August 29, 2018 / 11:10 AM / 8 months ago

BUZZ-Ballard Power Systems: Climbs as China's Weichai Power to become top holder

** U.S.-listed shares of Canadian fuel cell maker jump 15.3 pct to $3.39 premarket on signing deal with China’s auto engine maker Weichai Power

** Co says Weichai Power to make an equity investment of $163 mln, representing ~20 pct stake in BLDP and making it the largest holder

** Deal also includes establishment of a JV to tap into China’s fuel cell electric vehicle market; $90 mln technology transfer to the JV; Weichai commitment for at least 2,000 fuel cell commercial vehicles

** In addition, Zhongshan Broad-Ocean Motor Co, to invest a further ~$20 mln to maintain its 9.9 pct ownership position in Ballard, co says

** In total, Weichai and Broad-Ocean equity investments will generate $183 mln of gross proceeds to Ballard

** Stock to end its 5-day losing streak at open; eyes its biggest one-day surge since January when it responded to a short-seller report

** Stock lost a third of its value this year (Reporting by Medha Singh in Bengaluru)

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