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  "documentTitle": "Ballard Power Systems (BLDP)",
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  "authorName": "Ben Axler",
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      "text": "In our view, Broad Ocean’s leasing company has low capacity and no funds to purchase fuel cell vehicles. In our opinion, the idea of Broad Ocean using its leasing business to purchase and operate hydrogen fuel cell vehicles remains just a plan, not a reality",
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      "text": "Broad Ocean is leasing buses and taxis to the city government in Guangzhou and Zhongshan. They have developed an app for vehicle leasing and charging stations which provides data on vehicle usage. They can get a subsidy of around RMB 80,000 year to operate bus lines from the city government and the rights to advertising on the exterior of the bus",
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      "text": "Broad Ocean reported RMB 82 million in 1H 2017 from the business which is RMB 20,500 per vehicle. This indicates either a low utilization rate or that the number of vehicles is lower",
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      "text": "Broad Ocean has stated that it will purchase and operate hydrogen fuel cell vehicles using its vehicle leasing business. This seemed like a good business model in mid 2016 when electric vehicle manufacturers were milking subsidies by using their own vehicle leasing business to buy their own production. This is now more difficult because a vehicle has to have been used for 30,000 km before a subsidy can be claimed and longer to get paid.",
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      "text": "Online and in announcements, Broad Ocean claims they have 6,000 vehicles in their fleet. When investigators met with Broad Ocean they stated the car leasing business currently only has 4,000 cars and none are hydrogen fuel cell vehicles",
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      "text": "In our view, Broad Ocean's leasing company has low capacity and no funds to purchase fuel cell vehicles. In our opinion, the idea of Broad Ocean using its leasing business to purchase and operate hydrogen fuel cell vehicles remains just a plan, not a reality",
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