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Ballard Power Systems Inc
Symbol BLDP
Shares Issued 282,078,177
Close 2021-02-03 C$ 47.40
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Ballard enters MOU with Global Energy for C-H2 ship

2021-02-03 18:30 ET - News Release

Mr. Rob Campbell reports

BALLARD SIGNS MOU WITH GLOBAL ENERGY VENTURES FOR DEVELOPMENT OF FUEL CELL-POWERED SHIP

Ballard Power Systems Inc. has signed a non-binding memorandum of understanding (MOU) with Global Energy Ventures -- a provider of integrated compressed shipping solutions for the transportation of energy to regional markets, headquartered in Australia -- for the development of a new fuel-cell-powered ship, called C-H2 ship, designed to transport compressed green hydrogen.

The power required for a small-scale demonstration of the C-H2 ship is expected to be under 10 megawatts. At full scale, the C-H2 ship will have a propulsion power requirement of approximately 26 megawatts and a containment system for storage of 2,000 tons of compressed green hydrogen.

GEV will be responsible for design approvals, development, financing and operation of the C-H2 ship, along with integration of the required power system. Ballard will be responsible for design of the fuel cell system for the C-H2 ship, based on its FCwave technology, and will assist GEV with integration of the fuel cell system into the vessel's design. Ballard's FCwave system will obtain its hydrogen fuel from the compressed green hydrogen stored on board and transported by the vessel.

Martin Carolan, executive director of Global Energy Ventures, said: "This MOU is a significant step in our development of the company's C-H2 ship, with hydrogen fuel cells now at the forefront of zero-emission technologies for shipping. We look forward to working with Ballard on the development of the C-H2 ship's fuel cell system and power requirements in line with our development program for a compressed shipping solution for hydrogen marine transport at scale."

Rob Campbell, Ballard chief commercial officer, noted: "Hydrogen and fuel cell technology provide a compelling path for the decarbonization of the maritime sector, one of the key medium- and heavy-duty motive applications for which our products offer a particularly strong value proposition. Working with Global Energy Ventures will allow us to advance megawatt-scale hydrogen fuel cell and storage integration on board a large marine vessel. We are looking forward to collaborating with GEV on the visionary C-H2 ship."

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.

We seek Safe Harbor.

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