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.


The system operates from the Calor Gas, liquefied petroleum gas (LPG) or propane that is already on board for cooking. The system will fit comfortably in an aft locker, normally used for a conventional generator.

The Cadillac Provoq fuel cell concept uses GM's E-Flex propulsion system, combining the new fifth-generation fuel cell system and a lithium-ion battery to produce an electrically driven vehicle that uses no petroleum and has no emission other than water.

Powered by a 100 kW electric engine and fuel cell stack, the i-Blue is capable of running more than 370 miles per refueling and achieves a maximum speed of more than 100 miles per hour.


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