- Companies agree to future collaboration
VANCOUVER, BC, and SOUTHBOROUGH, MA, Oct.
15, 2020 /PRNewswire/ - Ballard Power Systems (NASDAQ:
BLDP) (TSX: BLDP) today announced that it has sold the Unmanned
Aerial Vehicle (UAV) business assets of its subsidiary located in
Southborough, Massachusetts to
Honeywell International ("Honeywell"; www.honeywell.com).
All employees of the UAV subsidiary will transition to Honeywell
Aerospace. Financial terms have not been disclosed. The companies
are also committed to a long-term strategic collaboration to
combine Ballard's expertise in fuel cell technology with
Honeywell's leadership in aerospace and are working on agreements
in respect of this collaboration.
Randy MacEwen, Ballard 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."
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.
This release contains forward-looking statements concerning
anticipated market developments and demand for our products. 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.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy securities. The Ballard
Common Shares have not been registered under the United States
Securities Act of 1933, as amended, or the securities laws of any
other jurisdiction and may not be offered or sold in the United States absent registration or an
applicable exemption from registration requirements.
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SOURCE Ballard Power Systems Inc.