Chinese automotive manufacturer Weichai has signed a deal to become a shareholder in Canadian fuel cell manufacturer Ballard and establish a joint venture in China with Ballard.
Weichai Power has signed a deal to acquire a 19.9 percent stake in Ballard for $163 million. The agreement will make it the fuel cell firm’s largest shareholder.
China-based energy vehicle manufacturer Zhongshan Broad-Ocean, a current Ballard investor, has also agreed to invest a further $20 million to maintain its 9.9 percent stake in Ballard.
The proceeds will help fund continued technology and product development, investment in the joint venture with Weichai and complementary merger and acquisition transactions.