In order to further improve the layout of the new energy automobile industry chain, Dayang Electric and Ballard have carried out strategic cooperation to build a new energy vehicle application operation platform business, and invested in the fuel cell field through the private placement of 28.3 million US dollars. It is reported that Dayang Electric and Ballard have completed the share subscription. After the order is completed, Dayang Motor will hold 9.9% of the shares and become the largest shareholder of Ballard.
Dayang Electric will take the opportunity of R&D and application of new energy vehicle powertrains, and strive to build an operation platform business for new energy vehicle applications. The US$28.3 million will participate in Ballard's fixed increase and cut into the fuel cell field. Continue to pay attention to the development of new energy battery technology, and look forward to the future development prospects of hydrogen energy, especially in the field of new energy vehicle power battery systems and energy storage and backup power.
In order to further improve the layout of the entire industrial chain of new energy vehicles, Oceania plans to cooperate strategically with Ballard to give full play to Ballard's advantages in hydrogen fuel cell design, development, manufacturing, sales and patent services. The overall strategic layout of the new energy automobile industry chain will be jointly promoted.
Announced on July 28, 2016, the company's wholly-owned subsidiary, Dayang Electric (Hong Kong) Co., Ltd. ("Dayang Electric Hong Kong") signed the "Share Subscription Agreement" with Ballard on July 26, 2016, Vancouver, Canada. Motor Hong Kong invested a total of US$28.3 million at a price of US$1.64083 per share to subscribe for Ballat’s private placement of 17.25 million shares of common stock.
Upon completion of the subscription, Ocean Electric Hong Kong will hold 9.9% of all common shares issued by Ballard and become its largest single shareholder.
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