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  "documentTitle": "Ballard Power Systems (BLDP)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "notes": "Includes a table of central government subsidies and a table of specific fuel cell subsidy examples.",
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      "text": "Delays in subsidy payments are resulting in FCV manufacturers being short working capital.",
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      "text": "The central government pays a subsidy to the purchaser of a vehicle. Due to fraudulent claims for electric vehicle subsidies, a car sold to a manufacturers fleet must achieve 30,000 km before the subsidy may be claimed",
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      "text": "Local governments subsidize producers to the same level as the central government. Local government subsidies appear to vary widely, but are at least 50% of total subsidies paid per vehicle. A local government will use subsidization to induce manufactures to establish local operations",
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      "text": "Our investigators also heard that they can get a subsidy of around RMB 80,000 per year to operate bus lines from the city government which is the same amount as a diesel bus operating subsidy (equals 50% of the fuel cost of operation a diesel bus). They can also get the advertising rights for the exterior of the bus",
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      "text": "Our investigators heard from manufacturers that subsidy payments are very slow. The subsidies for 2015 were only being paid in Q4 2017. As a result, companies in the FCV manufacturing value chain are all short of working capital",
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      "text": "Local governments not only subsidize production but also purchase and operate the vehicles. For example, the Foshan City government has announced a vehicle leasing subsidy for FCV delivery vans (fsonline.com)",
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      "text": "Both central and local government subsidies play a critical role in supporting the economic viability of the hydrogen fuel cell industry. Delays in subsidy payments are resulting in FCV manufacturers being short working capital.",
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      "text": "Source: Jcap interviews, eastmoney, jiemian.com",
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      "text": "Examples of Specific Fuel Cell Subsidies",
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      "text": "Central Government Purchaser Subsidy Schedule through 2020",
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      "text": "Government Policy and Subsidies",
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