Ballard Power Systems: Strategic Investment from Nisshinbo Holdings
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Ballard Power Systems (NASDAQ: BLDP; TSX: BLD) announced that it has successfully closed a $5 million strategic equity investment in the Company by Nisshinbo Holdings Inc., an "Environmental and Energy Company" Group in Japan, as previously announced by Ballard on October 27, 2015. The investment was made through a private placement subscription of 3,322,479 common shares issued from treasury at a price per share of $1.5049 (based on a 10-day volume weighted average price calculation).
The Company intends to use the proceeds from the financing for general corporate purposes, including the potential funding of future acquisitions or investments in complementary businesses, products or technologies.
The common shares issued are subject to a four-month hold period expiring on March 10, 2016 in accordance with applicable securities laws.
Nisshinbo Holdings Inc. provides low-carbon, optimized products across a range of business lines, including chemicals, precision instruments, electronics, automotive brakes, textiles and paper. Nisshinbo has supplied Ballard with compression molded bipolar flow field carbon plates for 20 years, for use in the manufacture of proton exchange membrane (PEM) fuel cells.
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
About Nisshinbo Holdings Inc.
On the basis of its three-pronged corporate philosophy of "public entity", "consistent integrity", and "innovation", the Nisshinbo Group, as an "Environmental and Energy Company" Group, supplies solutions to address global environmental problems, which represent the biggest challenge to human society. Utilizing the diverse technologies accumulated so far, Nisshinbo is engaged in the electronics, automobile brakes, precision instruments, chemicals, textiles, papers, and real estate businesses with "wireless communications and electronics", "automotive parts and devices", "lifestyle and materials", and "new energy and smart society" the four strategic business domains. To learn more about Nisshinbo, please visit www.nisshinbo.co.jp/english/.