Ballard Signs Fuel Cell Licensing & Engineering Services Agreement With M-Field In Europe
VANCOUVER, June 29, 2014 /PRNewswire/ - Ballard Power Systems (NASDAQ: BLDP) (TSX: BLD) today announced that it has signed a definitive agreement for the sub-license of intellectual property (IP) to M-Field Energy Corporation ("M-Field"), a sustainable energy company, for material handling systems to be deployed in Europe. Ballard will also provide M-Field with Engineering Services support into early-2015 through Dantherm Power A/S, the Company's subsidiary in Denmark, to assist in optimizing system integration activities utilizing Ballard fuel cell stacks. The agreement has a value of approximately $1 million.
Steve Karaffa, Ballard's Chief Commercial Officer said, "This deal furthers our three-level business model, by leveraging Engineering Services and applicable IP in order to support the penetration of fuel cell products in a variety of geographic markets."
H2 Logic A/S, a leading European manufacturer of hydrogen refueling stations and fuel cell systems for applications such as forklift trucks and tow tractors, has made a strategic decision to narrow its business focus to hydrogen refueling stations. Ballard has acquired the material handling intellectual property portfolio of H2 Logic A/S and is sub-licensing this IP to M-Field under the agreement announced today.
Also under the agreement, Ballard will be the exclusive supplier of fuel cell stacks – including the FCgen™-1020ACS air-cooled and FCvelocity™-9SSL liquid-cooled stack products – for all material handling systems deployed by M-Field in Europe.Interest in fuel cell-powered forklift trucks for use in high-throughput indoor distribution centers and warehouses is the result of financial benefits associated with increased productivity and lower operating costs, compared to incumbent lead acid battery-powered trucks. Fuel cell systems are also a zero-emission, clean energy alternative that eliminates costs associated with handling and storing toxic materials, such as lead acid batteries.
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