HARTFORD, Conn., May 14, 2014 /PRNewswire/ -- United Technologies
Corp. (NYSE: UTX) completed the sale of transportation fuel
cell intellectual property (IP) assets to Ballard Power Systems
(NASDAQ: BLDP)(TSX: BLD). These assets consist of over 800
patents and patent applications, as well as patent licenses,
invention disclosures and know-how largely related to Proton
Exchange Membrane (PEM) fuel cell technology.
As consideration for the assets, UTC received 5.1 million
Ballard common shares, $2 million in
cash, a grant-back license to use the patent portfolio in UTC's
existing businesses and a royalty on Ballard's future IP licensing
income generated from the combined IP portfolio.
In connection with the transaction, UTC and Ballard have also
formed a strategic alliance led by a joint Advisory Council. The
Advisory Council will focus on licensing and other commercial
market opportunities arising from the combination of the UTC
portfolio with Ballard's existing intellectual property.
"UTC has a vast portfolio of IP and is taking technologies into
new and adjacent markets to help accelerate innovation around the
globe," said Kelly Romano, Vice
President of UTC's Innovation Business Development group.
"Today, we are excited about the successful transaction with
Ballard which will provide a great platform for commercializing
UTC's world-class fuel cell IP portfolio together with Ballard's
engineering and manufacturing expertise."
John Sheridan, Ballard President and CEO said, "We believe that
this acquisition gives Ballard a commanding position in strategic
fuel cell IP, strengthening our ability to grow shareholder value.
Further, our new alliance with United Technologies will bolster
Ballard's execution capabilities, particularly in the generation of
IP licensing revenue."
Ballard Power Systems provides clean energy fuel cell products
enabling optimized power systems for a range of applications.
Products deliver incomparable performance, durability and
versatility.
United Technologies Corp., based in Hartford, Connecticut, provides high
technology products and services to the building and aerospace
industries. To learn more about UTC, visit its website at
www.utc.com, or follow the company on Twitter: @UTC.
This release includes statements related to anticipated business
opportunities that constitute "forward-looking statements" under
the securities laws. All forward-looking statements involve risks,
uncertainties and assumptions that may cause actual results to
differ materially from those expressed or implied in the
forward-looking statements. Risks and uncertainties include,
without limitation, the effect of economic conditions in the
markets in which we operate; fluctuation in commodity prices;
uncertainties related to the development and production of new
products and services; the effect of changes in laws and
regulations; and other factors beyond our control. For additional
information identifying risk factors and uncertainties, see UTC's
reports on Forms 10-K, 10-Q and 8-K filed with the SEC from time to
time.
Contact: Danielle Smith,
UTC
(860)
728-6238
www.utc.com
SOURCE United Technologies Corp.