Ballard inks $80M IP deal with Volkswagen
Includes an extension of a engineering services contract.
VANCOUVER — Ballard Power Systems as entered into a $80 million technology deal with Volkswagen Group that will see the transfer of an automotive-related fuel cell patent portfolio and a two-year extension of an engineering services contract.
“We believe that this portfolio, together with the combined fuel cell skills and expertise of our group and Ballard, will underpin our ability to play a leading role in fuel cell automotive development and commercialization,” said Ulrich Hackenberg, co-ordinator of the technical development of all brands in the Volkswagen Group.
Ballard, a Vancouver-based clean energy technology company, will transfer the automotive-related portion of fuel cell intellectual property (IP) assets previously acquired from United Technologies Corp., for $50 million.
Ballard retains a royalty-free licence to use the IP in bus and non-automotive applications as well as for “certain limited pre-commercial purposes” in automotive applications.
The two-year extension through March 2019 of the engineering services agreement (signed in 2013) is valued at between $30 million and $50 million.