Hartford’s United Technologies Corp. said it has sold more than 800 fuel-cell patents, applications and related documents covering its proton exchange membrane (PEM) fuel cell technology.
The buyer is Ballard Power Systems, a publicly traded fuel-cell manufacturer in Burnaby, British Columbia, Canada.
Ballard will give UTC $2 million in cash and 5.1 million common shares, which were valued Thursday morning at $3.02.
UTC also retains the right to use the patent portfolio in its existing businesses, as well as a royalty on Ballard’s future licensing income generated from the portfolio. The two have formed a joint advisory council to focus on licensing and other opportunities.
UTC sold its commercial fuel-cell division, UTC Power, last year to ClearEdge Power, which declared bankruptcy on May 1. ClearEdge had been making UTC Power’s legacy 400 kilowatt fuel cells for large commercial users and utilities, as well as its own smaller cells.
But UTC retained other fuel-cell intellectual property and technologies. Its aerospace division is using PEM technology to create an undersea propulsion system for a small unmanned craft for the U.S. Navy.
