Ballard Power Systems has announced consolidated financial results for the first quarter ended 31st March 2017.
Randy MacEwen, President and CEO stated, “We made continued progress in Q1 on strategic positioning and improved financial performance.”
“Our strategic focus on high growth and high growth margin market opportunities translated to 39% revenue growth and gross margin performance of 42%. With our performance in Q1, coupled with a record order book and sales pipeline for 2017 delivery, we see a strong set-up for the remainder of 2017,” He added.
MacEwen continued, “Since the start of the year, we have made important progress in the execution of our China strategy. We closed a technology transfer transaction having an estimated value of $25m with our strategic partner Broad-Ocean, enabling Broad-Ocean to manufacture Ballard-designed modules in three regions in China. We also signed an $11m equipment supply agreement with Broad-Ocean for 200 fuel cell modules. In addition, we established a relationship with Yinlong, a major Chinese bus OEM, including the sale of initial modules for integration into buses that are expected to be deployed in Beijing.”
... to continue reading you must be subscribed
