Vancouver-based fuel cell developer Ballard Power Systems Inc. announced Tuesday a $12.8-million US deal to acquire the carbon products unit of U.S. firm Textron Systems.
Textron's carbon products unit develops and manufactures carbon materials for automotive and fuel-cell applications, including a gas diffusion layer for proton exchange membrane fuel cells, the type of fuel cell being developed by Ballard.
"This acquisition brings to Ballard expertise in carbon materials engineering and automotive component manufacturing, a portfolio of relevant intellectual property and a business unit that can substantially fund all of its research and development expenditures from its current revenues," Firoz Rasul, Ballard chairman and CEO, said in a statement.
The Textron unit, with 50 employees in the Boston suburb of Lowell, posted revenue last year of $11.8 million US. It will become a wholly owned subsidiary under the name Ballard Material Products Inc.
The deal includes 66 patents issued and pending worldwide, covering 14 innovations, Ballard said.