Ballard Power Systems Inc (BLDP)

[qqbmed]

Ballard Announces Strategic Collaboration and Equity Investment Deal With Broad-Ocean

July 26, 2016
For Immediate Release

VANCOUVER, CANADA and ZHONGSHAN, CHINA – Ballard Power Systems (NASDAQ: BLDP; TSX: BLD) today announced that Zhongshan Broad-Ocean Motor Co., Ltd. has entered into a strategic collaboration with Ballard which includes a $28.3 million equity investment in Ballard, representing 9.9% of the company following the transaction (“Broad-Ocean”; www.broad-ocean.com/en/index.html).

Founded in 1994, Broad-Ocean is headquartered in the City of Zhongshan in Guangdong Province and is listed on the Shenzhen Stock Exchange. Broad-Ocean is a leading global manufacturer of motors that power small and specialized electric machinery for electric vehicles (EVs), including buses, commercial vehicles and passenger vehicles, and for heating, ventilation and air conditioning (HVAC). Broad-Ocean has 4 business units: EV; Rotating Electrical for Vehicles; HVAC; and EV Operations Platform. In addition, it holds majority and minority shares in 18 companies. Broad-Ocean produces more than 50 million motors annually for customers on 5 continents, including King Long, Yutong, Van Hool, BAE Systems, SAIC Motor, FAW, Dongfeng, General Motors, Ford, Volvo, Fiat, TATA, Cummins, Caterpillar, Carrier, Trane, Daikin, Goodman, Gree and Midea.

http://ballard.com/about-ballard/newsroom/news-releases/news07261601.aspx