Chinese firm to get stake in Ballard Power Systems

Fuel cell company Ballard Power Systems Inc. is set to receive a cash injection of more than $175 million in what it calls a “transformative strategic collaboration” with a Chinese automotive and equipment manufacturer. Weichai Power has signed a deal to acquire a 19.9 per cent stake in Ballard for $163 million and establish a joint venture in China with the Canadian firm. The agreement will make it the fuel cell firm’s largest shareholder. Another $20 million will come from Ballard investor and Chinese partner, Zhongshan BroadOcean Motor Co. Ltd. It agreed to pay the funds to maintain its 9.9 per cent stake in Ballard.