Reportedly, Honeywell (HON) has acquired all of the “business assets” of Ballard’s Unmanned Aerial Vehicle (UAV) for an undisclosed price. The employees of the UAV subsidiary will move to Honeywell Aerospace, as per reports. Both companies are also working on a long-term strategic agreement to bring in Ballard’s expertise in fuel cell technology and combining it with Honeywell’s leadership in aerospace.
Randy MacEwen, Ballard President, and CEO stated, “We remain positive on the long-term outlook for fuel cell propulsion systems in the UAV market. However, we determined to divest this non-core systems business given our strategic focus on the Heavy- and Medium-Duty Motive markets of a bus, truck, train, and marine, where we expect scaled commercialization and growth through 2030 and beyond. We believe the UAV business will be best positioned within the Honeywell enterprise and look forward to our ongoing collaboration with Honeywell and growing the exciting business opportunities for a range of urban air mobility and broader aerospace applications.”
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