Ballard (TSX: BLD) is adding 85 more patents to its portfolio as part of a $30-million deal to acquire a U.S. company specializing in fuel cell technology.
The Burnaby-based clean-tech firm announced Monday (June 29) it would purchase Protonex Technology Corporation in a transaction expected to close in the third quarter of 2015.
Ballard will pay off Protonex’s estimated $4.4 million in debt and cover the remaining balance of the deal by issuing 11.2 million shares worth about $25.6 million.
Massachusetts-based Protonex employs 53 workers and generated revenue of $13.8 million during its last fiscal year, according to Ballard.
The Canadian company said in a release acquiring the U.S. firm would bring it closer to profitability and offer “exposure to military applications for power management products.”
