VANCOUVER, BC, May 9, 2022
/CNW/ - Ballard Power Systems (NASDAQ: BLDP) (TSX: BLDP) today
announced it entered a strategic collaboration with Wisdom
(Fujian) Motor Company Limited
("Wisdom"), Templewater Group ("Templewater"), and Bravo Transport
Services Limited ("Bravo") to accelerate the adoption of commercial
fuel cell electric vehicles (FCEV) in Hong Kong.
Templewater, an alternative asset management firm and parent
company of Bravo - Hong Kong
island's largest transit operator, together with Ballard,
co-invested in a Series A funding for Wisdom, a technology company
that designs and manufactures zero emission commercial vehicles.
The Series A funds will support Wisdom's organizational growth,
R&D, and manufacturing platforms, including the expansion and
development of its hydrogen zero emission fuel cell truck, bus, and
specialty vehicle offerings for international markets. The
transaction is expected to close in Q2 2022, subject to completion
of regulatory approvals and customary closing conditions.
Wisdom's hydrogen vehicle product lines will exclusively deploy
Ballard's world leading PEM fuel cell technology, with modules
supplied by the Weichai-Ballard Joint Venture in China. Ballard intends to enter into a joint
development agreement with Wisdom to advance the integration and
optimization of its fuel cell electric powertrain designs and
control strategies.
As part of the initial collaboration, Ballard is supporting
Wisdom on the introduction of a new double-decker fuel cell bus,
which is planned to be demonstrated in 2022 by Bravo as part of its
initiative to replace its entire fleet of buses in Hong Kong with zero-emission models. Bravo
currently operates over 1,700 buses, covering over 200 routes and
carrying over 1 million passengers daily under the franchise brands
of Citybus and New World First Bus. This demonstration will
showcase fuel cell bus capabilities to meet one of the world's most
challenging operating environments, comprising of steep road
grades, high passenger loads, the need for fast refueling, and
strong air conditioning.
Ballard Power Systems President and CEO, Randy MacEwen, said "We are excited to work with
Wisdom to develop customized fuel cell vehicles for emerging growth
markets. Our companies have a shared vision to make a difference
for our customers by providing leading edge zero emission fuel cell
solutions to decarbonize our planet. We continue to see growing
government support globally and are encouraged by the Hong Kong
Government's initiative to be net carbon neutral by 2050."
As part of Ballard's equity investment, Alfred Wong, Ballard's Managing Director of
Asia Pacific, will serve on the
board of directors of Wisdom.
"We look forward to the opportunity to collaborate with Wisdom,
Templewater, and Bravo. We see tremendous opportunity to accelerate
the adoption of commercial FCEV in Hong
Kong and other international bus and truck markets,"
commented Alfred Wong.
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, and stationary power. To learn more about Ballard, please
visit www.ballard.com.
This release contains forward-looking statements concerning
anticipated technical developments, product offerings and
deployments. 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
forward-looking statements are based on Ballard's assumptions
relating to its financial forecasts and expectations regarding its
product development efforts, manufacturing capacity, and market
demand.
These statements involve risks and uncertainties that may cause
Ballard's actual results to be materially different, including
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. Readers should not place undue reliance on
Ballard's forward-looking statements and Ballard assumes no
obligation to update or release any revisions to these
forward-looking statements, other than as required under applicable
legislation.
About Wisdom (Fujian) Motor Company Limited -
威驰腾（福建）汽车有限公司
Founded in 2019 in China,
Wisdom (Fujian) Motor Company
Limited ("Wisdom") is an innovation company that designs and
manufactures zero-emission commercial vehicles. With a vision of
becoming a global role model for zero-emission smart commercial
vehicles, Wisdom focuses on exporting high-end products across the
world, having sold and delivered eight types of products more than
230 vehicles to 13 regions in the three years since inception.
Additional information is available at www.wisdommotor.com.
About Templewater Group
Templewater Group ("Templewater") is an alternative asset
management firm headquartered in Hong
Kong, founded by Cliff Zhang
and the Investec Group in 2018 as a spin-off of Investec Group's
Principal Investments Division in Asia, continuing the heritage and investment
track record of the Investec Group. Templewater is a solution-based
and trusted partner to institutions, entrepreneurs and family
offices, investing in proprietary deals alongside them. Templewater
invest across the alternative asset classes in private equity,
growth equity and real estate. To learn more about Templewater,
please visit www.templewater.com
About Bravo Transport
Bravo Transport Services Limited ("Bravo Transport") engages in
franchised and non-franchise bus services under two brands, namely
New World First Bus Services ("NWFB") and Citybus Limited
("Citybus"), servicing more than 1 million passengers per day.
Bravo Transport is owned by Templewater consortium. To learn more
about Bravo Transport, please visit www.bravobus.com.hk
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SOURCE Ballard Power Systems Inc.