Ballard Power Systems Signs Joint Development Agreement with MicroCoating Technologies
Ballard Power Systems Inc. (Canada) and MicroCoating Technologies Inc. (MCT, Atlanta, GA) announced that they have signed an exclusive agreement to develop MCT´s proprietary combustion chemical vapor deposition process (CCVD) for use in the manufacture of Ballard fuel cells. Ballard will also acquire shares of convertible preferred stock, representing approximately three percent of the equity of MCT on a fully diluted basis, at a price of $10.5 million.
Under the joint development agreement, Ballard has acquired the exclusive rights, for a defined period, to license MCT´s proprietary CCVD technology for use in catalyst application for Ballard fuel cells. Ballard will also fund a portion of MCT´s related development costs.
“MCT´s proprietary CCVD technology has the potential to decrease our catalyst loading and assist in reducing costs and improving performance, while providing manufacturing flexibility," said Kip Smith, Ballard´s president and COO. “This collaboration with MCT supports our long-term strategy to reduce costs and simplify manufacturing processes for Ballard fuel cell products." Smith will join the MCT board as part of Ballard´s strategic investment in MCT.
Andrew Hunt, MCT´s founder and CEO, commented, “Our relationship with Ballard began over three years ago, and we are excited about the potential incorporation of CCVD technology in PEM fuel cells. We are optimistic that our complementary technologies and management teams will result in successful fuel cell introductions."