VANCOUVER and INGOLSTADT,
Germany, Sept. 26, 2016 /PRNewswire/ - Ballard Power
Systems (NASDAQ: BLDP; TSX: BLD) today announced that automotive
OEM Audi AG has issued purchase orders to Ballard to accelerate
certain key development activities under the current long-term
Technology Solutions program that Volkswagen Group has with
Ballard.
As announced by Ballard in a February 11,
2015 press release, the current 6-year engineering services
contract with Volkswagen Group runs to March
2019, with an optional 2-year extension beyond that date.
The contract has an estimated value of C$100-140 million (approximately US$80-112 million at the time of Ballard's press
release). The resulting HyMotion program encompasses automotive
fuel cell stack development as well as system design support
activities.
Volkswagen Group recently transferred responsibility for fuel
cell development to its Audi luxury brand, and is also accelerating
the timeline for series production. The acceleration in HyMotion
program activities is focused on reconfiguration of the current
fuel cell stack and acceleration in the development of a
next-generation fuel cell stack.
Dr. Petra Hackenberg-Wiedl, head
of Fuel Cell Office Audi AG and Volkswagen Group said, "We see our
future as including electric powertrains, both battery and fuel
cell vehicles."
Randy MacEwen, Ballard President and CEO said, "This
acceleration of the HyMotion program confirms Volkswagen Group's
commitment to fuel cell technology and its long-term partnership
with Ballard. At Ballard, we are fully committed to the consistent
delivery of program goals and to the support of Volkswagen Group
and Audi as it progresses toward its electrification targets with
the world's leading fuel cell stacks."
Dr. Kevin Colbow, Ballard's Vice
President – Technology and Product Development added, "Our HyMotion
team of engineers and scientists are collaborating closely with
Audi's experts and together we are on-track with respect to key
technical and financial goals set for the current year."
About Ballard Power Systems
Ballard Power Systems
(NASDAQ: BLDP; TSX: BLD) 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
market demand for our products and services. 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.
SOURCE Ballard Power Systems Inc.