Ballard Power to acquire VC-backed Protonex Technology for $30 mln
Ballard Power Systems Inc (TSX: BLD) has agreed to acquire Protonex Technology Corp, a U.S. designer and manufacturer of advanced power management products and portable fuel cell solutions. The deal, which is expected to close in the third quarter, is valued at $30 million, including the assumption of debt. Vancouver's Ballard said Protonex is a complementary addition to its fuel cell products platform and will deliver strategic benefits in key areas. Protonex, which is headquartered in Southborough, Massachusetts, is backed by a number of venture capital firms, including Commons Capital, Conduit Ventures, In-Q-Tel, Solstice Capital and Windsail Capital Group.
30 June 2015•7 mins read
