VANCOUVER and ZHUHAI CITY,
CHINA, Jan.
24, 2017 /PRNewswire/ - Ballard Power Systems (NASDAQ:
BLDP; TSX: BLDP) today announced that it has signed an initial
Equipment Sales Agreement with Zhuhai Yinlong Energy Group
(http://en.zhyle.com; "Yinlong Energy"), a major Chinese
manufacturer of battery electric buses, for 10
FCveloCity®-MD 30-kilowatt fuel cell engines. Ballard
plans to deliver the engines in 2017 for integration into Yinlong
buses that will be deployed in Beijing.
Randy MacEwen, Ballard's
President and CEO said, "Yinlong is a highly-regarded bus
manufacturer in China's clean
energy mass transportation sector. It is now expanding its product
portfolio to include hybrid fuel cell-powered buses to complement
the existing offering of battery electric buses. We are delighted
that Yinlong has selected Ballard as its supply partner for fuel
cell engines to support its initial Beijing demonstration and future growth
plans."
Yinlong Energy, located in the City of Zhuhai in Guangdong Province, is a key player in the
implementation of China's New
Energy Vehicle Program, focusing on battery-powered electric
vehicles (EVs) including buses and other passenger vehicles.
Yinlong plans to manufacture approximately 35,000 EV buses in
2017.
As operating range and recharging times present challenges for
battery-only EV buses on certain routes, Yinlong plans to integrate
a fuel cell engine into a new battery hybrid configuration. This
offering will increase energy density and power density, thereby
improving operating range of the bus. Yinlong is planning to deploy
and operate 10 fuel cell buses using Ballard
FCveloCity®-MD30 fuel cell engines for demonstration and
optimization trials, initially in Beijing, prior to a broader commercial launch
throughout China.
Mr. Yincang Wei, Chairman of the Board of Zhuhai Yinlong Energy
Group said, "Deployment of clean energy vehicles in China, including mass transportation buses, is
a very high priority for national, provincial and city governments.
We believe adding fuel cell power for range extension will
complement our offering of zero-emission buses to meet a variety of
operating conditions and duty cycles in Chinese cities. After
careful evaluation, we have selected Ballard as our strategic fuel
cell partner. Our '20-20 Plan' is that 20% of our buses sold by
2020 will include fuel cell technology."
As support for the company's aggressive growth plans, including
expansion into hybrid battery-fuel cell buses, several market
leading companies as well as individuals have recently made
significant investments in Yinlong Energy. These investors include:
Wanda Group; Zhongji Holdings Group; Jingdong Group; and Ms.
Dong Ming.
Beijing, like many cities in
China, suffers from a severe air
pollution challenge, which is an important reason for the country's
move toward zero-emission mass transportation alternatives. In
December 2016 a five-day Red Alert was issued in Beijing, during which time schools were
closed, thousands of vehicles were ordered off the roads and
residents were advised to stay indoors. Over the same period, Red
Alerts were also issued in 21 other cities in China.
About Ballard Power Systems
Ballard Power Systems
(NASDAQ: BLDP; TSX: BLDP) provides clean energy products that
reduce customer costs and risks, and helps customers solve
difficult technical and business challenges in their fuel cell
programs. To learn more about Ballard, please visit
www.ballard.com.
This release contains forward-looking statements concerning
anticipated product performance, customer benefits and market
demand for our products, and planned vehicle 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
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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.
SOURCE Ballard Power Systems Inc.