HYDROGEN: Ballard Power Systems has acquired Arcola Energy, a UK-based engineering company with more than 10 years’ experience of integrating the Canadian manufacturer’s fuel cells into trains, buses and heavy duty commercial vehicles.
Arcola is part of a consortium including the University of St Andrews, Arup, Aegis, Abbott Risk Consulting and Angel Trains which is using Ballard FCmove-HD fuel cell modules to convert a 40-year old Class 314 25 kV 50 Hz EMU to hydrogen operation in the Zero Emission Train Project funded by Transport Scotland and Scottish Enterprise. The unit is currently based at the Bo’ness & Kinneil heritage railway, where it was shown to guests during the COP26 climate summit in Glasgow in early November.
‘With the acquisition of Arcola, we will make it easier for existing and new OEM customers globally to offer fuel cell electric vehicles by providing stronger support for the integration of our fuel cell engines into their vehicle platforms’, said Ballard President & CEO Randy MacEwen when the acquisition was announced on November 12.
Ballard has acquired Arcola for total consideration of up to US$40m, including 337 353 Ballard shares with a current value of US$6m that vest over two years and up to US$34m in cash based on the achievement of certain performance conditions over a two-year period. National Bank Financial acted as financial adviser to Ballard.