Infener to set up 20-MW green hydrogen hub in Germany
Sep 17, 2024 14:59 CESTCanadian fuel cells company Ballard Power Systems Inc (NASDAQ:BLDP; TSE:BLDP) has closed an upsized USD-550-million (EUR 452.5m) bough deal offering of common shares, it announced on Tuesday.
The company has sold 14.87 million common shares at a price of USD 37.00 apiece for total gross proceeds of USD 550.2 million. It can raise up to USD 82.5 million in additional proceeds if the underwriters exercise in full their option to buy up to 2.23 million more shares to cover over-allotments.
Ballard initially expected to raise just USD 350 million, excluding over-allotments, but eventually increased the size of the offering.
The joint bookrunners for the offering were TD Securities Inc and National Bank Financial Inc and the syndicate of underwriters included BMO Nesbitt Burns Inc, CIBC World Markets Inc, Raymond James Ltd and Cormark Securities Inc.
As previously announced, Ballard intends to use the proceeds to further beef up its balance sheet. This will provide it with additional flexibility to finance its growth strategy, which covers product innovation, investments in production capacity expansion and localisation, future acquisitions and strategic partnerships and investments.
Ballard offers zero-emission polymer electrolyte membrane (PEM) fuel cells used in the electrification of buses, commercial trucks, trains, marine vessels, passenger cars and forklift trucks.
(USD 1.0 = EUR 0.823)
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