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Ballard Power Systems Inc
Symbol C : BLDP
Shares Issued 177,175,658
Close 2017-12-06 C$ 5.98
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Ballard says Shanghai Edrive plant commissioned

2017-12-07 03:33 ET - News Release

Mr. Randy MacEwen reports

NEW FUEL CELL ENGINE FACILITY COMMISSIONED IN SHANGHAI

A subsidiary of strategic partner Zhongshan Broad-Ocean Motor Co. Ltd., called Shanghai Edrive Co. Ltd., has commissioned its fuel cell engine manufacturing facility located in the city of Shanghai, China. Shanghai Edrive will assemble Ballard Power Systems Inc.'s FCvelocity 30-kilowatt and 85 kw fuel cell engines at the facility under a technology transfer, licensing and supply arrangement between Ballard and Broad-Ocean that closed earlier this year. Broad-Ocean also plans to assemble Ballard-designed engines at facilities in the Hubei and Shandong provinces.

An opening ceremony held today at the Shanghai Edrive facility was attended by Catherine McKenna, Canada's Minister of Environment and Climate Change, and Ma Xingfa, vice-chairman of the Shanghai municipal government science and technology committee, along with Gong Jun, chief executive officer of Shanghai Edrive, and Alfred Wong, managing director of Guangzhou Ballard Power Systems Co. Ltd.

Minister McKenna noted: "Clean fuels reduce carbon pollution and help improve air quality. That's why Canada supports innovative businesses like Vancouver-based Ballard. Its fuel cells, which are used for electric buses, facilitate affordable zero-emission transportation. Ballard is commercializing and exporting clean energy solutions that are in demand here in China and around the globe."

Randy MacEwen, Ballard president and chief executive officer, said: "Commissioning of Shanghai Edrive's facility is an important step in our strategy to localize production in China, as the market for fuel-cell-powered heavy-duty applications -- including buses and commercial trucks -- heats up in China, and this timing dovetails with the recent rollout of the Shanghai fuel cell vehicle development plan, a groundbreaking initiative for large-scale vehicle deployment. The plan includes annual production targets of 3,000 fuel cell electric vehicles by 2020 and 30,000 fuel cell electric vehicles by 2025."

Mr. MacEwen continued: "We are thrilled to have Broad-Ocean as a key partner to accelerate the adoption of fuel-cell-powered heavy-duty vehicles in China. Broad Ocean has manufacturing scale, supply chain muscle, operations excellence, bus and commercial vehicle OEM [original equipment manufacturer] relationships, and a strong balance sheet. Ballard will also benefit from Broad-Ocean's demand pull-through of fuel cell vehicles for use in its own new energy vehicle leasing business."

Mr. Gong, Shanghai Edrive chief executive officer, added: "We anticipate significant demand for zero-emission fuel cell electric buses and commercial trucks in key Chinese cities, including Shanghai. We are excited to collaborate with Shanghai to support implementation of the Shanghai fuel cell vehicle development plan. Our company has already started production of Ballard-designed fuel cell engines, and we expect to scale our manufacturing operation through 2018."

Shanghai Edrive's fuel cell engine manufacturing facility is over 50,000 square feet and has a capacity to manufacture and test several thousand engines annually. Ballard has provided training to Shanghai Edrive to ensure consistent manufacturing build quality and engine performance.

Each fuel cell engine assembled by Shanghai Edrive will utilize FCvelocity-9SSL fuel cell stacks manufactured by Guangdong Synergy Ballard Hydrogen Power Co. Ltd., a joint venture owned by Guangdong Nation Synergy Hydrogen Power Technology Co. Ltd. and Ballard in the city of Yunfu in China's Guangdong province. The joint venture manufacturing facility was commissioned in September, 2017.

About Ballard Power Systems Inc.

Ballard Power Systems provides clean energy products that reduce customer costs and risks, and helps customers solve difficult technical and business challenges in their fuel cell programs.

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