VANCOUVER, BC, LONDON and GLASGOW,
Scotland, Nov. 11, 2021 /CNW/
- Ballard Power Systems (NASDAQ: BLDP)(TSX: BDLP), a world leader
in the design and manufacturing of PEM fuel cell engines for
medium- and heavy-duty vehicles, today announced the acquisition of
Arcola Energy, a UK-based systems engineering company specializing
in hydrogen fuel cell powertrain and vehicle systems integration.
Ballard acquired 100% of Arcola
for total upfront and earn-out cash and share consideration of up
to US$40 million, based on the
achievement of certain performance milestones.
With more than 10 years of experience integrating Ballard fuel
cell engines into powertrains and heavy-duty vehicles, including
buses, refuse trucks and trains, Arcola currently has approximately 90
employees based in the UK. Arcola
is one of the fastest-growing hydrogen companies in the UK, working
with some of the most progressive local authorities, fleet
operators and OEMs to meet their zero-emission targets.
"We continue to focus on simplifying the fuel cell electric
vehicle (FCEV) experience and ease implementation friction points
for OEM customers and end-users," said Randy MacEwen, Ballard's President and Chief
Executive Officer. "We are putting the customer at the heart of our
strategy and investments. With the acquisition of Arcola, we will make it easier for existing
and new OEM customers globally to offer FCEVs by providing stronger
support for the integration of our fuel cell engines into their
vehicle platforms, including powertrain integration, vehicle
integration and application engineering."
Dr. Ben Todd, Founder and CEO of
Arcola, stated, "The entire
Arcola team is thrilled to combine
our shared passion for decarbonizing mobility and our unique
expertise in fuel cell powertrain integration with Ballard's world
leading PEM fuel cell technology and market position in heavy-duty
mobility. Together, we will improve and optimize FCEV powertrain
and vehicle performance, lower lifecycle costs, and simplify
powertrain and vehicle systems integration and service for
customers."
Mr. MacEwen added: "With COP26 as
a contextual backdrop for the urgent need to decarbonize
hard-to-abate sectors, we are seeing growing global interest in the
adoption of hydrogen-powered fuel cell engines into zero-emission
buses, commercial trucks, trains and marine vessels. We welcome the
Arcola team to Ballard, where our
purpose is to deliver fuel cell power for a sustainable planet.
With this acquisition, we significantly strengthen our global
systems integration capabilities to further support our growth
plan, while deepening our UK presence."
Ballard acquired Arcola for
total consideration of up to US$40
million, including 337,353 Ballard shares (with a current
approximate value of US$6 million)
that vest over two years, and up to US$34
million in upfront and earn-out cash consideration based on
the achievement of certain performance conditions over a two-year
period.
National Bank Financial acted as financial advisors to Ballard
for the purposes of this transaction.
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 ARCOLA ENERGY
Arcola Energy is a systems engineering company specializing in
hydrogen fuel cell powertrain and vehicle systems integration. To
learn more about Arcola Energy, please visit www.arcolaenergy.com |
@ArcolaEnergy
FORWARD-LOOKING STATEMENTS
This release contains forward-looking statements concerning the
anticipated impact of the acquisition on our products and
customers. 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.
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SOURCE Ballard Power Systems Inc.