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Ballard Power Systems Inc
Symbol BLDP
Shares Issued 244,486,462
Close 2020-10-15 C$ 24.49
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Ballard Power sells UAV business assets to Honeywell

2020-10-15 10:45 ET - News Release

Mr. Randy MacEwen reports


Ballard Power Systems Inc. has sold the unmanned aerial vehicle (UAV) business assets of its subsidiary located in Southborough, Mass., to Honeywell International.

All employees of the UAV subsidiary will transition to Honeywell Aerospace. Financial terms have not been disclosed. The companies are also committed to a long-term strategic collaboration to combine Ballard's expertise in fuel cell technology with Honeywell's leadership in aerospace and are working on agreements in respect of this collaboration.

Randy MacEwen, Ballard president and chief executive officer, said: "We remain positive on the long-term outlook for fuel cell propulsion systems in the UAV market. However, we determined to divest this non-core systems business given our strategic focus on the heavy- and medium-duty motive markets of bus, truck, train and marine, where we expect scaled commercialization and growth through 2030 and beyond. We believe the UAV business will be best positioned within the Honeywell enterprise and look forward to our ongoing collaboration with Honeywell and growing the exciting business opportunities for a range of urban air mobility and broader aerospace applications."

About Ballard Power Systems Inc.

Ballard Power Systems' vision is to deliver fuel cell power for a sustainable planet. Ballard zero-emission PEM fuel cells are enabling electrification of mobility, including buses, commercial trucks, trains, marine vessels, passenger cars and forklift trucks.

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