The two companies have also agreed to establish a joint venture (JV) to support China’s burgeoning Fuel Cell Electric Vehicle (FCEV) market, and conduct a $90m technology transfer programme related to Ballard’s next-generation LCS fuel cell stack and power modules.
Weichai has also committed to build and supply at least 2,000 fuel cell modules for commercial vehicles in China, as part of the agreement.
Ballard has simultaneously reached an agreement with Zhongshan Broad-Ocean Motor, one of the company’s strategic partners, for a $20m investment. Zhongshan Broad-Ocean Motor will maintain a 9.9% ownership in Ballard, following the investment.
Based in the US, Ballard Power Systems is engaged in providing clean energy products, while China-based Weichai Power specialises in the research and development, manufacturing and sale of diesel engines.
The new combined company will be a leading energy delivery, infrastructure and services company that is expected to serve more than seven million customers across the US.
Vectren shareholders will receive $72 in cash for each share held of Vectren common stock as part of the agreement. CenterPoint Energy has also agreed to assume all outstanding net debt of Vectren.
CenterPoint Energy is engaged in energy delivery, including electric transmission and distribution, natural gas distribution and energy services operations, while Vectren Corporation is engaged in providing gas and/or electricity. Both companies are based in the US.