Ballard Power Systems (NASDAQ: BLDP) today announced that it has signed a non-binding Memorandum of Understanding (MOU) with WEG Industries (Brazil), a multinational corporation headquartered in Jaragua do Sul, Brazil, to collaborate on product and market development of clean energy fuel cell products.
"WEG is committed to expanding into new clean energy-related businesses," said Mr. Umberto Gabbato, Managing Director of WEG Automation. "We see the work with Ballard as consistent with our desire to ensure the smallest impact on the environment and, furthermore, we see potential for fuel cells ranging from public transit to mining and other critical power applications."
WEG Industries operates in the worldwide electric engineering, power and automation technology areas. The company's 24,000 employees produce electric motors, generators, transformers, drives and coatings in 9 countries. WEG is present with plants, branches or representatives in 100 countries.
John Sheridan, Ballard's President and CEO said, "This agreement with WEG Industries will be an important enabler for increased fuel cell product traction in the fast-growing Brazil market. There are a number of important commercial applications that we will focus on and evaluate with WEG."
Under this agreement, the companies will work to identify and evaluate market opportunities for hydrogen fuel cell products and services in applications related to WEG's businesses and technologies in such vertical markets as bus, rail and mining.