(Yicai Global) Sept. 2 -- Electric vehicle maker Zhongshan Broad-Ocean Motor Co. [SHE:002249] will introduce Ballard Power System Inc.'s [NASDAQ:BLDP] patented fuel cell technology into China's commercial vehicle market after a USD28.3 million equity injection in July, the Zhongshan-based company announced yesterday.
The investment made Broad-Ocean the largest single shareholder of the Vancouver-based company with a stock holding of 9.9 percent.
The Zhongshan-based company will set up a joint-venture for the production, assembly and sales of the hydrogen fuel cell modules in China. It will co-operate with Shanghai Re-Fire Technology Co. in auto system integration.
The move will allow Ballard's technology to be integrated at an early stage in the domestic new energy vehicle industrial chain.
Fuel-cell vehicles are a type of electric auto. Hydrogen and oxygen generate electric power via a chemical action and without producing pollutants. However there are high technological requirements for the construction of the cells. They also require refueling at massive hydrogen refueling stations to operate.