VANCOUVER and MUNICH, Germany, Nov.
14, 2017 /CNW/ - Ballard Power Systems (NASDAQ: BLDP;
TSX: BLDP) today announced that it has signed a Development
Agreement with Siemens AG ("Siemens"; www.siemens.com) for the
development of a zero-emission fuel cell engine to power Siemens'
Mireo light rail train. The Development Agreement has a
contemplated value of approximately $9.0
million to Ballard.
Under the terms of the Development Agreement, Ballard will
develop a 200 kilowatt fuel cell engine for integration into
Siemens' new Mireo train platform. Mireo is a modular commuter
train platform designed for speeds of up to 160 kilometers per hour
(100 miles per hour). Thanks to lightweight design,
energy-efficient components and intelligent onboard network
management, the Mireo will consume up to 25% less energy than
trains with similar passenger capacity. Initial deployments of the
fuel cell-powered Mireo train are planned for 2021.
Sabrina Soussan, CEO of the
Mobility Division at Siemens said, "Our cooperation with Ballard is
a decisive step towards replacing diesel-powered rail vehicles with
emissions-free vehicles in the long term interests of sustainable
and climate-friendly mobility. We want to be able to offer our
customers flexible train solutions for various suburban routes,
which vary according to regional conditions and technical
possibilities."
Randy MacEwen, Ballard President and CEO added, "We are seeing
rapid market demand growing for clean energy fuel cell technology
in a range of Heavy Duty Motive applications, including trains,
trams, transit buses and commercial trucks. This Development
Agreement with Siemens, a major industrial conglomerate and leading
global train OEM, is a testament to the overall value proposition
offered by Ballard's fuel cell technology in a demanding use case
and duty cycle. In this application, fuel cells enable
electrification with range, without the need for costly catenary
wire infrastructure."
Siemens is the largest industrial manufacturing company in
Europe, headquartered in
Munich, Germany and with offices
around the globe. Siemens has more than 350,000 employees worldwide
and the Company generated revenue in excess of €79 billion
(USD$94 billion) in 2016.
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
planned product development efforts, market adoption 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.
SOURCE Ballard Power Systems Inc.