Ballard in $40m UK fuel cell deal
Arcola is one of the fastest-growing hydrogen companies in the UK, with more than 10 years of experience integrating Ballard fuel cell engines into powertrains and heavy-duty vehicles, including buses, refuse trucks and trains. The company has engineering in Dundee, Scotland and London, with 90 employees.
“We continue to focus on simplifying the fuel cell electric vehicle (FCEV) experience and ease implementation friction points for OEM customers and end-users,” said Randy MacEwen, Ballard’s President and Chief Executive Officer. “We are putting the customer at the heart of our strategy and investments. With the acquisition of Arcola, we will make it easier for existing and new OEM customers globally to offer FCEVs by providing stronger support for the integration of our fuel cell engines into their vehicle platforms, including powertrain integration, vehicle integration and application engineering.”
“The entire Arcola team is thrilled to combine our shared passion for decarbonizing mobility and our unique expertise in fuel cell powertrain integration with Ballard’s world leading PEM fuel cell technology and market position in heavy-duty mobility. Together, we will improve and optimize FCEV powertrain and vehicle performance, lower lifecycle costs, and simplify powertrain and vehicle systems integration and service for customers,” said Dr. Ben Todd, Founder and CEO of Arcola (above)
“With COP26 as a contextual backdrop for the urgent need to decarbonize hard-to-abate sectors, we are seeing growing global interest in the adoption of hydrogen-powered fuel cell engines into zero-emission buses, commercial trucks, trains and marine vessels. We welcome the Arcola team to Ballard, where our purpose is to deliver fuel cell power for a sustainable planet. With this acquisition, we significantly strengthen our global systems integration capabilities to further support our growth plan, while deepening our UK presence,” said MacEwen.
The deal consists of US$34 million in upfront and earn-out cash consideration based on the achievement of certain performance conditions over the next two years with $6m of Ballard shares that vest over the same period.
- Hydrogen aims for cost parity with oil
- Fuel cell combined heat and power system launched
- Ballard sells off power management business
- French project to boost hydrogen fuel cells in aircraft
- UK plan for commercial hydrogen electric aircraft by 2023
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