BRIEF-Ballard Power Systems signs deal for fuel cell stacks production in China

Mon Jul 18, 2016 8:58am EDT
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July 18 (Reuters) - Ballard Power Systems Inc

* Under terms of JV, ballard will contribute RMB 20 million (approximately $3.0 million) for its 10% joint venture interest

* Ballard will have exclusive right to purchase fuel cell stacks and sub-components from joint venture for sale outside china

* Inks deal for local production of fuel cell stacks in China, with $168m estimated value over 5-years

* On closing, expected in late-2016, jv will be created and will be owned 90% by synergy and 10% by ballard;

* On deal close , expected in late-2016, a joint venture to be created to undertake stack manufacturing operations

* Joint venture will be owned 90% by synergy and 10% by ballard Source text for Eikon: Further company coverage: