
securities laws.
SOURCE Ballard Power Systems Inc.