Ballard and Hyster-Yale Sign Supply and Collaboration Agreement For Air-Cooled Fuel Cell Stacks For Class 3 Lift Trucks
VANCOUVER, CANADA – Ballard Power Systems (NASDAQ: BLDP; TSX: BLDP) today announced that it has signed a Master Supply Agreement (MSA) with Hyster-Yale Group (“Hyster-Yale”, www.hyster-yale.com) encompassing the supply of minimum annual volumes of Ballard FCgen®-1020 air-cooled fuel cell stacks for use in powering Class 3 lift trucks and support on the design of a fuel cell electric propulsion system to power these lift trucks. The MSA runs until 2022.
Hyster-Yale is a leading global lift truck OEM offering over 280 different lift truck models and generating consolidated annual revenues of $2.9 billion. In 2014 Hyster-Yale’s acquisition of Nuvera activated a strategy to design purpose-built, optimized fuel cell-powered lift trucks, and put in place significant expertise and capabilities for fuel cells.
The collaboration with Ballard, Nuvera, and Hyster-Yale will focus on air-cooled stacks for low power applications, complementing the existing Nuvera fuel cell solutions.