An anonymous director reports

BALLARD CLOSES TECHNOLOGY SOLUTIONS TRANSACTION WITH VOLKSWAGEN GROUP

Ballard Power Systems Inc. has successfully closed the technology solutions transaction previously announced on Feb. 11 with Volkswagen Group (Volkswagen AG and Audi AG) for a total amount of approximately $80-million (U.S.) for the transfer of certain automotive-related fuel-cell intellectual property (IP) and a two-year extension of an engineering service contract through March, 2019.

At closing, Ballard received an initial payment of $40-million (U.S.), of which 25 per cent will be paid to United Technologies Corp. (UTC) as a royalty payment pursuant to the agreement with UTC announced on April 24, 2014. The company expects to receive the remaining $10-million (U.S.), which will be subject to a 9-per-cent payment to UTC, no later than the first quarter of 2016. Revenue under the extension to the technology solutions engineering service contract will be recognized when services are provided in 2017 to 2019.

Further information regarding this transaction will be provided during Ballard's coming "2014 results and 2015 outlook" conference call, scheduled for 1 p.m. ET (10 a.m. PT) on Thursday, Feb. 26, 2015.

We seek Safe Harbor.