Ballard Signs MOU with Van Hool for Further Zero Emission Fuel Cell Bus Deployments
VANCOUVER, Dec. 5, 2013 /PRNewswire/ – Ballard Power Systems (NASDAQ: BLDP)(TSX: BLD) has announced the signing of a non-binding
Memorandum of Understanding (MOU) with Van Hool NV, Europe’s fourth
largest bus manufacturer, in support of the manufacture and further
deployment of zero emission fuel cell buses.
By February 2014 the companies plan to jointly respond to last week’s
call for proposals under the EU Hydrogen Fuel Cell Joint Undertaking,
and also plan to jointly respond to other future calls for proposals
under the Horizon 2020 program.
Van Hool is a Belgium-based independent bus, coach and industrial
vehicle OEM with a strong history of innovation in bus manufacturing.
In 2014, there will be 27 Van Hool fuel cell buses in public transit
operation in Europe, powered by Ballard fuel cell power modules.
Leopold Van Hool, Van Hool Chairman of the Board said, “With the signing
of this MOU, we look forward to expanding the success of our
zero-emission bus partnership with Ballard to include even more cities
in the European transit bus market.”
Ballard FCvelocity(®)-HD6 fuel cell power modules are delivering a high level of performance
in European buses. For example, on a year-to-date basis, Ballard fuel
cell modules have delivered availability greater than 97% in buses
operating in London and Amsterdam.
For the newly funded buses, Ballard will deliver its next-generation
fuel cell power module to Van Hool for incorporation into hybrid bus
platforms. This new FCvelocity(®)-HD7 power module will offer improved durability and reliability along
with significant cost reduction. The MOU also provides for the
establishment of a dedicated service and parts center at Van Hool
facilities in Belgium, to support all buses powered by Ballard fuel
cells in Europe.
John Sheridan, Ballard’s President and CEO said, “We are very pleased to
partner with Van Hool in our application for EU funding to support the
deployment of additional fuel cell-powered buses. This will help
generate economies of scale that we expect to drive further overall
The EU Hydrogen Fuel Cell Joint Undertaking is a public-private
partnership supporting research, technological development and
demonstration activities in fuel cell and hydrogen energy technologies,
providing subsidies for eligible projects through a cost share
mechanism. The European Commission and industry have each committed to
contribute EUR470 million of funding into fuel cell and hydrogen research
in the 2008-17 period. The next program, Horizon 2020, will extend this
initiative through the year 2020 with an incremental budget of EUR700
About Ballard Power Systems
Ballard Power Systems (NASDAQ: BLDP)(TSX: BLD) provides clean energy
fuel cell products enabling optimized power systems for a range of
applications. Products deliver incomparable performance, durability and
versatility. To learn more about Ballard, please visit www.ballard.com.
This release contains forward-looking statements regarding anticipated
business opportunities, product development activities, product
attributes, anticipated customer benefits and market drivers for our
products which are provided to enable external stakeholders to
understand Ballard’s expectations as at the date of this release and
may not be appropriate for other purposes. These forward-looking
statements are based on the beliefs and assumptions of Ballard’s
management and reflect Ballard’s current expectations as contemplated
under section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended. Such
assumptions relate to Ballard’s financial forecasts and expectations
regarding its product development efforts, manufacturing capacity, and
market demand, and include matters such as generating new sales,
producing, delivering and selling the expected number of units, and
controlling its costs.
These statements involve risks and uncertainties that may cause
Ballard’s actual results to be materially different, including, without
limitation, the condition of the global economy, the rate of mass
adoption of its products, product development delays, changing
environmental regulations, its ability to attract and retain business
partners and customers, its access to funding, increased competition,
its ability to protect its intellectual property, changes in its
customers’ requirements, foreign exchange impacts on its net monetary
assets and its ability to provide the capital required for product
development, operations and marketing. For a detailed discussion of
these risk factors and other risk factors that could affect Ballard’s
future performance, please refer to Ballard’s most recent Annual
Readers should not place undue reliance on Ballard’s forward-looking
statements and Ballard assumes no obligation to update or release any
revisions to these forward looking statements, other than as required
under applicable legislation.
SOURCE Ballard Power Systems Inc.