Ballard Power Systems, world leader in PEM fuel cell technology, to subscribe as key investor in Forsee Power’s proposed IPO on Euronext Paris

VANCOUVER, BC and PARIS, October 18, 2021 / CNW / – Ballard Power Systems (NASDAQ: BLDP) (TSX: BDLP), a global leader in PEM fuel cells, and Forsee Power, a leader in smart battery systems for sustainable electromobility, announce the signing of a Memorandum of Understanding (MOU) for a strategic partnership aimed at developing fully integrated fuel cell and battery solutions, optimized in terms of performance, costs and installation for hydrogen mobility applications at intensive use.

A fully integrated solution for hydrogen mobility

The Ballard and Forsee Power partnership brings together two industry leaders to develop a fully integrated solution combining a fuel cell and battery system, optimized to meet the needs of the target markets of medium and heavy mobility of buses, trucks, trains, boats and off-road.

This strategic partnership marks the start of a long-term collaboration involving the co-design, co-development, production, marketing and sale of integrated fuel cell solutions.

With complementary technologies, customers, verticals and markets, the Ballard and Forsee Power partnership is expected to increase technology performance, optimize costs, extend life and reduce customer friction points by providing transmission solutions. electric pre-integrated and optimized.

Combine technological know-how and experience

Hydrogen electric powertrains are made up of a number of key components, including the fuel cell module, battery system, and energy management system (EMS). The fuel cell module, which is powered by hydrogen stored in tanks on the vehicle, produces electricity which is supplied to the electric powertrain. The batteries, charged by the electricity from the fuel cell, generate additional energy during sudden variations in load (acceleration or climbing a steep slope, for example). The fuel cell and battery systems are therefore complementary because the vehicle can move by means of the fuel cell, the battery, or both, depending on the needs of the vehicle’s duty cycle. To ensure optimization and high efficiency between these components, a reliable and intelligent EMS is essential.

The story continues

For the planned integrated solution, Ballard will supply the fuel cell system and associated controls, and Forsee Power will supply the battery system and associated battery management system, the cooling system and the high voltage DC / DC converter system. . The parties will jointly develop the EMS in order to optimize the architecture of the hybrid fuel cell and battery system.

Strategic investment by Ballard as part of the proposed IPO of Forsee on Euronext Paris

As part of the strategic relationship, Ballard undertakes to participate as principal investor (up to 40 million euros) in the Forsee IPO project. This commitment would allow Ballard to acquire a stake in Forsee Power upon its initial public offering on Euronext in Paris, France, Ballard also having the right to appoint a member of the board of directors of Forsee Power.

Creation of an industrial and commercial force to conquer a growing international market

Ballard, a global leader with more than 100 million kilometers traveled by more than 3,500 fuel cell electric buses and trucks, and Forsee Power, a global leader in batteries for light and heavy electric vehicles, each supplied the same vertical markets , and some of the same customers, with fuel cell modules and battery systems since 2016. Fuel cell-battery powertrain optimization, which improves reliability, durability, efficiency and cost, is a logical next step for value creation.

“A key part of our business strategy is to simplify the fuel cell electric vehicle experience for OEM customers and end users,” said Randy MacEwen, President and CEO of Ballard. “Our clear goal is to create more value for our customers. We strive to improve powertrain and FCEV vehicle performance, reduce life cycle costs, and simplify the integration and maintenance of powertrain and vehicle systems. We believe that fuel cells and batteries are very complementary and can be integrated into a smart and compelling architecture that optimizes performance. Today, OEM customers typically source the different parts of the fuel cell and battery powertrain separately and then have to integrate them together. By offering pre-engineered and fully optimized and integrated fuel cell battery solutions to our customers, we plan to alleviate the sticking points of implementation. Our exciting partnership with Forsee Power represents an important step towards achieving our goal. Together, we plan to accelerate the large-scale adoption of hydrogen-powered FCEVs in heavy mobility applications.

“I am delighted with the signing of this strategic MOU with Ballard, with whom we share the same ambition to develop sustainable mobility and zero emissions. This partnership should bring key strategic advantages: technological know-how, industrial capacities and geographical coverage to capture the growth of the hydrogen vehicle market. As the climate emergency pushes the transport sector to accelerate its energy transition, this will be a game-changer for advancing hydrogen mobility, by providing a stronger offer of zero-emission technologies to our OEM customers for road, rail and sea. I would like to thank Ballard for its confidence materialized by this major investment within the framework of our IPO ”, declared Christophe gurtner, Chairman and CEO of Forsee Power.

ABOUT BALLARD POWER SYSTEMS

The vision of Ballard Power Systems (NASDAQ: BLDP; TSX: BLDP) is to provide fuel cell power for a sustainable planet. Ballard’s zero-emission PEM fuel cells enable the electrification of mobility, including buses, commercial trucks, trains, ships, passenger cars and forklifts. To learn more about Ballard, please visit www.ballard.com.

ABOUT FORSEE POWER

Forsee Power is an industrial group specializing in smart battery systems for sustainable electric transport (LEV, trucks, buses, trains, ships). A major player in Europe, Asia, and North America the Group designs, assembles and supplies energy management systems based on the most robust cells available on the market, as well as on-site or remote installation, commissioning and maintenance. Forsee Power also offers financing solutions (battery rental) and second-life solutions for transport batteries. www.forseepower.com | @ForseePower

FORWARD-LOOKING STATEMENTS

This press release contains forward-looking statements regarding the development and delivery of products resulting from the strategic partnership, as well as the benefits and anticipated market adoption thereof. These forward-looking statements reflect Ballard’s current expectations as contemplated by Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements are based on Ballard’s assumptions about its financial forecasts and expectations regarding its product development efforts, manufacturing capability and market demand. For a detailed discussion of the factors and assumptions on which these statements are based, and the factors that could cause our results or actual results to differ materially, please refer to Ballard’s latest MD&A. Other risks and uncertainties that could cause Ballard’s actual results to differ materially include general economic and regulatory changes, detrimental reliance on third parties, the successful completion of our business plans, and achieving and maintaining profitability. . For a detailed discussion of these and other risk factors that could affect Ballard’s future performance, please refer to Ballard’s most recent annual information form. These forward-looking statements are provided to enable external stakeholders to understand Ballard’s expectations as of the date of this release and may not be appropriate for other purposes. Readers should not place undue reliance on these statements, and Ballard assumes no obligation to update them or issue revisions, except as required by applicable law.

DISCLAIMER

This press release does not constitute or form part of any offer or solicitation to buy or subscribe for securities or of any offer or solicitation to sell any securities in Canada, United States or any other jurisdiction. The securities mentioned in this document have not been and will not be registered under the US Securities Act of 1933, as amended (the “US Securities Act”), and may not be offered or sold, directly or indirectly, in the United States except pursuant to an exemption or in connection with a transaction not subject to the registration requirements of the US Securities Act. Forsee Power does not intend to register its shares in United States nor to carry out a public offering of securities in the United States. The distribution of this document in certain countries may constitute a violation of applicable law.

The securities mentioned herein have not been and will not be eligible for sale to the public under applicable Canadian securities laws and, therefore, any offer and sale of securities in Canada will be carried out on a basis that is exempt from the prospectus requirements of such securities laws.

SOURCE Ballard Power Systems Inc.

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