Ballard Shareholders Approve Sale of Automotive Unit

The sale of the automotive business will reduce cash burn by US$15 million a year, reduce its need for new equity financings and give Ballard a profitable business.

Published: 27-Jan-2008

VANCOUVER - Shareholders of Ballard Power Systems Inc. (TSX:BLD) voted Friday to approve the sale of the company's automotive fuel cell business to Daimler AG and Ford Motor Co.

The shareholders voted 97.8 per cent in favour of the deal.

The company has said the sale will shorten Ballard's time to achieve profitability as it will now focus on its core commercial markets including forklifts, back up power and co-generation.

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