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Ballard Power Systems Inc
Symbol BLDP
Shares Issued 282,078,177
Close 2021-02-10 C$ 45.18
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Ballard, Chart enter MOU to develop fuel cell engine

2021-02-10 17:26 ET - News Release

Mr. Randy MacEwen reports

BALLARD SIGNS JOINT DEVELOPMENT AGREEMENT WITH CHART INDUSTRIES FOR HEAVY-DUTY MOBILITY ONBOARD HYDROGEN SOLUTIONS

Ballard Power Systems Inc. has signed a non-binding memorandum of understanding (MOU) with Chart Industries Inc., a leading diversified global manufacturer of highly engineered equipment for the industrial gas and clean energy industries, for the joint development of integrated system solutions that include a fuel cell engine with on-board liquid hydrogen (LH2) storage and vaporization for the transportation industry, with a focus on heavy-duty applications, including buses, trucks, rail and marine vessels.

Both Ballard and Chart have provided hydrogen solutions and equipment to industry for multiple decades (nearly 100 years in total), including a very rapid increase in sales activity in 2020 and year-to-date 2021. This collaboration of two industry veterans is targeted to enable accelerated adoption of hydrogen in heavy-duty transport applications requiring long-range, rapid refuelling and lowest total cost of ownership of the vehicle.

Liquid hydrogen is well suited for the transportation industry as its higher density, lower pressure and ease of filling through liquid hydrogen pump contribute to the ability for larger mobile equipment to travel longer distances, similar to what is possible today with diesel fuel.

As part of the development agreement, Chart will provide:

  • Liquid hydrogen expertise from liquefaction plant to storage, fuelling and on-board tanks;
  • Extensive truck LNG (liquefied natural gas) tank experience;
  • An existing liquid hydrogen on-board vehicle tank prototype design;
  • Fuel to vehicle connection/interface experience;
  • LH2 test lab in Minnesota, United States.

Ballard will provide:

  • Proton exchange membrane (PEM) fuel cell technology expertise;
  • PEM fuel cell stacks, modules and systems;
  • Fuel cell mobility experience with over 70 kilometres of vehicle operation;
  • Market access to system integrators and vehicle OEMs (original equipment manufacturers);
  • Fuel cell testing facilities in British Columbia, Canada, and Denmark.

"Given both of our companies' extensive experience in the Class 8 long-haul truck, bus, rail and marine areas of transportation, as well as hydrogen, this combination of expertise will create a unique, differentiated and cost-effective solution for transportation customers as the industry moves to cleaner power," stated Jill Evanko, Chart's chief executive officer and president. "We are proud to partner with Ballard, a global proven and focused leader in hydrogen."

Randy MacEwen, Ballard president and chief executive officer, added: "Chart Industries is a strong partner for development of integrated and optimized hydrogen solutions that include storage of liquid hydrogen for our fuel cell engines. Together with Chart, we intend to help simplify customers' buying decisions, regardless of the specific heavy-duty motive application being addressed."

About Chart Industries Inc.

Chart is a leading independent global manufacturer of highly engineered equipment servicing multiple applications in the energy and industrial gas markets. Its unique product portfolio is used in every phase of the liquid gas supply chain, including upfront engineering, service and repair. Being at the forefront of the clean energy transition, Chart is a leading provider of technology, equipment and services related to liquefied natural gas, hydrogen, biogas and carbon dioxide capture, amongst other applications. It is committed to excellence in environmental, social and corporate governance (ESG) issues both for the company, as well as its customers. With over 25 global locations from the United States to Asia, Australia, India, Europe and South America, it maintains accountability and transparency to its team members, suppliers, customers and communities.

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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