Volkswagen’s luxury automotive unit, Audi has acquired automotive-related fuel cell intellectual property worth $80m from Ballard Power Systems.
Apart from buying the patents, Volkswagen and Ballard have also extended their cooperation until 2019.
Canada based Ballard Power Systems is involved with technology of proton exchange membrane fuel cells and it produces clean energy products that are designed to reduce costs and risks related to fuel cell programs.
Previously Ballard purchased the IP assets from United Technologies,and the company is expected to retain a royalty-free license of the transferred fuel cell technologies to Volkswagen to be used in non-automotive applications and certain limited pre-commercial purposes, reported StreetInsider.
Audi Technical Development board member Ulrich Hackenberg said that the patents will be made available to the entire group and across all the brands.
Ballard president Randy MacEwen said: "This transaction extends and deepens our relationship with the Volkswagen Group, a leading global automotive manufacturer.
"The IP transfer surfaces significant value for Ballard. And, extension of the engineering services contract reflects a growing positive sentiment toward fuel cells within the automotive sector, along with the outstanding progress made to date in our work with Volkswagen Group on its fuel cell car programs."
Image: Audi A7 Sportback h-tron quattro. Photo: courtesy of AUDI AG.
