China's Azure Invests $2M in Ballard Fuel Cell Backup Power Subsidiary

25 Mar 2013

Ballard Power Systems has announced that Azure Hydrogen Energy Science and Technology Corporation (Azure), Ballard's partner in China, has acquired a 10% ownership position in Dantherm Power, Ballard's telecom backup power subsidiary, for $2 million. Mr Grand Mao, Chairman of Azure, will become a member of the Dantherm Power Board of Directors and will support the business in achieving commercial success in China.

Following the transaction, Ballard's ownership position in Dantherm Power is 52% and Dantherm A/S holds the remaining 38% ownership position. Dantherm Power is headquartered in Hobro, Denmark and acts as a development center for Ballard ElectraGen™ direct hydrogen systems used for backup power in the telecommunications sector.

Tony Guglielmin, Ballard CFO said, "Ballard and Azure are working together on trials of our ElectraGen™ backup power systems with China Mobile, so we are pleased by this direct investment in our backup power subsidiary. This active participation of our China partner in Dantherm Power is expected to strengthen our positioning for the Chinese telecom backup power market opportunity."

Azure also recently placed an order with Ballard for a 175 kW ClearGen™ distributed generation system that it plans to deploy in China.

SOURCE: Ballard Power Systems Inc. News Release

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