Ballard Announces Close of Protonex Acquisition
VANCOUVER, BC and SOUTHBOROUGH, MA - Ballard Power Systems (NASDAQ: BLDP; TSX: BLD) today announced that the Company's acquisition of Protonex Technology Corporation ("Protonex"; www.protonex.com) has closed. As consideration for the transaction, Ballard is assuming and paying certain of Protonex's debt obligations and transaction costs of approximately $4.0 million and is paying the remaining consideration through the issuance of approximately 11.4 million Ballard shares.
Randy MacEwen, Ballard President and CEO said, "We are excited to add Protonex to our team. With its focus on delivering reliable, cost effective and clean portable power solutions to customers, Protonex represents a compelling fit from a market, product portfolio and capabilities perspective and is strongly aligned from a cultural perspective."
Mr. MacEwen continued, "Our offering is considerably strengthened with Protonex's leading power management products, along with specialized knowledge of the U.S. military market. The acquisition complements our Power Products growth platform and accelerates our transformation process by delivering strategic benefits in four key areas - diversification, growth, scale and profitability."
Through the integration of Protonex with Ballard, the employee base and leadership team have remained intact, including Dr. Paul Osenar, who will continue in his current leadership role as President of Protonex.
Dr. Osenar, co-founder and President of Protonex, added, "The integration process over the past several months has gone very smoothly and we are now ready to leverage Ballard's strong brand, talented team and international sales capability to accelerate the already healthy growth of our business on Ballard's global platform."
Further discussion of the Protonex acquisition and growth prospects will take place during Ballard's Investor and Analyst Day on October 1, 2015 in New York City. Institutional investors wishing to attend are asked to register as soon as possible, as space is limited, by emailing Ballard at analystday@ballard.com. Ballard's Investor and Analyst Day will also be webcast, with the live audio stream and presentation materials accessible through a link on Ballard's homepage at www.ballard.com. Following the event, the webcast and presentation materials will be archived in the Investors section of Ballard's website at www.ballard.com/investors.
About Ballard Power Systems
Ballard Power Systems (NASDAQ: BLDP; TSX: BLD) provides clean energy products that reduce customer costs and risks, and helps customers solve difficult technical and business challenges in their fuel cell programs. To learn more about Ballard, please visit www.ballard.com.
SOURCE Ballard Power Systems Inc.
CONTACT: Guy McAree, +1.604.412.7919, media@ballard.com or investors@ballard.com
Web Site: http://www.ballard.com
