VANCOUVER, CANADA - Ballard Power Systems (NASDAQ: BLDP; TSX: BLDP) today announced it entered a strategic collaboration with Wisdom (Fujian) Motor Company Limited (“Wisdom”), Templewater Group (“Templewater”), and Bravo Transport Services Limited (“Bravo”) to accelerate the adoption of commercial fuel cell electric vehicles (FCEV) in Hong Kong.
Templewater, an alternative asset management firm and parent company of Bravo - Hong Kong island’s largest transit operator, together with Ballard, co-invested in a Series A funding for Wisdom, a technology company that designs and manufactures zero emission commercial vehicles. The Series A funds will support Wisdom’s organizational growth, R&D, and manufacturing platforms, including the expansion and development of its hydrogen zero emission fuel cell truck, bus, and specialty vehicle offerings for international markets. The transaction is expected to close in Q2 2022, subject to completion of regulatory approvals and customary closing conditions.
Wisdom’s hydrogen vehicle product lines will exclusively deploy Ballard’s world leading PEM fuel cell technology, with modules supplied by the Weichai-Ballard Joint Venture in China. Ballard intends to enter into a joint development agreement with Wisdom to advance the integration and optimization of its fuel cell electric powertrain designs and control strategies.
As part of the initial collaboration, Ballard is supporting Wisdom on the introduction of a new double-decker fuel cell bus, which is planned to be demonstrated in 2022 by Bravo as part of its initiative to replace its entire fleet of buses in Hong Kong with zero-emission models. Bravo currently operates over 1,700 buses, covering over 200 routes and carrying over 1 million passengers daily under the franchise brands of Citybus and New World First Bus. This demonstration will showcase fuel cell bus capabilities to meet one of the world’s most challenging operating environments, comprising of steep road grades, high passenger loads, the need for fast refueling, and strong air conditioning.
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