Ballard Power Systems Board Members Resign Following Weichai's Share Sale

Ballard Power Systems announced that Michael Chen and Huajie Wang, board nominees appointed by Weichai Power Co., Ltd., have resigned from Ballard's Board of Directors effective May 13th.

The resignations follow Weichai's sale of approximately 6.9 million Ballard common shares through its subsidiary, Weichai Power Hong Kong International Development Co., Ltd. The share sale reduced Weichai's ownership stake in Ballard to less than 15% of outstanding shares.

Under Ballard's investor rights agreement with Weichai, the Chinese company was entitled to appoint two board nominees only while holding 15% or more of Ballard's shares. With ownership now below that threshold, Weichai is no longer entitled to appoint nominees to the board.

Jim Roche, Chair of Ballard's Board of Directors, stated that "Ballard appreciates Weichai's support and partnership and thanks Michael and Huajie for their contributions as board members in our joint effort to advance fuel cell commercialization opportunities in China and globally."

Ballard indicated it remains focused on executing its strategy, supporting customers worldwide, and strengthening its position as a leader in zero-emission fuel cell solutions.

Originally reported by Hydrogen Central. Read the full article →